Riverhead Capital Management LLC lifted its stake in Quanta Services, Inc. (NYSE:PWR) by 19.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 92,978 shares of the construction company’s stock after purchasing an additional 15,344 shares during the period. Riverhead Capital Management LLC owned 0.06% of Quanta Services worth $3,061,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. Stephens Inc. AR boosted its position in shares of Quanta Services by 0.5% in the 1st quarter. Stephens Inc. AR now owns 5,980 shares of the construction company’s stock worth $222,000 after purchasing an additional 31 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in Quanta Services by 0.4% during the second quarter. CIBC Asset Management Inc now owns 13,120 shares of the construction company’s stock worth $432,000 after acquiring an additional 53 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its holdings in Quanta Services by 0.3% during the second quarter. Public Employees Retirement Association of Colorado now owns 31,071 shares of the construction company’s stock worth $1,023,000 after acquiring an additional 87 shares in the last quarter. State Treasurer State of Michigan lifted its holdings in Quanta Services by 0.4% during the first quarter. State Treasurer State of Michigan now owns 49,656 shares of the construction company’s stock worth $1,843,000 after acquiring an additional 200 shares in the last quarter. Finally, Mason Street Advisors LLC lifted its holdings in Quanta Services by 1.0% during the first quarter. Mason Street Advisors LLC now owns 20,898 shares of the construction company’s stock worth $776,000 after acquiring an additional 214 shares in the last quarter. Institutional investors and hedge funds own 88.52% of the company’s stock.
Shares of Quanta Services, Inc. (PWR) opened at 36.27 on Thursday. The firm’s 50-day moving average price is $35.10 and its 200-day moving average price is $34.46. Quanta Services, Inc. has a one year low of $24.49 and a one year high of $38.82. The firm has a market capitalization of $5.63 billion, a P/E ratio of 20.62 and a beta of 0.83.
Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.03). The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.13 billion. Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The business’s revenue for the quarter was up 22.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 earnings per share. On average, equities analysts forecast that Quanta Services, Inc. will post $2.03 earnings per share for the current year.
Quanta Services announced that its board has authorized a stock repurchase program on Thursday, May 25th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the construction company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
Several research firms have weighed in on PWR. Zacks Investment Research lowered Quanta Services from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 9th. Robert W. Baird lowered Quanta Services from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $41.00 to $38.00 in a report on Wednesday, July 26th. Credit Suisse Group reiterated a “buy” rating and set a $46.00 target price on shares of Quanta Services in a report on Wednesday, July 26th. Johnson Rice upgraded Quanta Services from an “accumulate” rating to a “buy” rating and lifted their target price for the stock from $41.00 to $43.00 in a report on Friday, August 4th. Finally, BidaskClub upgraded Quanta Services from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $41.44.
In other Quanta Services news, EVP Randall C. Wisenbaker sold 9,000 shares of the business’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $35.15, for a total value of $316,350.00. Following the completion of the sale, the executive vice president now directly owns 34,797 shares of the company’s stock, valued at $1,223,114.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Patrick Wood III sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $34.51, for a total transaction of $138,040.00. Following the completion of the sale, the director now directly owns 7,506 shares of the company’s stock, valued at $259,032.06. The disclosure for this sale can be found here. Insiders sold 17,000 shares of company stock valued at $597,550 over the last three months. 0.70% of the stock is currently owned by insiders.
Quanta Services 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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