State Street Corp Lowers Position in Quanta Services, Inc. (PWR)
State Street Corp decreased its position in Quanta Services, Inc. (NYSE:PWR) by 3.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,353,383 shares of the construction company’s stock after selling 216,573 shares during the period. State Street Corp owned 3.45% of Quanta Services worth $176,230,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in PWR. Ameritas Investment Partners Inc. purchased a new stake in shares of Quanta Services in the first quarter valued at approximately $134,000. Bessemer Group Inc. boosted its holdings 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 purchasing an additional 840 shares during the period. Commonwealth Bank of Australia purchased a new stake in shares of Quanta Services in the second quarter valued at approximately $164,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Quanta Services by 14.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,748 shares of the construction company’s stock valued at $189,000 after purchasing an additional 708 shares during the period. Finally, Global X Management Co. LLC boosted its holdings in shares of Quanta Services by 129.4% in the second quarter. Global X Management Co. LLC now owns 5,766 shares of the construction company’s stock valued at $190,000 after purchasing an additional 3,253 shares during the period. Hedge funds and other institutional investors own 88.48% of the company’s stock.
Shares of Quanta Services, Inc. (NYSE PWR) opened at 37.40 on Thursday. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 21.26 and a beta of 0.83. The firm’s 50-day moving average price is $36.87 and its 200-day moving average price is $34.49. Quanta Services, Inc. has a 12-month low of $27.29 and a 12-month high of $38.82.
Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.50 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.03). The business had revenue of $2.20 billion during the quarter, compared to analyst estimates 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 was up 22.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. On average, analysts forecast that Quanta Services, Inc. will post $2.03 EPS for the current fiscal year.
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In other Quanta Services news, Director John Michal Conaway sold 4,000 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $35.79, for a total value of $143,160.00. Following the completion of the transaction, the director now owns 17,152 shares in the company, valued at $613,870.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Randall C. Wisenbaker sold 9,000 shares of the business’s stock in a transaction on Wednesday, August 30th. The stock was 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 of the company’s stock, valued at approximately $1,223,114.55. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,000 shares of company stock valued at $597,550. Insiders own 0.70% of the company’s stock.
A number of analysts recently issued reports on the company. Zacks Investment Research lowered Quanta Services from a “buy” rating to a “hold” rating in a report on Tuesday. Robert W. Baird reiterated a “hold” rating and issued a $39.00 price target on shares of Quanta Services in a report on Friday, October 6th. ValuEngine lowered Quanta Services from a “buy” rating to a “hold” rating in a report on Tuesday, October 10th. Seaport Global Securities reiterated a “buy” rating and issued a $45.00 price target (up previously from $41.00) on shares of Quanta Services in a report on Wednesday, October 11th. Finally, FBR & Co upgraded Quanta Services to an “outperform” rating and boosted their price target for the company from $40.00 to $45.00 in a report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $42.40.
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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