Bourne Lent Asset Management Inc. decreased its holdings in shares of Quanta Services Inc (NYSE:PWR) by 3.0% in the third quarter, Holdings Channel reports. The firm owned 45,750 shares of the construction company’s stock after selling 1,400 shares during the quarter. Quanta Services comprises about 0.8% of Bourne Lent Asset Management Inc.’s portfolio, making the stock its 21st biggest holding. Bourne Lent Asset Management Inc.’s holdings in Quanta Services were worth $1,729,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. grew its holdings in shares of Quanta Services by 23.9% in the 2nd quarter. BlackRock Inc. now owns 10,852,772 shares of the construction company’s stock valued at $414,467,000 after buying an additional 2,091,884 shares during the period. Invesco Ltd. lifted its position in Quanta Services by 3.3% in the 2nd quarter. Invesco Ltd. now owns 2,220,654 shares of the construction company’s stock valued at $84,806,000 after acquiring an additional 70,462 shares in the last quarter. AQR Capital Management LLC lifted its position in Quanta Services by 38.0% in the 2nd quarter. AQR Capital Management LLC now owns 1,862,024 shares of the construction company’s stock valued at $71,111,000 after acquiring an additional 512,376 shares in the last quarter. Rothschild & Co. Asset Management US Inc. bought a new stake in Quanta Services in the 2nd quarter valued at $67,213,000. Finally, Prudential Financial Inc. lifted its position in Quanta Services by 122.6% in the 2nd quarter. Prudential Financial Inc. now owns 1,445,442 shares of the construction company’s stock valued at $55,201,000 after acquiring an additional 796,195 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.
Several equities research analysts recently commented on PWR shares. Citigroup boosted their price objective on shares of Quanta Services from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. ValuEngine lowered shares of Quanta Services from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Vertical Research assumed coverage on shares of Quanta Services in a research note on Friday, August 23rd. They issued a “buy” rating and a $41.00 price target on the stock. TheStreet upgraded shares of Quanta Services from a “c+” rating to a “b-” rating in a research note on Wednesday, September 25th. Finally, Stephens set a $42.00 price target on shares of Quanta Services and gave the company a “buy” rating in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $43.57.
Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.45). Quanta Services had a net margin of 2.80% and a return on equity of 11.41%. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.89 billion. During the same quarter last year, the company posted $0.59 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, equities analysts forecast that Quanta Services Inc will post 2.89 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were given a dividend of $0.04 per share. The ex-dividend date was Monday, September 30th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.39%. Quanta Services’s payout ratio is presently 6.32%.
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.
Further Reading: What is the return on assets (ROA) ratio?
Want to see what other hedge funds are holding PWR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Quanta Services Inc (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.