Bank of Montreal Can grew its holdings in shares of Quanta Services Inc (NYSE:PWR) by 13.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 116,328 shares of the construction company’s stock after buying an additional 14,076 shares during the quarter. Bank of Montreal Can owned 0.08% of Quanta Services worth $3,883,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in PWR. Dupont Capital Management Corp lifted its position in shares of Quanta Services by 202.9% during the second quarter. Dupont Capital Management Corp now owns 4,086 shares of the construction company’s stock worth $136,000 after purchasing an additional 2,737 shares in the last quarter. Engineers Gate Manager LP acquired a new position in shares of Quanta Services during the second quarter worth $204,000. BlueMountain Capital Management LLC acquired a new position in shares of Quanta Services during the second quarter worth $233,000. Commerzbank Aktiengesellschaft FI acquired a new position in shares of Quanta Services during the second quarter worth $244,000. Finally, MHI Funds LLC lifted its position in shares of Quanta Services by 93.9% during the second quarter. MHI Funds LLC now owns 7,708 shares of the construction company’s stock worth $257,000 after purchasing an additional 3,733 shares in the last quarter. Institutional investors own 85.60% of the company’s stock.
PWR has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Quanta Services from a “sell” rating to a “hold” rating in a research report on Friday, September 7th. Cfra reaffirmed a “buy” rating and issued a $40.00 price target on shares of Quanta Services in a report on Thursday, September 6th. ValuEngine raised shares of Quanta Services from a “sell” rating to a “hold” rating in a report on Friday. Robert W. Baird cut their price target on shares of Quanta Services from $41.00 to $39.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Citigroup cut their price target on shares of Quanta Services from $53.00 to $50.00 and set a “buy” rating on the stock in a report on Friday. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $44.80.
Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, November 1st. The construction company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.09). The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.93 billion. Quanta Services had a net margin of 3.32% and a return on equity of 8.64%. The company’s revenue was up 14.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.63 earnings per share. As a group, equities research analysts anticipate that Quanta Services Inc will post 2.52 EPS for the current fiscal year.
Quanta Services announced that its board has initiated a stock repurchase plan on Tuesday, September 4th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the construction company to purchase up to 9.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Quanta Services Company 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.
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