Swiss National Bank Raises Stake in Quanta Services, Inc. (PWR)
Swiss National Bank grew its holdings in Quanta Services, Inc. (NYSE:PWR) by 1.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 251,835 shares of the construction company’s stock after purchasing an additional 3,300 shares during the period. Swiss National Bank owned about 0.17% of Quanta Services worth $8,290,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Segantii Capital Management Ltd acquired a new position in shares of Quanta Services in the 1st quarter valued at about $115,000. Ameritas Investment Partners Inc. acquired a new position in shares of Quanta Services in the 1st quarter valued at about $134,000. Bessemer Group Inc. increased its holdings in shares of Quanta Services by 22.2% in the 2nd quarter. Bessemer Group Inc. now owns 4,628 shares of the construction company’s stock valued at $152,000 after purchasing an additional 840 shares during the period. LBA Wealth Management LLC acquired a new position in shares of Quanta Services in the 1st quarter valued at about $177,000. Finally, Thrivent Financial For Lutherans acquired a new position in shares of Quanta Services in the 1st quarter valued at about $206,000. Institutional investors own 88.52% of the company’s stock.
Shares of Quanta Services, Inc. (NYSE:PWR) opened at 36.47 on Friday. The company has a market cap of $5.66 billion, a PE ratio of 20.73 and a beta of 0.83. Quanta Services, Inc. has a 52 week low of $24.49 and a 52 week high of $38.82. The company has a 50 day moving average price of $35.24 and a 200 day moving average price of $34.49.
Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.50 EPS for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.03). Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the business earned $0.18 EPS. The company’s revenue for the quarter was up 22.8% compared to the same quarter last year. On average, equities analysts expect that Quanta Services, Inc. will post $2.03 earnings per share for the current year.
Quanta Services announced that its Board of Directors has initiated a share buyback plan on Thursday, May 25th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
A number of equities analysts have recently weighed in on the company. BidaskClub upgraded Quanta Services from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. FBR & Co upgraded Quanta Services to an “outperform” rating and upped their target price for the company from $40.00 to $45.00 in a report on Wednesday, August 9th. Zacks Investment Research downgraded Quanta Services from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 9th. Stifel Nicolaus reiterated a “buy” rating and issued a $45.00 target price on shares of Quanta Services in a report on Thursday, September 7th. Finally, UBS AG upgraded Quanta Services from a “neutral” rating to a “buy” rating and upped their target price for the company from $38.00 to $42.00 in a report on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $41.44.
In related news, Director John Michal Conaway sold 4,000 shares of Quanta Services stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $35.79, for a total value of $143,160.00. Following the sale, the director now owns 17,152 shares of the company’s stock, valued at approximately $613,870.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Randall C. Wisenbaker sold 9,000 shares of Quanta Services stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $35.15, for a total value of $316,350.00. Following the completion of the sale, the executive vice president now directly owns 34,797 shares in the company, valued at approximately $1,223,114.55. The disclosure for this sale can be found here. In the last three months, insiders sold 17,000 shares of company stock worth $597,550. 0.70% of the stock is owned by 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.
Want to see what other hedge funds are holding PWR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Quanta Services, Inc. (NYSE:PWR).
Receive News & Ratings for Quanta Services Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Quanta Services Inc. and related companies with MarketBeat.com's FREE daily email newsletter.