Neuberger Berman Group LLC Raises Position in Quanta Services Inc (NYSE:PWR)
Neuberger Berman Group LLC increased its stake in shares of Quanta Services Inc (NYSE:PWR) by 30.4% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,676,383 shares of the construction company’s stock after buying an additional 390,856 shares during the period. Neuberger Berman Group LLC’s holdings in Quanta Services were worth $63,267,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Fort L.P. bought a new stake in Quanta Services during the 4th quarter worth about $39,000. Valeo Financial Advisors LLC raised its holdings in Quanta Services by 2,541.8% during the 1st quarter. Valeo Financial Advisors LLC now owns 1,453 shares of the construction company’s stock worth $55,000 after purchasing an additional 1,398 shares during the last quarter. CSat Investment Advisory L.P. raised its holdings in Quanta Services by 53.7% during the 4th quarter. CSat Investment Advisory L.P. now owns 1,858 shares of the construction company’s stock worth $56,000 after purchasing an additional 649 shares during the last quarter. Federated Investors Inc. PA raised its holdings in Quanta Services by 264.8% during the 1st quarter. Federated Investors Inc. PA now owns 1,543 shares of the construction company’s stock worth $58,000 after purchasing an additional 1,120 shares during the last quarter. Finally, Wakefield Asset Management LLLP bought a new stake in Quanta Services during the 1st quarter worth about $62,000. Institutional investors and hedge funds own 94.89% of the company’s stock.
In related news, Director Bernard Fried sold 4,000 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $36.63, for a total transaction of $146,520.00. Following the completion of the sale, the director now directly owns 8,953 shares of the company’s stock, valued at approximately $327,948.39. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider James Redgie Probst sold 100,000 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $40.00, for a total value of $4,000,000.00. Following the sale, the insider now directly owns 47,420 shares of the company’s stock, valued at $1,896,800. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 104,445 shares of company stock valued at $4,162,180. 1.20% of the stock is currently owned by company insiders.
Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, May 2nd. The construction company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.13. The company had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Quanta Services had a return on equity of 12.71% and a net margin of 3.25%. Quanta Services’s revenue was up 16.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.40 EPS. As a group, research analysts anticipate that Quanta Services Inc will post 3.36 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, July 1st will be paid a $0.04 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.43%. Quanta Services’s dividend payout ratio (DPR) is presently 6.32%.
Several analysts have weighed in on the company. Citigroup set a $47.00 price objective on Quanta Services and gave the stock a “buy” rating in a report on Friday, May 3rd. DA Davidson cut Quanta Services from a “buy” rating to a “neutral” rating in a report on Tuesday, April 16th. Zacks Investment Research raised Quanta Services from a “sell” rating to a “hold” rating and set a $41.00 price target for the company in a research note on Monday, February 25th. Finally, B. Riley reaffirmed a “buy” rating and issued a $47.00 price target (down from $56.00) on shares of Quanta Services in a research note on Monday, March 11th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $42.80.
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Quanta Services Company Profile
Quanta Services, Inc provides specialty contracting services in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment designs, installs, upgrades, repairs, and maintains electric power transmission and distribution infrastructure, and substation facilities, as well as provides other engineering and technical services; designs, installs, maintains, and repairs commercial and industrial wiring; and operates a postsecondary educational institution.
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