UBS Asset Management Americas Inc. cut its position in shares of Quanta Services Inc. (NYSE:PWR) by 64.9% during the second quarter, Holdings Channel reports. The firm owned 147,211 shares of the company’s stock after selling 272,079 shares during the period. UBS Asset Management Americas Inc. owned approximately 0.09% of Quanta Services worth $3,403,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Kovitz Investment Group Partners LLC purchased a new position in Quanta Services during the first quarter worth about $99,285,000. Geode Capital Management LLC boosted its position in Quanta Services by 5.7% in the first quarter. Geode Capital Management LLC now owns 1,787,721 shares of the company’s stock valued at $40,269,000 after buying an additional 97,062 shares during the period. SG Americas Securities LLC boosted its position in Quanta Services by 114.6% in the second quarter. SG Americas Securities LLC now owns 119,249 shares of the company’s stock valued at $2,757,000 after buying an additional 63,681 shares during the period. JPMorgan Chase & Co. boosted its position in Quanta Services by 481.7% in the first quarter. JPMorgan Chase & Co. now owns 8,497,996 shares of the company’s stock valued at $191,716,000 after buying an additional 10,724,375 shares during the period. Finally, CIBC World Markets Inc. boosted its position in Quanta Services by 18.0% in the first quarter. CIBC World Markets Inc. now owns 14,466 shares of the company’s stock valued at $326,000 after buying an additional 2,211 shares during the period. Institutional investors own 87.80% of the company’s stock.
Shares of Quanta Services Inc. (NYSE:PWR) traded down 1.197% during trading on Monday, hitting $27.655. 903,081 shares of the stock traded hands. The firm has a market capitalization of $4.18 billion, a price-to-earnings ratio of 18.686 and a beta of 0.69. The firm has a 50-day moving average of $25.92 and a 200-day moving average of $24.14. Quanta Services Inc. has a 1-year low of $16.77 and a 1-year high of $28.14.
Quanta Services (NYSE:PWR) last announced 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 firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the prior year, the business earned $0.24 EPS. Quanta Services’s quarterly revenue was down 4.4% on a year-over-year basis. On average, equities analysts forecast that Quanta Services Inc. will post $1.55 earnings per share for the current year.
Several research analysts recently weighed in on PWR shares. 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 report on Friday, September 23rd. Citigroup Inc. dropped 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 report on Friday, August 5th. Zacks Investment Research cut shares of Quanta Services from a “hold” rating to a “sell” rating in a research report on Tuesday, July 12th. Credit Suisse Group AG restated a “buy” rating and issued a $26.00 price objective on shares of Quanta Services in a research report on Monday, August 8th. Finally, Deutsche Bank AG restated a “buy” rating on shares of Quanta Services in a research report on Saturday, August 6th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Quanta Services presently has a consensus rating of “Buy” and an average price target of $26.65.
In related news, EVP Randall C. Wisenbaker sold 5,121 shares of Quanta Services stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $26.36, for a total transaction 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 $1,059,487.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate 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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