Forsta AP Fonden Lowers Holdings in Quanta Services, Inc. (NYSE:PWR)

Forsta AP Fonden trimmed its holdings in Quanta Services, Inc. (NYSE:PWR) by 10.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,100 shares of the construction company’s stock after selling 3,000 shares during the quarter. Forsta AP Fonden’s holdings in Quanta Services were worth $6,886,000 as of its most recent SEC filing.

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

Insider Transactions at Quanta Services

In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the transaction, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at $155,595,938.42. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the completion of the transaction, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at approximately $155,595,938.42. The disclosure for this sale can be found here. Insiders have sold a total of 202,357 shares of company stock valued at $53,115,572 in the last 90 days. Insiders own 1.10% of the company’s stock.

Quanta Services Price Performance

Shares of PWR stock opened at $269.54 on Friday. The stock has a market capitalization of $39.71 billion, a price-to-earnings ratio of 52.24 and a beta of 1.01. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.45. Quanta Services, Inc. has a twelve month low of $153.74 and a twelve month high of $286.87. The stock has a fifty day simple moving average of $259.87 and a two-hundred day simple moving average of $259.84.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.15. The firm had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The company’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.47 EPS. On average, analysts predict that Quanta Services, Inc. will post 7.82 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.13%. The ex-dividend date of this dividend is Tuesday, October 1st. Quanta Services’s dividend payout ratio is currently 6.98%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PWR. Truist Financial reaffirmed a “buy” rating and issued a $319.00 price target (up previously from $305.00) on shares of Quanta Services in a report on Monday, August 5th. TD Cowen raised their price objective on Quanta Services from $270.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. B. Riley boosted their target price on Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. The Goldman Sachs Group increased their price target on Quanta Services from $259.00 to $286.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Finally, Robert W. Baird lifted their price objective on shares of Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Quanta Services has an average rating of “Moderate Buy” and a consensus target price of $284.50.

About Quanta Services

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.