Stephens Inc. AR lowered its position in Quanta Services Inc (NYSE:PWR) by 38.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,881 shares of the construction company’s stock after selling 6,216 shares during the period. Stephens Inc. AR’s holdings in Quanta Services were worth $388,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. AXA increased its holdings in Quanta Services by 35.9% during the 1st quarter. AXA now owns 638,550 shares of the construction company’s stock valued at $20,261,000 after purchasing an additional 168,600 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its stake in shares of Quanta Services by 12.7% in the second quarter. Municipal Employees Retirement System of Michigan now owns 21,770 shares of the construction company’s stock valued at $854,000 after buying an additional 2,460 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Quanta Services by 73.0% in the first quarter. Wells Fargo & Company MN now owns 706,191 shares of the construction company’s stock valued at $22,408,000 after buying an additional 297,970 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new position in Quanta Services during the 2nd quarter worth about $1,081,000. Finally, Wedge Capital Management L L P NC lifted its position in Quanta Services by 4.8% during the 2nd quarter. Wedge Capital Management L L P NC now owns 314,796 shares of the construction company’s stock worth $12,349,000 after buying an additional 14,437 shares in the last quarter.
A number of equities analysts have weighed in on PWR shares. Sanford C. Bernstein assumed coverage on shares of Quanta Services in a research note on Tuesday. They issued an “outperform” rating for the company. ValuEngine upgraded shares of Quanta Services from a “sell” rating to a “hold” rating in a research report on Friday, August 7th. UBS Group decreased their price objective on Quanta Services from $51.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, May 28th. B. Riley boosted their target price on Quanta Services from $42.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Finally, Northland Securities assumed coverage on Quanta Services in a report on Thursday, May 28th. They issued an “outperform” rating and a $44.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $48.55.
Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, August 6th. The construction company reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.27. The company had revenue of $2.51 billion during the quarter, compared to analyst estimates of $2.51 billion. Quanta Services had a return on equity of 11.02% and a net margin of 3.13%. The company’s revenue for the quarter was down 11.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.31 EPS. As a group, sell-side analysts predict that Quanta Services Inc will post 2.94 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date is Wednesday, September 30th. Quanta Services’s dividend payout ratio is currently 6.56%.
Quanta Services announced that its board has authorized a stock buyback program on Thursday, August 6th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the construction company to repurchase up to 7.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Quanta Services Profile
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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