People s United Financial Inc. raised its position in shares of Quanta Services Inc (NYSE:PWR) by 8.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 46,878 shares of the construction company’s stock after purchasing an additional 3,761 shares during the quarter. People s United Financial Inc.’s holdings in Quanta Services were worth $1,565,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in Quanta Services by 126.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 180,641 shares of the construction company’s stock worth $6,030,000 after purchasing an additional 100,743 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Quanta Services in the 3rd quarter worth approximately $1,389,000. Hsbc Holdings PLC lifted its holdings in Quanta Services by 1.2% in the 3rd quarter. Hsbc Holdings PLC now owns 159,931 shares of the construction company’s stock worth $5,339,000 after purchasing an additional 1,876 shares in the last quarter. Standard Life Aberdeen plc lifted its holdings in Quanta Services by 25.0% in the 3rd quarter. Standard Life Aberdeen plc now owns 36,570 shares of the construction company’s stock worth $1,221,000 after purchasing an additional 7,323 shares in the last quarter. Finally, AMP Capital Investors Ltd lifted its holdings in Quanta Services by 71.9% in the 3rd quarter. AMP Capital Investors Ltd now owns 18,736 shares of the construction company’s stock worth $616,000 after purchasing an additional 7,838 shares in the last quarter. Institutional investors and hedge funds own 87.50% of the company’s stock.
A number of research analysts recently commented on the company. Zacks Investment Research raised Quanta Services from a “sell” rating to a “hold” rating in a report on Friday, August 31st. Robert W. Baird lowered their price target on Quanta Services from $41.00 to $39.00 and set a “neutral” rating on the stock in a report on Friday, November 2nd. Citigroup lowered their price target on Quanta Services from $53.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, November 2nd. Cfra reissued a “buy” rating and issued a $40.00 price target on shares of Quanta Services in a report on Thursday, September 6th. Finally, ValuEngine raised Quanta Services from a “sell” rating to a “hold” rating in a report on Friday, November 2nd. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $44.80.
Shares of PWR opened at $31.33 on Friday. The company has a market cap of $4.77 billion, a PE ratio of 15.85, a PEG ratio of 1.62 and a beta of 0.88. Quanta Services Inc has a 1 year low of $30.25 and a 1 year high of $40.10. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.81 and a current ratio of 1.86.
Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, November 1st. The construction company reported $0.88 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.97 by ($0.09). The firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Quanta Services had a return on equity of 8.57% and a net margin of 3.32%. The firm’s revenue was up 14.4% on a year-over-year basis. During the same period last year, the company earned $0.63 earnings per share. As a group, equities analysts forecast that Quanta Services Inc will post 2.51 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 16th. Stockholders of record on Wednesday, January 2nd will be issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.51%.
Quanta Services announced that its Board of Directors has initiated a stock buyback program on Tuesday, September 4th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the construction company to purchase up to 9.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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Quanta Services Company Profile
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.
Further Reading: Outstanding Shares and The Effect on Share Price
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