Quanta Services, Inc. (NYSE:PWR) Position Reduced by World Asset Management Inc
World Asset Management Inc cut its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 14.0% during the second quarter, Holdings Channel reports. The firm owned 14,751 shares of the construction company’s stock after selling 2,409 shares during the period. World Asset Management Inc’s holdings in Quanta Services were worth $486,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. FTB Advisors Inc. raised its position in shares of Quanta Services by 140.0% in the first quarter. FTB Advisors Inc. now owns 2,873 shares of the construction company’s stock valued at $103,000 after buying an additional 1,676 shares during the period. Segantii Capital Management Ltd acquired a new position in shares of Quanta Services during the first quarter valued at about $115,000. Ameritas Investment Partners Inc. acquired a new position in shares of Quanta Services during the first quarter valued at about $134,000. Bessemer Group Inc. raised its position in shares of Quanta Services by 22.2% in the second quarter. Bessemer Group Inc. now owns 4,628 shares of the construction company’s stock valued at $152,000 after buying an additional 840 shares during the period. Finally, LBA Wealth Management LLC acquired a new position in shares of Quanta Services during the first quarter valued at about $177,000. 89.40% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Quanta Services, Inc. (NYSE PWR) opened at 35.68 on Friday. The company’s 50-day moving average price is $33.70 and its 200 day moving average price is $34.77. The company has a market cap of $5.53 billion, a P/E ratio of 20.28 and a beta of 0.84. Quanta Services, Inc. has a one year low of $24.49 and a one year high of $38.82.
Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, August 3rd. The construction company reported $0.50 EPS for the quarter, missing the Zacks’ 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 firm’s revenue for the quarter was up 22.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.18 EPS. On average, equities research analysts anticipate that Quanta Services, Inc. will post $2.03 earnings per share for the current year.
Quanta Services announced that its board has approved a share buyback program on Thursday, May 25th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
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Several brokerages have issued reports on PWR. Credit Suisse Group reissued a “buy” rating and issued a $46.00 price target on shares of Quanta Services in a research note on Wednesday, July 26th. Robert W. Baird lowered Quanta Services from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $41.00 to $38.00 in a research note on Wednesday, July 26th. BidaskClub downgraded Quanta Services from a “hold” rating to a “sell” rating in a report on Monday, July 24th. FBR & Co upgraded Quanta Services from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $40.00 to $45.00 in a report on Thursday, August 3rd. Finally, ValuEngine upgraded Quanta Services from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $41.11.
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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