Convergence Investment Partners LLC Makes New Investment in Quanta Services Inc (NYSE:PWR)

Convergence Investment Partners LLC bought a new position in Quanta Services Inc (NYSE:PWR) in the 2nd quarter, HoldingsChannel.com reports. The fund bought 21,088 shares of the construction company’s stock, valued at approximately $827,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PWR. Ladenburg Thalmann Financial Services Inc. boosted its stake in Quanta Services by 33.6% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 9,550 shares of the construction company’s stock worth $339,000 after buying an additional 2,400 shares in the last quarter. Man Group plc purchased a new stake in Quanta Services in the fourth quarter worth approximately $824,000. Geode Capital Management LLC lifted its position in Quanta Services by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 2,247,352 shares of the construction company’s stock valued at $91,363,000 after purchasing an additional 6,949 shares during the last quarter. Verus Capital Partners LLC bought a new stake in Quanta Services in the fourth quarter valued at approximately $59,000. Finally, Norges Bank bought a new stake in Quanta Services in the fourth quarter valued at approximately $58,726,000. 92.85% of the stock is owned by institutional investors and hedge funds.

In other Quanta Services news, VP Dorothy Upperman sold 5,617 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $42.00, for a total value of $235,914.00. Following the completion of the transaction, the vice president now owns 12,041 shares in the company, valued at $505,722. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.40% of the stock is currently owned by corporate insiders.

PWR has been the subject of several recent research reports. B. Riley boosted their price objective on Quanta Services from $42.00 to $47.00 and gave the company a “buy” rating in a research report on Friday, July 17th. Zacks Investment Research upgraded Quanta Services from a “sell” rating to a “hold” rating and set a $36.00 price objective for the company in a research report on Monday, May 4th. ValuEngine downgraded Quanta Services from a “hold” rating to a “sell” rating in a research report on Thursday, May 21st. UBS Group lowered their price objective on Quanta Services from $51.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday, May 28th. Finally, Stifel Nicolaus boosted their price objective on Quanta Services from $46.00 to $50.00 in a research report on Tuesday, June 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the company’s stock. Quanta Services presently has an average rating of “Buy” and an average price target of $45.50.

PWR traded down $0.15 during trading on Friday, reaching $39.97. The stock had a trading volume of 884,260 shares, compared to its average volume of 924,126. The stock’s 50 day moving average is $38.88 and its two-hundred day moving average is $36.68. The company has a current ratio of 1.78, a quick ratio of 1.75 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $5.50 billion, a price-to-earnings ratio of 18.42, a P/E/G ratio of 0.97 and a beta of 1.15. Quanta Services Inc has a one year low of $23.77 and a one year high of $44.09.

Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, May 7th. The construction company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.74 billion. Quanta Services had a return on equity of 9.72% and a net margin of 2.65%. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.96 earnings per share. On average, equities research analysts predict that Quanta Services Inc will post 2.83 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were issued a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.20 dividend on an annualized basis and a yield of 0.50%. Quanta Services’s dividend payout ratio (DPR) is 6.56%.

About Quanta Services

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.

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

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