Kovitz Investment Group Partners LLC raised its position in Quanta Services, Inc. (NYSE:PWR) by 4.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,771,842 shares of the construction company’s stock after buying an additional 126,103 shares during the period. Quanta Services makes up 4.9% of Kovitz Investment Group Partners LLC’s investment portfolio, making the stock its 3rd largest position. Kovitz Investment Group Partners LLC owned approximately 1.87% of Quanta Services worth $91,249,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of the company. Breton Hill Capital Ltd. purchased a new position in Quanta Services during the first quarter valued at $598,000. Glen Harbor Capital Management LLC increased its position in Quanta Services by 2.8% in the first quarter. Glen Harbor Capital Management LLC now owns 122,668 shares of the construction company’s stock valued at $4,552,000 after buying an additional 3,360 shares during the last quarter. NBT Bank N A NY purchased a new position in Quanta Services during the first quarter valued at $208,000. First Citizens Bank & Trust Co. purchased a new position in Quanta Services during the first quarter valued at $2,096,000. Finally, First Manhattan Co. increased its position in Quanta Services by 41.1% in the first quarter. First Manhattan Co. now owns 12,700 shares of the construction company’s stock valued at $355,000 after buying an additional 3,700 shares during the last quarter. 89.02% of the stock is owned by institutional investors and hedge funds.
Quanta Services, Inc. (PWR) traded up 0.62% on Friday, reaching $34.04. The company’s stock 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 50 day moving average price of $34.19 and a 200-day moving average price of $34.68. The company has a market capitalization of $5.28 billion, a price-to-earnings ratio of 19.35 and a beta of 0.84.
Quanta Services (NYSE:PWR) last released its earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by $0.03. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.13 billion. Quanta Services had a net margin of 3.21% and a return on equity of 8.36%. The firm’s revenue for the quarter was up 22.8% on a year-over-year basis. During the same period last year, the business posted $0.18 EPS. Equities analysts predict that Quanta Services, Inc. will post $2.03 earnings per share for the current fiscal year.
Quanta Services declared that its Board of Directors has approved a share repurchase plan on Thursday, May 25th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
A number of equities research analysts have commented on PWR shares. BidaskClub cut Quanta Services from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Zacks Investment Research upgraded Quanta Services from a “sell” rating to a “hold” rating in a report on Tuesday, July 11th. Credit Suisse Group reiterated a “buy” rating and set a $46.00 target price on shares of Quanta Services in a report on Wednesday, July 26th. ValuEngine upgraded Quanta Services from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, TheStreet cut Quanta Services from a “b” rating to a “c+” rating in a report on Friday, May 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $41.44.
In related news, Director John Michal Conaway sold 4,000 shares of the firm’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 of the company’s stock, valued at $613,870.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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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