Coronation Fund Managers Ltd. Trims Stock Position in Quanta Services, Inc. (NYSE:PWR)

Coronation Fund Managers Ltd. decreased its holdings in Quanta Services, Inc. (NYSE:PWR) by 15.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,871 shares of the construction company’s stock after selling 4,128 shares during the quarter. Coronation Fund Managers Ltd.’s holdings in Quanta Services were worth $5,811,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. EntryPoint Capital LLC purchased a new position in Quanta Services during the first quarter worth approximately $25,000. Private Ocean LLC purchased a new position in shares of Quanta Services in the 1st quarter worth about $26,000. Salomon & Ludwin LLC acquired a new position in shares of Quanta Services in the 1st quarter valued at about $26,000. Cambridge Trust Co. purchased a new stake in shares of Quanta Services during the 1st quarter worth about $26,000. Finally, Valley Wealth Managers Inc. acquired a new stake in Quanta Services during the 2nd quarter worth approximately $33,000. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PWR shares. Jefferies Financial Group started coverage on shares of Quanta Services in a research note on Wednesday, September 4th. They set a “hold” rating and a $256.00 price objective for the company. Wolfe Research began coverage on Quanta Services in a report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price target for the company. TD Cowen boosted their price objective on Quanta Services from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Robert W. Baird increased their target price on Quanta Services from $287.00 to $288.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Finally, Citigroup boosted their price target on 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 issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $286.69.

Quanta Services Price Performance

PWR opened at $296.05 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.25 and a current ratio of 1.30. Quanta Services, Inc. has a 1-year low of $153.74 and a 1-year high of $306.50. The company has a 50-day moving average of $266.79 and a 200-day moving average of $264.05. The company has a market capitalization of $43.34 billion, a P/E ratio of 57.37 and a beta of 1.01.

Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the prior year, the firm posted $1.47 earnings per share. Quanta Services’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities analysts expect that Quanta Services, Inc. will post 7.82 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The firm 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 dividend of $0.09 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.12%. Quanta Services’s dividend payout ratio (DPR) is 6.98%.

Insider Transactions at Quanta Services

In related news, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Karl W. Studer sold 23,357 shares of the company’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 transaction 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 $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 the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $260.03, for a total value of $8,841,020.00. Following the completion of 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. In the last three months, insiders have sold 202,357 shares of company stock worth $53,115,572. 1.10% of the stock is currently owned by insiders.

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.