Northern Trust Corp decreased its stake in shares of Quanta Services Inc (NYSE:PWR) by 1.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,494,147 shares of the construction company’s stock after selling 21,663 shares during the quarter. Northern Trust Corp owned about 1.00% of Quanta Services worth $49,903,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. PNC Financial Services Group Inc. increased its stake in Quanta Services by 27.6% during the 2nd quarter. PNC Financial Services Group Inc. now owns 59,354 shares of the construction company’s stock valued at $1,983,000 after purchasing an additional 12,846 shares in the last quarter. Manatuck Hill Partners LLC acquired a new position in Quanta Services during the 2nd quarter valued at approximately $501,000. Burney Co. increased its stake in Quanta Services by 17.6% during the 2nd quarter. Burney Co. now owns 75,596 shares of the construction company’s stock valued at $2,525,000 after purchasing an additional 11,314 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Quanta Services by 58.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 200,716 shares of the construction company’s stock valued at $6,704,000 after purchasing an additional 74,000 shares in the last quarter. Finally, Ramsey Quantitative Systems increased its stake in Quanta Services by 20.2% during the 2nd quarter. Ramsey Quantitative Systems now owns 10,375 shares of the construction company’s stock valued at $347,000 after purchasing an additional 1,741 shares in the last quarter. Institutional investors and hedge funds own 85.09% of the company’s stock.
A number of brokerages have issued reports on PWR. B. Riley upped their price target on shares of Quanta Services from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Monday, August 6th. ValuEngine lowered shares of Quanta Services from a “hold” rating to a “sell” rating in a research note on Wednesday, August 8th. Zacks Investment Research upgraded shares of Quanta Services from a “sell” rating to a “hold” rating in a research note on Monday, September 17th. Finally, Cfra restated a “buy” rating and set a $40.00 price target on shares of Quanta Services in a research note on Thursday, September 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $45.80.
PWR stock opened at $31.34 on Friday. The firm has a market capitalization of $4.97 billion, a PE ratio of 17.61, a price-to-earnings-growth ratio of 1.65 and a beta of 0.89. The company has a current ratio of 1.82, a quick ratio of 1.77 and a debt-to-equity ratio of 0.23. Quanta Services Inc has a 12 month low of $31.02 and a 12 month high of $40.10.
Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, August 2nd. The construction company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.01). The business had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.51 billion. Quanta Services had a net margin of 3.10% and a return on equity of 7.72%. The firm’s revenue was up 20.7% on a year-over-year basis. During the same period last year, the company earned $0.50 earnings per share. On average, research analysts expect that Quanta Services Inc will post 2.53 EPS for the current fiscal year.
Quanta Services announced that its board has approved a stock repurchase plan on Tuesday, September 4th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the construction company to purchase up to 9.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
About Quanta Services
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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