ProShare Advisors LLC Boosts Stock Position in Quanta Services, Inc. (NYSE:PWR)

ProShare Advisors LLC grew its position in shares of Quanta Services, Inc. (NYSE:PWR) by 118.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,464 shares of the construction company’s stock after purchasing an additional 21,954 shares during the period. ProShare Advisors LLC’s holdings in Quanta Services were worth $10,281,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Nomura Holdings Inc. purchased a new stake in Quanta Services in the 4th quarter worth approximately $631,000. Wellington Management Group LLP grew its position in shares of Quanta Services by 581.3% in the fourth quarter. Wellington Management Group LLP now owns 117,014 shares of the construction company’s stock valued at $25,252,000 after purchasing an additional 99,840 shares during the period. Vanguard Group Inc. increased its stake in Quanta Services by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 16,235,875 shares of the construction company’s stock valued at $3,503,702,000 after purchasing an additional 191,334 shares during the last quarter. Allen Investment Management LLC lifted its position in Quanta Services by 1,418.0% during the first quarter. Allen Investment Management LLC now owns 33,396 shares of the construction company’s stock worth $8,676,000 after buying an additional 31,196 shares during the period. Finally, Public Employees Retirement Association of Colorado boosted its stake in Quanta Services by 20,298.9% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,057,681 shares of the construction company’s stock worth $228,248,000 after buying an additional 1,052,496 shares during the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Quanta Services

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

Quanta Services Stock Performance

Quanta Services stock opened at $298.24 on Wednesday. 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 moving average of $263.72 and a 200-day moving average of $262.47. The stock has a market cap of $43.66 billion, a P/E ratio of 57.80 and a beta of 1.01. Quanta Services, Inc. has a 52 week low of $153.74 and a 52 week high of $298.49.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The business had revenue of $5.59 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the prior year, the business posted $1.47 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, analysts expect that Quanta Services, Inc. will post 7.82 EPS for the current fiscal 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 given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.12%. The ex-dividend date is Tuesday, October 1st. Quanta Services’s dividend payout ratio is presently 6.98%.

Wall Street Analysts Forecast Growth

PWR has been the topic of several recent analyst reports. Truist Financial reiterated a “buy” rating and set a $319.00 price objective (up from $305.00) on shares of Quanta Services in a report on Monday, August 5th. The Goldman Sachs Group lifted their price target on shares of Quanta Services from $259.00 to $286.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Northland Securities increased their target price on Quanta Services from $264.00 to $280.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Jefferies Financial Group started coverage on Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price target for the company. Finally, Citigroup increased their target price on shares of Quanta Services from $299.00 to $302.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Quanta Services has a consensus rating of “Moderate Buy” and a consensus price target of $286.69.

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.