Quanta Services, Inc. (PWR) Position Cut by Comerica Bank
Comerica Bank cut its stake in Quanta Services, Inc. (NYSE:PWR) by 6.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,176 shares of the construction company’s stock after selling 9,639 shares during the period. Comerica Bank owned 0.09% of Quanta Services worth $4,916,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Fox Run Management L.L.C. acquired a new stake in Quanta Services in the third quarter valued at $1,151,000. Cipher Capital LP raised its holdings in Quanta Services by 873.6% in the second quarter. Cipher Capital LP now owns 215,010 shares of the construction company’s stock valued at $7,078,000 after acquiring an additional 192,926 shares in the last quarter. Rothschild Asset Management Inc. raised its holdings in Quanta Services by 22.9% in the second quarter. Rothschild Asset Management Inc. now owns 1,252,249 shares of the construction company’s stock valued at $41,225,000 after acquiring an additional 233,008 shares in the last quarter. 1060 Capital LLC raised its holdings in Quanta Services by 94.7% in the second quarter. 1060 Capital LLC now owns 632,811 shares of the construction company’s stock valued at $20,832,000 after acquiring an additional 307,811 shares in the last quarter. Finally, BP Capital Fund Advisors LLC acquired a new stake in Quanta Services in the second quarter valued at $3,915,000. 85.39% of the stock is currently owned by hedge funds and other institutional investors.
Quanta Services, Inc. (NYSE:PWR) opened at $36.47 on Thursday. The company has a market cap of $5,707.65, a PE ratio of 19.31, a PEG ratio of 2.60 and a beta of 0.87. The company has a current ratio of 1.85, a quick ratio of 1.80 and a debt-to-equity ratio of 0.20. Quanta Services, Inc. has a 12-month low of $30.23 and a 12-month high of $38.82.
Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, November 2nd. The construction company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.61 by $0.02. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.30 billion. Quanta Services had a net margin of 3.18% and a return on equity of 8.47%. The company’s quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.55 earnings per share. research analysts expect that Quanta Services, Inc. will post 1.77 EPS for the current fiscal year.
In other news, EVP Randall C. Wisenbaker sold 9,000 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $35.15, for a total transaction of $316,350.00. Following the completion of the transaction, the executive vice president now owns 34,797 shares in the company, valued at $1,223,114.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.75% of the stock is currently owned by corporate insiders.
PWR has been the topic of several recent analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and issued a $45.00 price target on shares of Quanta Services in a report on Thursday, September 7th. Credit Suisse Group reaffirmed a “buy” rating and issued a $47.00 price target on shares of Quanta Services in a report on Friday, August 4th. B. Riley increased their target price on shares of Quanta Services from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, November 7th. Johnson Rice raised shares of Quanta Services from an “accumulate” rating to a “buy” rating and increased their target price for the stock from $41.00 to $43.00 in a report on Friday, August 4th. Finally, FBR & Co raised shares of Quanta Services to an “outperform” rating and increased their target price for the stock from $40.00 to $45.00 in a report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $44.55.
About Quanta Services
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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