First Trust Advisors LP Has $7.83 Million Stake in Quanta Services Inc (NYSE:PWR)

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First Trust Advisors LP trimmed its stake in shares of Quanta Services Inc (NYSE:PWR) by 18.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 246,870 shares of the construction company’s stock after selling 55,941 shares during the period. First Trust Advisors LP owned approximately 0.18% of Quanta Services worth $7,833,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Quanta Services by 9.5% during the first quarter. BlackRock Inc. now owns 13,817,414 shares of the construction company’s stock worth $438,426,000 after purchasing an additional 1,201,086 shares in the last quarter. State Street Corp lifted its position in shares of Quanta Services by 2.7% during the fourth quarter. State Street Corp now owns 4,686,679 shares of the construction company’s stock worth $191,028,000 after purchasing an additional 122,572 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Quanta Services by 4.0% during the fourth quarter. Bank of New York Mellon Corp now owns 4,160,603 shares of the construction company’s stock worth $169,379,000 after purchasing an additional 160,464 shares in the last quarter. Lyrical Asset Management LP lifted its position in shares of Quanta Services by 1.0% during the fourth quarter. Lyrical Asset Management LP now owns 4,040,594 shares of the construction company’s stock worth $164,493,000 after purchasing an additional 41,038 shares in the last quarter. Finally, Frontier Capital Management Co. LLC raised its stake in shares of Quanta Services by 21.2% during the first quarter. Frontier Capital Management Co. LLC now owns 3,155,183 shares of the construction company’s stock worth $100,114,000 after buying an additional 552,598 shares during the last quarter. Institutional investors own 96.33% of the company’s stock.

Shares of NYSE:PWR opened at $34.25 on Friday. Quanta Services Inc has a 52 week low of $23.77 and a 52 week high of $44.09. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.75 and a current ratio of 1.78. The company has a market capitalization of $4.66 billion, a PE ratio of 13.22, a PEG ratio of 0.82 and a beta of 1.15. The company has a 50 day moving average price of $33.25 and a two-hundred day moving average price of $37.64.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, May 7th. The construction company reported $0.47 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.01. Quanta Services had a net margin of 2.65% and a return on equity of 9.72%. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter in the prior year, the firm earned $0.96 earnings per share. The business’s quarterly revenue was down 1.5% on a year-over-year basis. On average, sell-side analysts forecast that Quanta Services Inc will post 2.86 earnings per share for the current year.

In other news, EVP Donald Wayne sold 1,295 shares of the stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $37.73, for a total transaction of $48,860.35. Following the completion of the sale, the executive vice president now owns 35,257 shares of the company’s stock, valued at $1,330,246.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.40% of the stock is owned by corporate insiders.

A number of equities research analysts recently weighed in on PWR shares. Credit Suisse Group dropped their price target on shares of Quanta Services from $48.00 to $47.00 and set an “outperform” rating for the company in a research note on Friday, May 8th. Stephens boosted their price target on shares of Quanta Services from $50.00 to $52.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. KeyCorp boosted their price target on shares of Quanta Services from $38.00 to $45.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Citigroup dropped their price target on shares of Quanta Services from $50.00 to $41.00 and set a “buy” rating for the company in a research note on Wednesday, April 1st. Finally, Zacks Investment Research raised shares of Quanta Services from a “sell” rating to a “hold” rating and set a $36.00 price target for the company in a research note on Monday, May 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $44.50.

Quanta Services Company Profile

Quanta Services, Inc provides specialty contracting services in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment designs, installs, upgrades, repairs, and maintains electric power transmission and distribution infrastructure, and substation facilities, as well as provides other engineering and technical services; designs, installs, maintains, and repairs commercial and industrial wiring; and operates a postsecondary educational institution.

Further Reading: Strangles

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Institutional Ownership by Quarter for Quanta Services (NYSE:PWR)

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