Hedeker Wealth LLC cut its position in shares of Quanta Services Inc. (NYSE:PWR) by 89.4% during the second quarter, Holdings Channel reports. The firm owned 22,208 shares of the company’s stock after selling 188,233 shares during the period. Hedeker Wealth LLC’s holdings in Quanta Services were worth $513,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PWR. Kovitz Investment Group Partners LLC bought a new position in Quanta Services during the first quarter worth about $99,285,000. Bank of Montreal Can bought a new position in Quanta Services during the second quarter worth about $38,831,000. Panagora Asset Management Inc. raised its position in Quanta Services by 2,729.6% in the first quarter. Panagora Asset Management Inc. now owns 681,851 shares of the company’s stock worth $15,383,000 after buying an additional 657,754 shares during the period. Old Mutual Global Investors UK Ltd. raised its position in Quanta Services by 42.1% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 2,092,010 shares of the company’s stock worth $48,367,000 after buying an additional 620,030 shares during the period. Finally, Prudential Financial Inc. raised its position in Quanta Services by 295.9% in the first quarter. Prudential Financial Inc. now owns 808,514 shares of the company’s stock worth $18,240,000 after buying an additional 604,300 shares during the period. Hedge funds and other institutional investors own 87.80% of the company’s stock.
Shares of Quanta Services Inc. (NYSE:PWR) traded up 0.22% during trading on Friday, reaching $27.94. The company had a trading volume of 1,584,217 shares. Quanta Services Inc. has a 52-week low of $16.77 and a 52-week high of $28.87. The stock has a 50 day moving average of $26.54 and a 200 day moving average of $24.49. The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of 18.88 and a beta of 0.69.
Quanta Services (NYSE:PWR) last announced its 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 return on equity of 4.68% and a net margin of 3.38%. The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same quarter in the previous year, the company posted $0.24 EPS. The business’s revenue for the quarter was down 4.4% compared to the same quarter last year. Equities research analysts forecast 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. Citigroup Inc. decreased their target price on Quanta Services from $27.00 to $26.00 and set a “neutral” rating for the company in a report on Friday, August 5th. Zacks Investment Research upgraded Quanta Services from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a report on Wednesday, October 5th. Stifel Nicolaus lifted their target price on Quanta Services from $28.00 to $32.50 and gave the company a “buy” rating in a report on Friday, September 23rd. Credit Suisse Group AG reiterated a “buy” rating and issued a $26.00 target price on shares of Quanta Services in a report on Monday, August 8th. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of Quanta Services in a report on Saturday, August 6th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $27.05.
In related news, EVP Randall C. Wisenbaker sold 5,121 shares of the 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 in the company, valued at $1,059,487.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.
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.