Convergence Investment Partners LLC Purchases New Position in Quanta Services, Inc. (PWR)
Convergence Investment Partners LLC purchased a new position in Quanta Services, Inc. (NYSE:PWR) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 45,848 shares of the company’s stock, valued at approximately $1,283,000.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Victory Capital Management Inc. raised its position in shares of Quanta Services by 158,331.3% in the third quarter. Victory Capital Management Inc. now owns 3,054,555 shares of the company’s stock worth $85,498,000 after buying an additional 3,052,627 shares in the last quarter. Bank of Montreal Can raised its position in shares of Quanta Services by 125.0% in the third quarter. Bank of Montreal Can now owns 3,779,803 shares of the company’s stock worth $105,797,000 after buying an additional 2,100,263 shares in the last quarter. Highbridge Capital Management LLC acquired a new position in shares of Quanta Services during the second quarter worth $30,144,000. Teacher Retirement System of Texas raised its position in shares of Quanta Services by 81.2% in the third quarter. Teacher Retirement System of Texas now owns 1,739,046 shares of the company’s stock worth $48,676,000 after buying an additional 779,044 shares in the last quarter. Finally, Rothschild Asset Management Inc. acquired a new position in shares of Quanta Services during the third quarter worth $17,925,000. 89.87% of the stock is currently owned by institutional investors.
Shares of Quanta Services, Inc. (NYSE:PWR) traded up 1.42% during mid-day trading on Friday, hitting $34.89. The stock had a trading volume of 865,226 shares. The stock has a 50-day moving average price of $34.56 and a 200 day moving average price of $28.60. Quanta Services, Inc. has a 52 week low of $16.77 and a 52 week high of $36.85. The stock has a market cap of $5.28 billion, a P/E ratio of 52.47 and a beta of 0.67.
Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, November 3rd. The company reported $0.55 earnings per share for the quarter, hitting the consensus estimate of $0.55. Quanta Services had a net margin of 1.42% and a return on equity of 5.53%. The firm had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.08 billion. During the same period in the previous year, the company posted $0.30 EPS. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities analysts forecast that Quanta Services, Inc. will post $1.53 EPS for the current fiscal year.
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Several research analysts recently weighed in on the company. KeyCorp increased their target price on Quanta Services from $32.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 29th. Avondale Partners lowered Quanta Services from an “outperform” rating to a “market perform” rating in a research report on Friday, November 18th. Robert W. Baird raised Quanta Services from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $30.00 to $40.00 in a research report on Tuesday, November 15th. Zacks Investment Research lowered Quanta Services from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 8th. Finally, TheStreet raised Quanta Services from a “hold” rating to a “buy” rating in a research report on Thursday, November 3rd. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $29.50.
In other Quanta Services news, EVP Randall C. Wisenbaker sold 4,500 shares of Quanta Services stock in a transaction that occurred on Monday, December 19th. The shares were sold at an average price of $35.00, for a total transaction of $157,500.00. Following the transaction, the executive vice president now directly owns 35,693 shares in the company, valued at approximately $1,249,255. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company 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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