DnB Asset Management AS acquired a new position in shares of Quanta Services, Inc. (NYSE:PWR – Get Rating) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 36,403 shares of the construction company’s stock, valued at approximately $4,563,000.
Several other hedge funds have also recently bought and sold shares of the business. AdvisorNet Financial Inc raised its holdings in Quanta Services by 563.5% in the second quarter. AdvisorNet Financial Inc now owns 909 shares of the construction company’s stock valued at $114,000 after buying an additional 772 shares during the period. Offit Capital Advisors LLC purchased a new position in Quanta Services in the first quarter valued at approximately $235,000. J.W. Cole Advisors Inc. raised its holdings in Quanta Services by 97.6% in the first quarter. J.W. Cole Advisors Inc. now owns 8,921 shares of the construction company’s stock valued at $1,174,000 after buying an additional 4,406 shares during the period. Verition Fund Management LLC raised its holdings in Quanta Services by 270.7% in the first quarter. Verition Fund Management LLC now owns 10,245 shares of the construction company’s stock valued at $1,348,000 after buying an additional 7,481 shares during the period. Finally, TradeLink Capital LLC purchased a new position in Quanta Services in the first quarter valued at approximately $150,000. Hedge funds and other institutional investors own 91.79% of the company’s stock.
Analyst Ratings Changes
A number of research firms have recently issued reports on PWR. The Goldman Sachs Group lowered shares of Quanta Services from a “buy” rating to a “neutral” rating and set a $150.00 price objective on the stock. in a research note on Thursday, September 15th. DA Davidson lifted their price objective on shares of Quanta Services to $125.00 in a research note on Tuesday, August 9th. Cowen lifted their price objective on shares of Quanta Services from $145.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, August 11th. Credit Suisse Group lifted their price objective on shares of Quanta Services to $168.00 in a research note on Tuesday, August 9th. Finally, Cowen lifted their price objective on shares of Quanta Services from $145.00 to $155.00 in a research note on Thursday, August 11th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Quanta Services has a consensus rating of “Moderate Buy” and an average price target of $151.17.
Quanta Services Stock Up 2.8 %
Quanta Services (NYSE:PWR – Get Rating) last released its earnings results on Thursday, August 4th. The construction company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.16. Quanta Services had a net margin of 2.92% and a return on equity of 15.97%. The firm had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the previous year, the firm earned $0.93 earnings per share. The firm’s revenue for the quarter was up 41.1% compared to the same quarter last year. Research analysts predict that Quanta Services, Inc. will post 5.73 EPS for the current year.
Quanta Services Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Monday, October 3rd will be paid a dividend of $0.07 per share. The ex-dividend date is Friday, September 30th. This represents a $0.28 annualized dividend and a yield of 0.20%. Quanta Services’s payout ratio is 9.09%.
Insider Buying and Selling at Quanta Services
In other news, Director Vincent D. Foster sold 14,948 shares of the company’s stock in a transaction dated Wednesday, June 22nd. The shares were sold at an average price of $119.01, for a total transaction of $1,778,961.48. Following the completion of the transaction, the director now owns 204,925 shares in the company, valued at $24,388,124.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is owned by insiders.
Quanta Services Profile
Quanta Services, Inc provides specialty contracting services worldwide. The Electric Power Infrastructure Solutions segment engages in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; energized installation, maintenance, and upgrade of electric power infrastructure projects; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings.
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