Pictet Asset Management Ltd. trimmed its holdings in shares of Quanta Services Inc (NYSE:PWR) by 15.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 904,873 shares of the construction company’s stock after selling 164,627 shares during the quarter. Pictet Asset Management Ltd. owned 0.62% of Quanta Services worth $30,205,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Dupont Capital Management Corp raised its position in shares of Quanta Services by 202.9% during the 2nd quarter. Dupont Capital Management Corp now owns 4,086 shares of the construction company’s stock valued at $136,000 after buying an additional 2,737 shares in the last quarter. CKW Financial Group purchased a new stake in shares of Quanta Services during the 3rd quarter valued at about $142,000. Engineers Gate Manager LP purchased a new stake in shares of Quanta Services during the 2nd quarter valued at about $204,000. Cadence Bank NA purchased a new stake in shares of Quanta Services during the 3rd quarter valued at about $212,000. Finally, Edgestream Partners L.P. purchased a new stake in shares of Quanta Services during the 3rd quarter valued at about $213,000. Hedge funds and other institutional investors own 87.79% of the company’s stock.
Quanta Services stock opened at $35.10 on Friday. 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 Inc has a 1-year low of $30.25 and a 1-year high of $40.10. The stock has a market capitalization of $5.13 billion, a P/E ratio of 17.04, a PEG ratio of 1.75 and a beta of 0.84.
Quanta Services announced that its board has authorized a share buyback program on Tuesday, September 4th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the construction company to purchase up to 9.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
PWR has been the topic of several recent research reports. B. Riley upped their target price on shares of Quanta Services from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Monday, August 6th. ValuEngine cut shares of Quanta Services from a “hold” rating to a “sell” rating in a research report on Wednesday, August 8th. Zacks Investment Research lowered shares of Quanta Services from a “hold” rating to a “sell” rating in a research report on Wednesday, August 8th. Cfra reissued a “buy” rating and issued a $40.00 price objective on shares of Quanta Services in a research report on Thursday, September 6th. Finally, Citigroup reduced their price objective on shares of Quanta Services from $53.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, November 2nd. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $44.80.
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.
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