Assetmark Inc. Grows Stake in Quanta Services, Inc. (PWR)
Assetmark Inc. grew its holdings in Quanta Services, Inc. (NYSE:PWR) by 21.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,756 shares of the construction company’s stock after purchasing an additional 25,050 shares during the quarter. Assetmark Inc. owned approximately 0.09% of Quanta Services worth $5,223,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in PWR. Tower Research Capital LLC TRC grew its position in shares of Quanta Services by 182.5% in the second quarter. Tower Research Capital LLC TRC now owns 3,390 shares of the construction company’s stock valued at $112,000 after purchasing an additional 2,190 shares during the last quarter. Bessemer Group Inc. boosted its position in Quanta Services by 22.2% during the second quarter. Bessemer Group Inc. now owns 4,628 shares of the construction company’s stock worth $152,000 after acquiring an additional 840 shares during the last quarter. Commonwealth Bank of Australia acquired a new stake in Quanta Services during the second quarter worth approximately $164,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Quanta Services by 14.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,748 shares of the construction company’s stock worth $189,000 after acquiring an additional 708 shares during the last quarter. Finally, Global X Management Co. LLC boosted its position in Quanta Services by 129.4% during the second quarter. Global X Management Co. LLC now owns 5,766 shares of the construction company’s stock worth $190,000 after acquiring an additional 3,253 shares during the last quarter. Institutional investors and hedge funds own 85.39% of the company’s stock.
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In related news, EVP Randall C. Wisenbaker sold 9,000 shares of Quanta Services stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $35.15, for a total transaction of $316,350.00. Following the sale, the executive vice president now owns 34,797 shares of the company’s stock, valued at approximately $1,223,114.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.75% of the company’s stock.
A number of equities analysts have weighed in on the stock. Stifel Nicolaus reaffirmed a “buy” rating and set a $45.00 price target on shares of Quanta Services in a research note on Thursday, September 7th. Credit Suisse Group reaffirmed a “buy” rating and set a $47.00 price target on shares of Quanta Services in a research note on Friday, August 4th. B. Riley increased their price target on shares of Quanta Services from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, November 7th. Johnson Rice raised shares of Quanta Services from an “accumulate” rating to a “buy” rating and increased their price target for the stock from $41.00 to $43.00 in a research note on Friday, August 4th. Finally, FBR & Co raised shares of Quanta Services to an “outperform” rating and increased their price target for the stock from $40.00 to $45.00 in a research note on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $44.55.
Shares of Quanta Services, Inc. (NYSE PWR) traded down $0.42 during mid-day trading on Thursday, hitting $36.47. 740,800 shares of the stock were exchanged, compared to its average volume of 1,568,036. Quanta Services, Inc. has a fifty-two week low of $30.23 and a fifty-two week high of $38.82. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.80 and a current ratio of 1.85. The stock has a market cap of $5,707.65, a P/E ratio of 19.31, a PEG ratio of 2.60 and a beta of 0.87.
Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, November 2nd. The construction company reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.02. Quanta Services had a net margin of 3.18% and a return on equity of 8.47%. The firm had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the previous year, the firm posted $0.55 EPS. The firm’s quarterly revenue was up 27.8% on a year-over-year basis. equities analysts forecast that Quanta Services, Inc. will post 1.77 earnings per share for the current fiscal year.
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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