Quanta Services, Inc. (NYSE:PWR) Shares Sold by Commonwealth Financial Services LLC

Commonwealth Financial Services LLC lessened its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 16.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,152 shares of the construction company’s stock after selling 223 shares during the quarter. Commonwealth Financial Services LLC’s holdings in Quanta Services were worth $293,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EntryPoint Capital LLC acquired a new position in shares of Quanta Services during the 1st quarter valued at $25,000. Private Ocean LLC acquired a new position in Quanta Services during the first quarter worth about $26,000. Salomon & Ludwin LLC bought a new stake in Quanta Services in the first quarter worth about $26,000. Cambridge Trust Co. acquired a new stake in Quanta Services in the 1st quarter valued at about $26,000. Finally, Valley Wealth Managers Inc. bought a new position in shares of Quanta Services during the 2nd quarter valued at about $33,000. Institutional investors own 90.49% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on PWR. Robert W. Baird boosted their target price on shares of Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Jefferies Financial Group started coverage on Quanta Services in a report on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price target on the stock. Truist Financial reissued a “buy” rating and set a $319.00 price objective (up from $305.00) on shares of Quanta Services in a research note on Monday, August 5th. Argus boosted their target price on Quanta Services from $285.00 to $310.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, TD Cowen increased their price target on Quanta Services from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Quanta Services presently has an average rating of “Moderate Buy” and a consensus target price of $286.69.

Insider Buying and Selling at Quanta Services

In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the completion of the sale, the insider now directly owns 21,286 shares of the company’s stock, valued at approximately $5,490,297.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the transaction, the insider now owns 21,286 shares in the company, valued at approximately $5,490,297.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Karl W. Studer sold 23,357 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the transaction, the insider now owns 10,631 shares in the company, valued at approximately $2,875,791.81. The disclosure for this sale can be found here. Insiders have sold 202,357 shares of company stock worth $53,115,572 over the last 90 days. 1.10% of the stock is currently owned by corporate insiders.

Quanta Services Price Performance

Shares of PWR opened at $290.89 on Monday. The business’s 50-day moving average is $262.17 and its 200-day moving average is $261.71. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.30 and a quick ratio of 1.25. The company has a market capitalization of $42.58 billion, a price-to-earnings ratio of 56.37 and a beta of 1.01. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $293.80.

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

Quanta Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a dividend of $0.09 per share. 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 payout ratio is 6.98%.

About Quanta Services

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.