Massachusetts Financial Services Co. MA acquired a new stake in shares of Quanta Services Inc (NYSE:PWR) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 40,165 shares of the construction company’s stock, valued at approximately $1,340,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Dupont Capital Management Corp boosted its position in shares of Quanta Services by 202.9% in the 2nd quarter. Dupont Capital Management Corp now owns 4,086 shares of the construction company’s stock worth $136,000 after purchasing an additional 2,737 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Quanta Services in the 2nd quarter worth approximately $204,000. Sharkey Howes & Javer bought a new stake in shares of Quanta Services in the 3rd quarter worth approximately $230,000. BlueMountain Capital Management LLC bought a new stake in shares of Quanta Services in the 2nd quarter worth approximately $233,000. Finally, Commerzbank Aktiengesellschaft FI bought a new stake in shares of Quanta Services in the 2nd quarter worth approximately $244,000. 85.42% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently commented on the company. B. Riley boosted their price target on Quanta Services from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Monday, August 6th. Zacks Investment Research lowered shares of Quanta Services from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. ValuEngine upgraded shares of Quanta Services from a “sell” rating to a “hold” rating in a report on Friday, November 2nd. Robert W. Baird decreased their price objective on shares of Quanta Services from $41.00 to $39.00 and set a “neutral” rating for the company in a report on Friday, November 2nd. Finally, Citigroup decreased their price objective on shares of Quanta Services from $53.00 to $50.00 and set a “buy” rating for the company in a report on Friday, November 2nd. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $44.80.
Shares of NYSE PWR opened at $34.84 on Friday. Quanta Services Inc has a twelve month low of $30.25 and a twelve month high of $40.10. The company has a market capitalization of $5.29 billion, a P/E ratio of 17.26, a PEG ratio of 1.76 and a beta of 0.84. The company has a quick ratio of 1.81, a current ratio of 1.86 and a debt-to-equity ratio of 0.25.
Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, November 1st. The construction company reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.09). Quanta Services had a return on equity of 8.57% and a net margin of 3.32%. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same quarter in the previous year, the firm earned $0.63 earnings per share. Quanta Services’s revenue was up 14.4% on a year-over-year basis. Sell-side analysts expect that Quanta Services Inc will post 2.52 earnings per share for the current fiscal year.
Quanta Services announced that its Board of Directors has authorized a share repurchase plan on Tuesday, September 4th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the construction company to purchase up to 9.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.
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About Quanta Services
Quanta Services, Inc provides specialty contracting services to the electric power, communication, and oil and gas industries in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment provides network solutions, including the design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities, as well as other engineering and technical services.
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