Congress Asset Management Co. MA Sells 492,931 Shares of Quanta Services, Inc. (NYSE:PWR)

Congress Asset Management Co. MA reduced its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 98.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,686 shares of the construction company’s stock after selling 492,931 shares during the period. Congress Asset Management Co. MA’s holdings in Quanta Services were worth $1,875,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hazlett Burt & Watson Inc. grew its position in shares of Quanta Services by 47.3% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 162 shares of the construction company’s stock valued at $34,000 after acquiring an additional 52 shares during the period. Valley National Advisers Inc. bought a new position in Quanta Services in the 4th quarter worth approximately $41,000. Vestor Capital LLC bought a new position in Quanta Services in the 4th quarter worth approximately $42,000. Planned Solutions Inc. bought a new position in Quanta Services in the 4th quarter worth approximately $43,000. Finally, VisionPoint Advisory Group LLC boosted its holdings in Quanta Services by 58.1% in the 4th quarter. VisionPoint Advisory Group LLC now owns 215 shares of the construction company’s stock worth $46,000 after buying an additional 79 shares during the period. 90.49% of the stock is owned by institutional investors.

Quanta Services Stock Performance

Quanta Services stock opened at $276.58 on Tuesday. The firm’s fifty day moving average price is $265.02 and its 200-day moving average price is $236.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.36. The stock has a market cap of $40.49 billion, a P/E ratio of 53.60 and a beta of 1.05. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $286.87.

Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.14. The firm had revenue of $5.03 billion for the quarter, compared to analysts’ expectations of $4.96 billion. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. On average, equities research analysts expect that Quanta Services, Inc. will post 7.69 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Monday, July 1st will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.13%. The ex-dividend date of this dividend is Monday, July 1st. Quanta Services’s dividend payout ratio is currently 6.98%.

Insider Activity at Quanta Services

In related news, EVP Donald Wayne sold 1,101 shares of the stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total transaction of $288,395.94. Following the transaction, the executive vice president now owns 40,065 shares of the company’s stock, valued at approximately $10,494,626.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PWR has been the subject of several analyst reports. Evercore ISI raised their price objective on shares of Quanta Services from $255.00 to $288.00 and gave the stock an “outperform” rating in a report on Tuesday, May 7th. Stifel Nicolaus raised their price objective on shares of Quanta Services from $237.00 to $252.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. Robert W. Baird raised their price objective on shares of Quanta Services from $265.00 to $287.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. DA Davidson increased their target price on shares of Quanta Services from $225.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. Finally, Citigroup increased their target price on shares of Quanta Services from $275.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Quanta Services currently has a consensus rating of “Moderate Buy” and a consensus price target of $268.85.

Quanta Services Company Profile

Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries in the United States, Canada, Australia, and internationally. The company's Electric Power Infrastructure Solutions segment engages in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; installation, maintenance, and upgrade of electric power infrastructure projects; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings.