LMR Partners LLP Buys New Position in Quanta Services Inc. (PWR)
LMR Partners LLP acquired a new position in Quanta Services Inc. (NYSE:PWR) during the second quarter, Holdings Channel reports. The institutional investor acquired 97,663 shares of the company’s stock, valued at approximately $2,258,000.
A number of other institutional investors have also modified their holdings of the company. Kovitz Investment Group Partners LLC acquired a new position in shares of Quanta Services during the first quarter worth approximately $99,285,000. Geode Capital Management LLC increased its position 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. Trillium Asset Management LLC increased its position in shares of Quanta Services by 2.6% in the second quarter. Trillium Asset Management LLC now owns 637,387 shares of the company’s stock worth $14,736,000 after buying an additional 16,377 shares during the period. JPMorgan Chase & Co. increased its position 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. Finally, CIBC World Markets Inc. increased its position 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. 87.80% of the stock is owned by institutional investors.
Quanta Services Inc. (NYSE:PWR) traded up 1.13% during midday trading on Thursday, reaching $28.58. 1,445,016 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $26.16 and its 200-day moving average price is $24.27. Quanta Services Inc. has a 1-year low of $16.77 and a 1-year high of $28.60. The company has a market capitalization of $4.32 billion, a PE ratio of 19.31 and a beta of 0.69.
Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.18 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.18. Quanta Services had a net margin of 3.38% and a return on equity of 4.68%. The business earned $1.15 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the prior year, the business earned $0.24 EPS. The business’s quarterly revenue was down 4.4% on a year-over-year basis. Equities analysts expect that Quanta Services Inc. will post $1.55 EPS for the current year.
PWR has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Quanta Services from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research note on Wednesday. Stifel Nicolaus boosted their price objective on shares of Quanta Services from $28.00 to $32.50 and gave the stock a “buy” rating in a research note on Friday, September 23rd. Citigroup Inc. reduced their price objective on shares of Quanta Services from $27.00 to $26.00 and set a “neutral” rating for the company in a research note on Friday, August 5th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $26.00 price target on shares of Quanta Services in a research report on Monday, August 8th. Finally, Deutsche Bank AG reaffirmed a “buy” rating on shares of Quanta Services in a research report on Saturday, August 6th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Quanta Services presently has an average rating of “Buy” and a consensus price target of $27.05.
In other Quanta Services news, EVP Randall C. Wisenbaker sold 5,121 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $26.36, for a total value of $134,989.56. Following the completion of the transaction, the executive vice president now owns 40,193 shares of the company’s stock, valued at approximately $1,059,487.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.70% of the stock is currently owned by company insiders.
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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