Dynamic Technology Lab Private Ltd lifted its position in shares of Quanta Services Inc (NYSE:PWR) by 168.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,388 shares of the construction company’s stock after acquiring an additional 37,917 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in Quanta Services were worth $2,017,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in PWR. Rhumbline Advisers raised its position in shares of Quanta Services by 0.9% during the first quarter. Rhumbline Advisers now owns 259,518 shares of the construction company’s stock worth $8,914,000 after acquiring an additional 2,255 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Quanta Services during the first quarter worth $963,000. Comerica Bank grew its stake in shares of Quanta Services by 8.0% during the first quarter. Comerica Bank now owns 142,512 shares of the construction company’s stock worth $4,885,000 after purchasing an additional 10,555 shares during the period. SG Americas Securities LLC grew its stake in shares of Quanta Services by 16.8% during the first quarter. SG Americas Securities LLC now owns 34,709 shares of the construction company’s stock worth $1,192,000 after purchasing an additional 5,001 shares during the period. Finally, Mackay Shields LLC acquired a new stake in shares of Quanta Services during the first quarter worth $895,000. Institutional investors own 85.03% of the company’s stock.
Shares of Quanta Services stock opened at $33.92 on Friday. The company has a quick ratio of 1.77, a current ratio of 1.82 and a debt-to-equity ratio of 0.23. Quanta Services Inc has a 12 month low of $32.19 and a 12 month high of $40.10. The firm has a market cap of $5.10 billion, a P/E ratio of 19.06, a P/E/G ratio of 1.71 and a beta of 0.89.
Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, August 2nd. The construction company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). Quanta Services had a return on equity of 7.72% and a net margin of 3.10%. The company had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same period last year, the firm earned $0.50 earnings per share. The firm’s revenue for the quarter was up 20.7% on a year-over-year basis. equities research analysts anticipate that Quanta Services Inc will post 2.5 earnings per share for the current fiscal year.
Quanta Services declared that its board has initiated a share repurchase plan on Tuesday, September 4th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the construction company to purchase up to 9.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
A number of brokerages recently commented on PWR. B. Riley lifted their price objective on Quanta Services from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Monday, August 6th. ValuEngine cut Quanta Services from a “hold” rating to a “sell” rating in a research note on Wednesday, August 8th. Zacks Investment Research raised Quanta Services from a “sell” rating to a “hold” rating in a research note on Friday, August 31st. Finally, Cfra reaffirmed a “buy” rating and set a $40.00 price objective on shares of Quanta Services in a research note on Thursday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target 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.
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