Kentucky Retirement Systems Has $9.79 Million Position in Quanta Services, Inc. $PWR

Kentucky Retirement Systems raised its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 92.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,822 shares of the construction company’s stock after acquiring an additional 8,576 shares during the quarter. Kentucky Retirement Systems’ holdings in Quanta Services were worth $9,785,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in PWR. Norges Bank acquired a new position in Quanta Services in the fourth quarter valued at about $817,285,000. Victory Capital Management Inc. increased its holdings in shares of Quanta Services by 35.2% during the fourth quarter. Victory Capital Management Inc. now owns 2,915,440 shares of the construction company’s stock worth $1,230,493,000 after buying an additional 758,862 shares in the last quarter. Corient Private Wealth LLC raised its stake in shares of Quanta Services by 137.6% in the fourth quarter. Corient Private Wealth LLC now owns 1,151,650 shares of the construction company’s stock valued at $486,065,000 after acquiring an additional 667,050 shares during the last quarter. Sands Capital Management LLC acquired a new position in shares of Quanta Services in the 4th quarter worth approximately $243,485,000. Finally, Select Equity Group L.P. grew its position in Quanta Services by 69.3% during the 2nd quarter. Select Equity Group L.P. now owns 1,017,123 shares of the construction company’s stock worth $384,554,000 after acquiring an additional 416,395 shares during the last quarter. Institutional investors own 90.49% of the company’s stock.

Quanta Services Stock Down 4.6%

NYSE PWR opened at $561.14 on Thursday. The stock has a market capitalization of $84.21 billion, a P/E ratio of 76.97, a price-to-earnings-growth ratio of 2.32 and a beta of 1.21. Quanta Services, Inc. has a 52 week low of $363.01 and a 52 week high of $788.75. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.09 and a current ratio of 1.14. The stock has a fifty day moving average of $682.41 and a 200-day moving average of $610.16.

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

Quanta Services Announces Dividend

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

Quanta Services declared that its board has authorized a share buyback plan on Friday, May 22nd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the construction company to reacquire up to 0.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PWR shares. B. Riley Financial reaffirmed a “neutral” rating on shares of Quanta Services in a report on Friday, May 1st. CICC Research started coverage on Quanta Services in a report on Thursday, May 21st. They set an “outperform” rating and a $872.00 target price on the stock. Truist Financial lifted their price target on Quanta Services from $851.00 to $940.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. The Goldman Sachs Group upped their price target on shares of Quanta Services from $685.00 to $826.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Finally, Sanford C. Bernstein raised their price objective on shares of Quanta Services from $538.00 to $725.00 and gave the company a “market perform” rating in a research report on Tuesday, May 5th. Seventeen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $745.55.

Insider Transactions at Quanta Services

In other Quanta Services news, CAO Paul Nobel sold 4,000 shares of the company’s 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 transaction, the chief accounting officer directly owned 8,080 shares in the company, valued at approximately $6,116,398.40. This represents a 33.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $770.65, for a total transaction of $100,184,500.00. Following the sale, the chief executive officer owned 556,911 shares of the company’s stock, valued at approximately $429,183,462.15. This represents a 18.93% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 159,992 shares of company stock worth $123,244,714. Corporate insiders own 0.60% of the company’s stock.

Quanta Services Profile

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.