Eagle Asset Management Inc. Has $2.27 Million Holdings in Quanta Services, Inc. (PWR)

Eagle Asset Management Inc. trimmed its position in Quanta Services, Inc. (NYSE:PWR) by 0.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 68,946 shares of the construction company’s stock after selling 319 shares during the period. Eagle Asset Management Inc.’s holdings in Quanta Services were worth $2,269,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Stephens Inc. AR boosted its holdings in Quanta Services by 0.5% in the 1st quarter. Stephens Inc. AR now owns 5,980 shares of the construction company’s stock valued at $222,000 after purchasing an additional 31 shares during the period. CIBC Asset Management Inc boosted its holdings in Quanta Services by 0.4% in the 2nd quarter. CIBC Asset Management Inc now owns 13,120 shares of the construction company’s stock valued at $432,000 after purchasing an additional 53 shares during the period. Public Employees Retirement Association of Colorado boosted its holdings in Quanta Services by 0.3% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 31,071 shares of the construction company’s stock valued at $1,023,000 after purchasing an additional 87 shares during the period. New Mexico Educational Retirement Board boosted its holdings in Quanta Services by 0.7% in the 1st quarter. New Mexico Educational Retirement Board now owns 15,382 shares of the construction company’s stock valued at $571,000 after purchasing an additional 100 shares during the period. Finally, State Treasurer State of Michigan boosted its holdings in Quanta Services by 0.4% in the 1st quarter. State Treasurer State of Michigan now owns 49,656 shares of the construction company’s stock valued at $1,843,000 after purchasing an additional 200 shares during the period. 88.52% of the stock is owned by hedge funds and other institutional investors.

Several brokerages have commented on PWR. FBR & Co raised shares of Quanta Services to an “outperform” rating and raised their price target for the company from $40.00 to $45.00 in a report on Wednesday, August 9th. Zacks Investment Research downgraded shares of Quanta Services from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 9th. Stifel Nicolaus reissued a “buy” rating and issued a $45.00 price target on shares of Quanta Services in a report on Friday, August 4th. Credit Suisse Group reissued a “buy” rating and issued a $47.00 price target on shares of Quanta Services in a report on Friday, August 4th. Finally, BidaskClub raised shares of Quanta Services from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. Quanta Services currently has a consensus rating of “Buy” and a consensus target price of $41.44.

In related news, Director Patrick Wood III sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $34.51, for a total transaction of $138,040.00. Following the completion of the transaction, the director now owns 7,506 shares in the company, valued at $259,032.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Randall C. Wisenbaker sold 9,000 shares of the company’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $35.15, for a total transaction of $316,350.00. Following the transaction, the executive vice president now owns 34,797 shares of the company’s stock, valued at approximately $1,223,114.55. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,000 shares of company stock valued at $597,550. 0.70% of the stock is owned by company insiders.

Shares of Quanta Services, Inc. (NYSE:PWR) opened at 36.13 on Monday. The company has a market capitalization of $5.61 billion, a P/E ratio of 20.54 and a beta of 0.83. Quanta Services, Inc. has a 12-month low of $24.49 and a 12-month high of $38.82. The stock’s 50 day moving average is $34.93 and its 200-day moving average is $34.53.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by $0.03. Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The company had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the company posted $0.18 EPS. Quanta Services’s revenue was up 22.8% compared to the same quarter last year. Analysts anticipate that Quanta Services, Inc. will post $2.03 earnings per share for the current year.

Quanta Services declared that its board has approved a stock buyback plan on Thursday, May 25th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the construction company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

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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.

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

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