Quanta Services Inc (PWR) Position Trimmed by MetLife Investment Advisors LLC

MetLife Investment Advisors LLC decreased its position in shares of Quanta Services Inc (NYSE:PWR) by 4.8% during the 2nd quarter, Holdings Channel reports. The fund owned 44,041 shares of the construction company’s stock after selling 2,226 shares during the quarter. MetLife Investment Advisors LLC’s holdings in Quanta Services were worth $1,471,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in PWR. Greenhaven Associates Inc. boosted its stake in Quanta Services by 99.4% during the 2nd quarter. Greenhaven Associates Inc. now owns 2,514,100 shares of the construction company’s stock worth $83,971,000 after acquiring an additional 1,253,400 shares during the last quarter. Hexavest Inc. boosted its stake in Quanta Services by 23,616.0% during the 2nd quarter. Hexavest Inc. now owns 901,208 shares of the construction company’s stock worth $30,100,000 after acquiring an additional 897,408 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Quanta Services by 6,386.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 424,259 shares of the construction company’s stock worth $14,170,000 after acquiring an additional 417,718 shares during the last quarter. Fort Washington Investment Advisors Inc. OH boosted its stake in Quanta Services by 123.8% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 750,103 shares of the construction company’s stock worth $25,053,000 after acquiring an additional 415,000 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in Quanta Services by 15.1% during the 2nd quarter. Bank of America Corp DE now owns 1,838,389 shares of the construction company’s stock worth $61,402,000 after acquiring an additional 240,783 shares during the last quarter. 85.09% of the stock is currently owned by institutional investors and hedge funds.

Shares of PWR opened at $33.69 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.77 and a current ratio of 1.82. Quanta Services Inc has a twelve month low of $32.19 and a twelve month high of $40.10. The company has a market capitalization of $5.13 billion, a price-to-earnings ratio of 18.93, a P/E/G ratio of 1.71 and a beta of 0.89.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, August 2nd. The construction company reported $0.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.01). Quanta Services had a net margin of 3.10% and a return on equity of 7.72%. The company had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.51 billion. During the same period in the previous year, the firm posted $0.50 EPS. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. analysts anticipate that Quanta Services Inc will post 2.53 earnings per share for the current year.

Quanta Services announced that its Board of Directors has approved a share buyback program on Tuesday, September 4th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the construction company to reacquire up to 9.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Several research firms recently weighed in on PWR. Zacks Investment Research raised shares of Quanta Services from a “sell” rating to a “hold” rating in a research note on Monday, September 17th. Cfra reissued a “buy” rating and set a $40.00 price objective on shares of Quanta Services in a research note on Thursday, September 6th. ValuEngine lowered shares of Quanta Services from a “hold” rating to a “sell” rating in a research note on Wednesday, August 8th. Finally, B. Riley lifted their price objective on shares of Quanta Services from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Monday, August 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $45.73.

Quanta Services Profile

Quanta Services, Inc provides specialty contracting services to the electric power, communication, and oil and gas industries in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment provides network solutions, including the design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities, as well as other engineering and technical services.

Featured Article: Growth Stocks, What They Are, What They Are Not

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).

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

Receive News & Ratings for Quanta Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Quanta Services and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply