California State Teachers Retirement System Has $121.96 Million Stake in Quanta Services, Inc. $PWR

California State Teachers Retirement System reduced its holdings in Quanta Services, Inc. (NYSE:PWR) by 2.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 222,144 shares of the construction company’s stock after selling 4,733 shares during the quarter. California State Teachers Retirement System’s holdings in Quanta Services were worth $121,961,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Boreal Capital Management LLC bought a new stake in Quanta Services during the 1st quarter valued at approximately $27,000. Cedar Mountain Advisors LLC grew its holdings in Quanta Services by 321.4% in the 4th quarter. Cedar Mountain Advisors LLC now owns 59 shares of the construction company’s stock valued at $25,000 after buying an additional 45 shares during the last quarter. Flagship Harbor Advisors LLC bought a new position in Quanta Services in the 4th quarter worth approximately $28,000. Darwin Wealth Management LLC acquired a new position in shares of Quanta Services during the second quarter worth approximately $26,000. Finally, MV Capital Management Inc. acquired a new position in shares of Quanta Services during the fourth quarter worth approximately $30,000. 90.49% of the stock is currently owned by institutional investors.

Quanta Services Stock Performance

PWR opened at $561.14 on Thursday. The stock’s 50 day simple moving average is $682.41 and its 200-day simple moving average is $610.16. The company has a current ratio of 1.14, a quick ratio of 1.09 and a debt-to-equity ratio of 0.57. The stock has a market cap of $84.21 billion, a PE ratio of 76.97, a P/E/G ratio of 2.32 and a beta of 1.21. Quanta Services, Inc. has a 1 year low of $363.01 and a 1 year high of $788.75.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, April 30th. The construction company reported $2.68 EPS for the quarter, topping the consensus estimate of $2.04 by $0.64. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The firm had revenue of $7.87 billion during the quarter, compared to analysts’ expectations of $7 billion. During the same period last year, the business earned $1.78 earnings per share. Quanta Services’s quarterly revenue was up 26.3% compared to the same quarter last year. Sell-side analysts forecast that Quanta Services, Inc. will post 12.8 EPS for the current year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st were paid a $0.11 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.1%. Quanta Services’s dividend payout ratio is currently 6.04%.

Quanta Services declared that its board has approved a stock buyback program on Friday, May 22nd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the construction company to reacquire up to 0.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PWR shares. Stifel Nicolaus set a $784.00 price objective on shares of Quanta Services in a research note on Friday, May 1st. UBS Group upped their target price on shares of Quanta Services from $646.00 to $900.00 and gave the company a “buy” rating in a research note on Monday, May 4th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $714.00 price target on shares of Quanta Services in a report on Tuesday, July 21st. Weiss Ratings downgraded shares of Quanta Services from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, July 20th. Finally, Truist Financial upped their price objective on shares of Quanta Services from $851.00 to $940.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Seventeen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Quanta Services currently has an average rating of “Moderate Buy” and a consensus target price of $745.55.

Insider Transactions at Quanta Services

In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $770.65, for a total transaction of $100,184,500.00. Following the completion of the transaction, the chief executive officer directly owned 556,911 shares of the company’s stock, valued at approximately $429,183,462.15. This trade represents a 18.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Paul Nobel sold 4,000 shares of Quanta Services stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $756.98, for a total transaction of $3,027,920.00. Following the sale, the chief accounting officer owned 8,080 shares in the company, valued at approximately $6,116,398.40. This trade represents a 33.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 159,992 shares of company stock valued at $123,244,714 over the last ninety days. 0.60% of the stock is owned by insiders.

About Quanta Services

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.