Dupont Capital Management Corp cut its position in Quanta Services, Inc. (NYSE:PWR) by 73.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,179 shares of the construction company’s stock after selling 106,018 shares during the period. Dupont Capital Management Corp’s holdings in Quanta Services were worth $1,290,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of the company. Trillium Asset Management LLC increased its position in Quanta Services by 0.3% in the second quarter. Trillium Asset Management LLC now owns 247,614 shares of the construction company’s stock worth $8,151,000 after buying an additional 810 shares during the period. Advisors Asset Management Inc. increased its position in Quanta Services by 5.9% in the second quarter. Advisors Asset Management Inc. now owns 134,339 shares of the construction company’s stock worth $4,422,000 after buying an additional 7,514 shares during the period. Catalyst Capital Advisors LLC bought a new position in Quanta Services during the second quarter worth $300,000. First Mercantile Trust Co. bought a new position in Quanta Services during the second quarter worth $261,000. Finally, DekaBank Deutsche Girozentrale increased its position in Quanta Services by 12.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 133,050 shares of the construction company’s stock worth $4,242,000 after buying an additional 15,000 shares during the period. 89.02% of the stock is currently owned by institutional investors and hedge funds.
Quanta Services, Inc. (NYSE PWR) opened at 34.30 on Wednesday. Quanta Services, Inc. has a 52-week low of $24.49 and a 52-week high of $38.82. The firm has a market capitalization of $5.32 billion, a P/E ratio of 19.50 and a beta of 0.84. The firm’s 50-day moving average is $34.22 and its 200 day moving average is $34.66.
Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by $0.03. Quanta Services had a net margin of 3.21% and a return on equity of 8.36%. The firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the business earned $0.18 earnings per share. The firm’s revenue for the quarter was up 22.8% on a year-over-year basis. Equities analysts anticipate that Quanta Services, Inc. will post $2.03 EPS for the current year.
Quanta Services declared that its board has authorized a share repurchase plan on Thursday, May 25th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the construction company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of equities analysts have recently weighed in on the stock. BidaskClub downgraded shares of Quanta Services from a “hold” rating to a “sell” rating in a research note on Friday, August 18th. Citigroup Inc. raised shares of Quanta Services from a “neutral” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Friday, August 18th. Zacks Investment Research downgraded shares of Quanta Services from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 9th. FBR & Co raised shares of Quanta Services to an “outperform” rating and upped their price target for the stock from $40.00 to $45.00 in a research note on Wednesday, August 9th. Finally, Credit Suisse Group reaffirmed a “buy” rating and issued a $47.00 price target on shares of Quanta Services in a research note on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $41.44.
In related news, Director John Michal Conaway sold 4,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $35.79, for a total transaction of $143,160.00. Following the transaction, the director now directly owns 17,152 shares of the company’s stock, valued at $613,870.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.70% of the stock is owned by company insiders.
Quanta Services Company Profile
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products.
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