Convergence Investment Partners LLC Takes $827,000 Position in Quanta Services Inc (NYSE:PWR)

Convergence Investment Partners LLC acquired a new stake in Quanta Services Inc (NYSE:PWR) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,088 shares of the construction company’s stock, valued at approximately $827,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Public Employees Retirement Association of Colorado raised its holdings in Quanta Services by 1.6% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 18,999 shares of the construction company’s stock worth $603,000 after purchasing an additional 307 shares during the last quarter. Tributary Capital Management LLC raised its holdings in Quanta Services by 0.7% during the 1st quarter. Tributary Capital Management LLC now owns 46,966 shares of the construction company’s stock worth $1,490,000 after purchasing an additional 317 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in Quanta Services by 3.8% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 9,091 shares of the construction company’s stock worth $288,000 after purchasing an additional 335 shares during the last quarter. Eaton Vance Management raised its holdings in Quanta Services by 0.6% during the 1st quarter. Eaton Vance Management now owns 62,749 shares of the construction company’s stock worth $1,991,000 after purchasing an additional 385 shares during the last quarter. Finally, Howe & Rusling Inc. raised its holdings in Quanta Services by 144.6% during the 2nd quarter. Howe & Rusling Inc. now owns 658 shares of the construction company’s stock worth $26,000 after purchasing an additional 389 shares during the last quarter. 92.85% of the stock is currently owned by institutional investors.

NYSE PWR traded down $0.15 during mid-day trading on Friday, hitting $39.97. The company’s stock had a trading volume of 884,260 shares, compared to its average volume of 924,126. The company’s 50 day simple moving average is $38.88 and its 200 day simple moving average is $36.68. Quanta Services Inc has a twelve month low of $23.77 and a twelve month high of $44.09. 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 firm has a market capitalization of $5.50 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 0.97 and a beta of 1.15.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, May 7th. The construction company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 2.65% and a return on equity of 9.72%. Quanta Services’s revenue was down 1.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.96 EPS. As a group, research analysts forecast that Quanta Services Inc will post 2.83 EPS 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 dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date was Tuesday, June 30th. Quanta Services’s dividend payout ratio is 6.56%.

Several research analysts have issued reports on PWR shares. Credit Suisse Group lowered their price target on shares of Quanta Services from $48.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, May 8th. ValuEngine downgraded shares of Quanta Services from a “hold” rating to a “sell” rating in a research report on Thursday, May 21st. Stifel Nicolaus raised their price objective on shares of Quanta Services from $46.00 to $50.00 in a research report on Tuesday, June 23rd. Northland Securities assumed coverage on shares of Quanta Services in a research report on Thursday, May 28th. They set an “outperform” rating and a $44.00 price objective for the company. Finally, B. Riley raised their price objective on shares of Quanta Services from $42.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $45.50.

In other Quanta Services news, VP Dorothy Upperman sold 5,617 shares of Quanta Services stock in a transaction on Friday, June 5th. The shares were sold at an average price of $42.00, for a total transaction of $235,914.00. Following the transaction, the vice president now directly owns 12,041 shares of the company’s stock, valued at approximately $505,722. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is owned by insiders.

Quanta Services Company Profile

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.

Read More: Why do analysts give a neutral rating?

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.