Louisiana State Employees Retirement System cut its holdings in Quanta Services Inc (NYSE:PWR) by 4.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,800 shares of the construction company’s stock after selling 300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Quanta Services were worth $257,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. grew its stake in shares of Quanta Services by 23.9% in the second quarter. BlackRock Inc. now owns 10,852,772 shares of the construction company’s stock worth $414,467,000 after purchasing an additional 2,091,884 shares during the last quarter. Invesco Ltd. grew its stake in shares of Quanta Services by 3.3% in the second quarter. Invesco Ltd. now owns 2,220,654 shares of the construction company’s stock worth $84,806,000 after purchasing an additional 70,462 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Quanta Services by 38.0% in the second quarter. AQR Capital Management LLC now owns 1,862,024 shares of the construction company’s stock worth $71,111,000 after purchasing an additional 512,376 shares during the last quarter. Rothschild & Co. Asset Management US Inc. bought a new stake in shares of Quanta Services in the second quarter worth about $67,213,000. Finally, Prudential Financial Inc. boosted its position in Quanta Services by 122.6% during the 2nd quarter. Prudential Financial Inc. now owns 1,445,442 shares of the construction company’s stock valued at $55,201,000 after acquiring an additional 796,195 shares in the last quarter. 85.57% of the stock is currently owned by institutional investors.
In other news, VP Dorothy Upperman sold 5,764 shares of Quanta Services stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $43.86, for a total transaction of $252,809.04. Following the completion of the transaction, the vice president now directly owns 13,134 shares in the company, valued at $576,057.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jerry K. Lemon sold 2,750 shares of Quanta Services stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $43.70, for a total transaction of $120,175.00. Following the transaction, the chief accounting officer now owns 10,277 shares of the company’s stock, valued at $449,104.90. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by company insiders.
Several research firms have weighed in on PWR. Stifel Nicolaus lifted their price objective on Quanta Services from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. DA Davidson lifted their price objective on Quanta Services from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. ValuEngine raised Quanta Services from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Stephens set a $42.00 price objective on Quanta Services and gave the company a “buy” rating in a research report on Friday, August 16th. Finally, Vertical Research began coverage on Quanta Services in a research report on Friday, August 23rd. They set a “buy” rating and a $41.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Quanta Services currently has a consensus rating of “Buy” and a consensus target price of $44.86.
PWR stock opened at $43.33 on Thursday. The firm has a 50 day moving average price of $39.40 and a 200-day moving average price of $37.32. Quanta Services Inc has a 52-week low of $27.90 and a 52-week high of $44.09. The firm has a market capitalization of $6.22 billion, a price-to-earnings ratio of 17.13 and a beta of 1.23. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.80 and a current ratio of 1.82.
Quanta Services (NYSE:PWR) last released its earnings results on Thursday, October 31st. The construction company reported $1.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.17. Quanta Services had a net margin of 2.81% and a return on equity of 12.17%. The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.17 billion. During the same period last year, the business earned $0.88 earnings per share. The business’s revenue was up 12.3% on a year-over-year basis. As a group, sell-side analysts forecast that Quanta Services Inc will post 2.98 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were issued a dividend of $0.04 per share. The ex-dividend date was Monday, September 30th. This represents a $0.16 annualized dividend and a dividend yield of 0.37%. Quanta Services’s payout ratio is 6.32%.
Quanta Services Profile
Quanta Services, Inc provides specialty contracting services in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment designs, installs, upgrades, repairs, and maintains electric power transmission and distribution infrastructure, and substation facilities, as well as provides other engineering and technical services; designs, installs, maintains, and repairs commercial and industrial wiring; and operates a postsecondary educational institution.
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