Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Quanta Services, Inc. (NYSE:PWR) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 19,300 shares of the construction company’s stock, valued at approximately $716,000.
A number of other hedge funds have also recently bought and sold shares of PWR. FTB Advisors Inc. boosted its position in shares of Quanta Services by 140.0% in the first quarter. FTB Advisors Inc. now owns 2,873 shares of the construction company’s stock valued at $103,000 after buying an additional 1,676 shares during the period. Segantii Capital Management Ltd bought a new position in shares of Quanta Services during the first quarter valued at about $115,000. Ameritas Investment Partners Inc. bought a new position in shares of Quanta Services during the first quarter valued at about $134,000. LBA Wealth Management LLC bought a new position in shares of Quanta Services during the first quarter valued at about $177,000. Finally, Thrivent Financial For Lutherans bought a new position in shares of Quanta Services during the first quarter valued at about $206,000. Institutional investors and hedge funds own 89.02% of the company’s stock.
Quanta Services, Inc. (NYSE:PWR) traded up 0.62% during trading on Friday, reaching $34.04. The company had a trading volume of 998,922 shares. Quanta Services, Inc. has a 1-year low of $24.49 and a 1-year high of $38.82. The stock has a market capitalization of $5.28 billion, a price-to-earnings ratio of 19.35 and a beta of 0.84. The firm has a 50-day moving average of $34.19 and a 200-day moving average of $34.68.
Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.53 by $0.03. Quanta Services had a net margin of 3.21% and a return on equity of 8.36%. The company had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the previous year, the business posted $0.18 earnings per share. Quanta Services’s revenue was up 22.8% on a year-over-year basis. On average, 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 stock buyback program on Thursday, May 25th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
PWR has been the subject of several analyst reports. TheStreet raised Quanta Services from a “c+” rating to a “b-” rating in a report on Friday, July 7th. Zacks Investment Research raised Quanta Services from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a report on Monday, July 24th. Stifel Nicolaus reissued a “buy” rating and issued a $43.00 price objective on shares of Quanta Services in a report on Friday, July 7th. UBS AG raised Quanta Services from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $38.00 to $42.00 in a report on Thursday, July 13th. Finally, ValuEngine raised Quanta Services from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $41.44.
In other news, Director John Michal Conaway sold 4,000 shares of Quanta Services stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $35.79, for a total transaction of $143,160.00. Following the completion of the sale, the director now directly owns 17,152 shares in the company, valued at approximately $613,870.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.70% of the stock is currently owned by company insiders.
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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