Nuveen Asset Management LLC decreased its position in Quanta Services Inc (NYSE:PWR) by 31.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 896,155 shares of the construction company’s stock after selling 406,160 shares during the quarter. Nuveen Asset Management LLC owned 0.65% of Quanta Services worth $35,156,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the stock. Howe & Rusling Inc. lifted its holdings in Quanta Services by 144.6% during the 2nd quarter. Howe & Rusling Inc. now owns 658 shares of the construction company’s stock valued at $26,000 after purchasing an additional 389 shares during the last quarter. Evoke Wealth LLC grew its stake in Quanta Services by 2,403.4% during the second quarter. Evoke Wealth LLC now owns 726 shares of the construction company’s stock worth $29,000 after buying an additional 697 shares during the last quarter. Keebeck Wealth Management LLC acquired a new stake in shares of Quanta Services during the second quarter worth approximately $39,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Quanta Services in the second quarter valued at approximately $78,000. Finally, Private Advisor Group LLC bought a new position in shares of Quanta Services in the second quarter valued at approximately $82,000.
Shares of NYSE:PWR opened at $50.08 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.74 and a quick ratio of 1.72. The stock has a market cap of $6.95 billion, a price-to-earnings ratio of 20.03 and a beta of 1.21. The company has a 50 day moving average of $50.09 and a 200-day moving average of $39.23. Quanta Services Inc has a one year low of $23.77 and a one year high of $53.61.
Quanta Services announced that its board has approved a share repurchase plan on Thursday, August 6th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the construction company to buy up to 7.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be given a $0.05 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $0.20 annualized dividend and a dividend yield of 0.40%. Quanta Services’s dividend payout ratio is currently 6.56%.
PWR has been the subject of a number of recent analyst reports. Sanford C. Bernstein began coverage on Quanta Services in a report on Tuesday. They set an “outperform” rating for the company. ValuEngine raised Quanta Services from a “sell” rating to a “hold” rating in a report on Friday, August 7th. B. Riley upped their price target on shares of Quanta Services from $42.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. UBS Group lowered their price objective on shares of Quanta Services from $51.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday, May 28th. Finally, Stifel Nicolaus boosted their target price on shares of Quanta Services from $46.00 to $50.00 in a research note on Tuesday, June 23rd. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $48.55.
About Quanta Services
Quanta Services, Inc provides specialty contracting services in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment designs, installs, upgrades, repairs, and maintains electric power transmission and distribution infrastructure, and substation facilities, as well as provides other engineering and technical services; designs, installs, maintains, and repairs commercial and industrial wiring; and operates a postsecondary educational institution.
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