Castleark Management LLC decreased its position in shares of Quanta Services, Inc. (NYSE:PWR) by 3.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 444,500 shares of the construction company’s stock after selling 16,080 shares during the quarter. Castleark Management LLC owned approximately 0.29% of Quanta Services worth $14,633,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PWR. BlackRock Inc. boosted its holdings in shares of Quanta Services by 3,403.4% during the 1st quarter. BlackRock Inc. now owns 8,360,060 shares of the construction company’s stock valued at $310,240,000 after acquiring an additional 8,121,431 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Quanta Services by 38.6% during the 2nd quarter. Victory Capital Management Inc. now owns 6,314,406 shares of the construction company’s stock worth $207,871,000 after buying an additional 1,758,319 shares during the period. Peconic Partners LLC lifted its holdings in Quanta Services by 132.7% during the 1st 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. Janus Henderson Group PLC acquired a new position in Quanta Services during the 2nd quarter worth about $36,881,000. Finally, Renaissance Technologies LLC acquired a new position in Quanta Services during the 2nd quarter worth about $35,076,000. 88.53% of the stock is currently owned by institutional investors.
In other news, Director Patrick Wood III sold 4,000 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $34.51, for a total transaction of $138,040.00. Following the completion of the sale, the director now directly owns 7,506 shares in the company, valued at $259,032.06. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Randall C. Wisenbaker sold 9,000 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $35.15, for a total transaction of $316,350.00. Following the sale, the executive vice president now owns 34,797 shares of the company’s stock, valued at $1,223,114.55. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,000 shares of company stock valued at $597,550. 0.70% of the stock is currently owned by company insiders.
Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.03). The firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The business’s revenue for the quarter was up 22.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.18 earnings per share.
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Several research analysts have commented on the company. Seaport Global Securities reaffirmed a “buy” rating and set a $45.00 target price on shares of Quanta Services in a report on Wednesday. ValuEngine downgraded Quanta Services from a “buy” rating to a “hold” rating in a report on Tuesday. Zacks Investment Research downgraded Quanta Services from a “hold” rating to a “sell” rating in a report on Monday. Robert W. Baird reaffirmed a “hold” rating and set a $39.00 target price on shares of Quanta Services in a report on Friday, October 6th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $45.00 target price on shares of Quanta Services in a report on Thursday, September 7th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. Quanta Services has a consensus rating of “Buy” and an average target price of $41.90.
About Quanta Services
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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