Quanta Services, Inc. (NYSE:PWR) Shares Sold by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado reduced its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 16.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 199,517 shares of the construction company’s stock after selling 39,343 shares during the quarter. Public Employees Retirement Association of Colorado owned approximately 0.14% of Quanta Services worth $50,695,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in PWR. EntryPoint Capital LLC acquired a new position in Quanta Services in the first quarter valued at approximately $25,000. Private Ocean LLC acquired a new position in shares of Quanta Services in the 1st quarter valued at $26,000. Salomon & Ludwin LLC purchased a new position in shares of Quanta Services in the 1st quarter valued at $26,000. Cambridge Trust Co. acquired a new stake in Quanta Services during the 1st quarter worth $26,000. Finally, Valley Wealth Managers Inc. purchased a new stake in Quanta Services in the second quarter valued at $33,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Quanta Services Stock Performance

Shares of PWR stock opened at $289.74 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.45. The stock has a 50 day simple moving average of $261.73 and a 200-day simple moving average of $261.09. The company has a market cap of $42.69 billion, a price-to-earnings ratio of 56.15 and a beta of 1.01. Quanta Services, Inc. has a 12-month low of $153.74 and a 12-month high of $291.71.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.15. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The firm had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the prior year, the business posted $1.47 earnings per share. Quanta Services’s revenue was up 10.8% compared to the same quarter last year. On average, equities analysts forecast that Quanta Services, Inc. will post 7.82 EPS for the current year.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be issued a $0.09 dividend. The ex-dividend date is Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a yield of 0.12%. Quanta Services’s dividend payout ratio (DPR) is presently 6.98%.

Insider Activity

In related news, insider Karl W. Studer sold 23,357 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the completion of the transaction, the insider now directly owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the sale, the insider now owns 10,631 shares of the company’s stock, valued at $2,875,791.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO James Redgie Probst sold 34,000 shares of Quanta Services stock in a transaction on Friday, August 9th. The stock was sold at an average price of $260.03, for a total value of $8,841,020.00. Following the transaction, the chief operating officer now directly owns 29,002 shares of the company’s stock, valued at approximately $7,541,390.06. The disclosure for this sale can be found here. In the last three months, insiders sold 202,357 shares of company stock worth $53,115,572. Company insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Wolfe Research began coverage on Quanta Services in a report on Thursday. They set an “outperform” rating and a $313.00 price objective on the stock. Truist Financial reaffirmed a “buy” rating and set a $319.00 price target (up previously from $305.00) on shares of Quanta Services in a research report on Monday, August 5th. Northland Securities boosted their price objective on Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Robert W. Baird lifted their target price on shares of Quanta Services from $287.00 to $288.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Finally, Jefferies Financial Group initiated coverage on shares of Quanta Services in a research report on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $286.69.

Quanta Services 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.