Teachers Retirement System of The State of Kentucky bought a new position in Quanta Services, Inc. (NYSE:PWR) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 19,300 shares of the construction company’s stock, valued at approximately $716,000.
Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Quanta Services by 3,403.4% in the first quarter. BlackRock Inc. now owns 8,360,060 shares of the construction company’s stock worth $310,240,000 after buying an additional 8,121,431 shares during the period. Peconic Partners LLC raised its position in shares of Quanta Services by 132.7% in the first quarter. Peconic Partners LLC now owns 2,850,000 shares of the construction company’s stock worth $105,764,000 after buying an additional 1,625,000 shares during the period. Vanguard Group Inc. raised its position in shares of Quanta Services by 4.6% in the first quarter. Vanguard Group Inc. now owns 14,220,685 shares of the construction company’s stock worth $527,729,000 after buying an additional 621,973 shares during the period. Morgan Stanley raised its position in shares of Quanta Services by 245.9% in the first quarter. Morgan Stanley now owns 812,832 shares of the construction company’s stock worth $30,164,000 after buying an additional 577,842 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Quanta Services by 13.9% in the first quarter. Victory Capital Management Inc. now owns 4,556,087 shares of the construction company’s stock worth $169,076,000 after buying an additional 556,173 shares during the period. Institutional investors own 89.40% of the company’s stock.
Shares of Quanta Services, Inc. (NYSE PWR) opened at 35.61 on Friday. Quanta Services, Inc. has a 52-week low of $24.49 and a 52-week high of $38.82. The firm has a market capitalization of $5.53 billion, a PE ratio of 20.24 and a beta of 0.84. The stock’s 50 day moving average price is $33.83 and its 200-day moving average price is $34.77.
Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by $0.03. Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The firm had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter last year, the firm earned $0.18 earnings per share. The company’s revenue was up 22.8% compared to the same quarter last year. Equities research analysts anticipate that Quanta Services, Inc. will post $2.03 EPS for the current fiscal year.
Quanta Services declared that its Board of Directors has initiated a share repurchase program on Thursday, May 25th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the construction company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
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A number of equities analysts recently issued reports on PWR shares. BidaskClub lowered Quanta Services from a “sell” rating to a “strong sell” rating in a research note on Friday, June 23rd. Zacks Investment Research raised Quanta Services from a “sell” rating to a “hold” rating in a research report on Tuesday, July 11th. ValuEngine raised Quanta Services from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. TheStreet downgraded Quanta Services from a “b” rating to a “c+” rating in a research report on Friday, May 26th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $43.00 price target on shares of Quanta Services in a research report on Friday, July 7th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price 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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