LS Investment Advisors LLC lowered its position in shares of Quanta Services Inc. (NYSE:PWR) by 55.7% during the second quarter, Holdings Channel reports. The firm owned 5,987 shares of the company’s stock after selling 7,534 shares during the period. LS Investment Advisors LLC’s holdings in Quanta Services were worth $138,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Kovitz Investment Group Partners LLC acquired a new stake in shares of Quanta Services during the first quarter worth approximately $99,285,000. Geode Capital Management LLC boosted its stake in shares of Quanta Services by 5.7% in the first quarter. Geode Capital Management LLC now owns 1,787,721 shares of the company’s stock worth $40,269,000 after buying an additional 97,062 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Quanta Services by 481.7% in the first quarter. JPMorgan Chase & Co. now owns 8,497,996 shares of the company’s stock worth $191,716,000 after buying an additional 10,724,375 shares during the period. CIBC World Markets Inc. boosted its stake in shares of Quanta Services by 18.0% in the first quarter. CIBC World Markets Inc. now owns 14,466 shares of the company’s stock worth $326,000 after buying an additional 2,211 shares during the period. Finally, Norges Bank acquired a new stake in shares of Quanta Services during the fourth quarter worth approximately $31,259,000. Hedge funds and other institutional investors own 87.80% of the company’s stock.
Shares of Quanta Services Inc. (NYSE:PWR) traded up 0.68% during trading on Friday, reaching $27.99. The company’s stock had a trading volume of 1,899,266 shares. The firm’s 50-day moving average is $25.92 and its 200-day moving average is $24.14. Quanta Services Inc. has a 12-month low of $16.77 and a 12-month high of $28.14. The stock has a market capitalization of $4.23 billion, a PE ratio of 18.91 and a beta of 0.67.
Quanta Services (NYSE:PWR) last released its earnings results on Thursday, August 4th. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by $0.18. Quanta Services had a return on equity of 4.68% and a net margin of 3.38%. The business earned $1.15 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter in the previous year, the business earned $0.24 EPS. The business’s revenue for the quarter was down 4.4% on a year-over-year basis. Equities analysts expect that Quanta Services Inc. will post $1.55 earnings per share for the current year.
A number of analysts have recently commented on PWR shares. Zacks Investment Research cut shares of Quanta Services from a “hold” rating to a “sell” rating in a report on Tuesday, July 12th. Citigroup Inc. dropped their target price on shares of Quanta Services from $27.00 to $26.00 and set a “neutral” rating on the stock in a report on Friday, August 5th. Stifel Nicolaus boosted their target price on shares of Quanta Services from $28.00 to $32.50 and gave the company a “buy” rating in a report on Friday, September 23rd. Credit Suisse Group AG restated a “buy” rating and set a $26.00 target price on shares of Quanta Services in a report on Monday, August 8th. Finally, Deutsche Bank AG restated a “buy” rating on shares of Quanta Services in a report on Saturday, August 6th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Quanta Services presently has an average rating of “Buy” and an average target price of $26.65.
In other news, EVP Randall C. Wisenbaker sold 5,121 shares of the firm’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $26.36, for a total transaction of $134,989.56. Following the transaction, the executive vice president now owns 40,193 shares in the company, valued at $1,059,487.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.70% of the company’s stock.
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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