Palouse Capital Management Inc. Trims Holdings in Quanta Services Inc (NYSE:PWR)

Palouse Capital Management Inc. lowered its position in Quanta Services Inc (NYSE:PWR) by 4.6% in the first quarter, Holdings Channel reports. The institutional investor owned 10,051 shares of the construction company’s stock after selling 489 shares during the period. Palouse Capital Management Inc.’s holdings in Quanta Services were worth $379,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PWR. Norges Bank purchased a new stake in shares of Quanta Services during the fourth quarter worth approximately $43,421,000. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Quanta Services by 9,426.4% during the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 924,060 shares of the construction company’s stock worth $34,874,000 after purchasing an additional 914,360 shares during the last quarter. Peconic Partners LLC raised its stake in shares of Quanta Services by 20.1% during the fourth quarter. Peconic Partners LLC now owns 3,690,373 shares of the construction company’s stock worth $111,080,000 after purchasing an additional 618,459 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Quanta Services by 6.4% during the fourth quarter. Victory Capital Management Inc. now owns 6,612,780 shares of the construction company’s stock worth $199,045,000 after purchasing an additional 396,564 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its stake in shares of Quanta Services by 30.4% during the first quarter. Neuberger Berman Group LLC now owns 1,676,383 shares of the construction company’s stock worth $63,267,000 after purchasing an additional 390,856 shares during the last quarter. Institutional investors own 94.89% of the company’s stock.

In related news, insider James Redgie Probst sold 100,000 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $40.00, for a total transaction of $4,000,000.00. Following the transaction, the insider now owns 47,420 shares of the company’s stock, valued at $1,896,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bernard Fried sold 4,000 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $36.63, for a total value of $146,520.00. Following the transaction, the director now directly owns 8,953 shares in the company, valued at approximately $327,948.39. The disclosure for this sale can be found here. Insiders have sold 104,445 shares of company stock worth $4,162,180 in the last ninety days. 1.20% of the stock is currently owned by corporate insiders.



Several research firms have recently commented on PWR. Citigroup set a $47.00 price target on Quanta Services and gave the stock a “buy” rating in a research note on Friday, May 3rd. DA Davidson cut Quanta Services from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 16th. B. Riley restated a “buy” rating and set a $47.00 price target (down previously from $56.00) on shares of Quanta Services in a research note on Monday, March 11th. Finally, Zacks Investment Research upgraded Quanta Services from a “sell” rating to a “hold” rating and set a $41.00 price target for the company in a research note on Monday, February 25th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Quanta Services presently has a consensus rating of “Hold” and an average price target of $42.80.

Shares of Quanta Services stock traded up $0.01 during trading hours on Wednesday, hitting $37.25. 37,799 shares of the company were exchanged, compared to its average volume of 1,450,508. Quanta Services Inc has a 1 year low of $27.90 and a 1 year high of $41.00. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.00 and a quick ratio of 1.95. The stock has a market capitalization of $5.30 billion, a PE ratio of 14.74 and a beta of 1.16.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, May 2nd. The construction company reported $0.96 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.13. Quanta Services had a return on equity of 12.71% and a net margin of 3.25%. The business had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter in the prior year, the business earned $0.40 earnings per share. The company’s quarterly revenue was up 16.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Quanta Services Inc will post 3.36 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Friday, June 28th. Quanta Services’s dividend payout ratio is presently 6.32%.

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Quanta Services 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.

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

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