Garden State Investment Advisory Services LLC Invests $206,000 in Quanta Services, Inc. (NYSE:PWR)

Garden State Investment Advisory Services LLC purchased a new position in shares of Quanta Services, Inc. (NYSE:PWR) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 811 shares of the construction company’s stock, valued at approximately $206,000.

Other hedge funds have also made changes to their positions in the company. Nomura Holdings Inc. purchased a new stake in shares of Quanta Services during the fourth quarter worth approximately $631,000. Wellington Management Group LLP increased its stake in shares of Quanta Services by 581.3% during the fourth quarter. Wellington Management Group LLP now owns 117,014 shares of the construction company’s stock worth $25,252,000 after buying an additional 99,840 shares during the period. Vanguard Group Inc. increased its stake in shares of Quanta Services by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 16,235,875 shares of the construction company’s stock worth $3,503,702,000 after buying an additional 191,334 shares during the period. Allen Investment Management LLC increased its stake in shares of Quanta Services by 1,418.0% during the first quarter. Allen Investment Management LLC now owns 33,396 shares of the construction company’s stock worth $8,676,000 after buying an additional 31,196 shares during the period. Finally, Public Employees Retirement Association of Colorado increased its stake in shares of Quanta Services by 20,298.9% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,057,681 shares of the construction company’s stock worth $228,248,000 after buying an additional 1,052,496 shares during the period. Institutional investors and hedge funds own 90.49% of the company’s stock.

Insider Buying and Selling

In related news, CEO Earl C. Jr. Austin sold 130,000 shares of the 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 sale, 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 filing with the SEC, which is available through the SEC website. In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the completion of the sale, the insider now directly owns 21,286 shares of the company’s stock, valued at $5,490,297.98. The sale was disclosed in a filing with the SEC, which is available 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 shares were sold at an average price of $262.21, for a total value of $34,087,300.00. Following the completion of the sale, 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 sold a total of 202,357 shares of company stock valued at $53,115,572 over the last three months. 1.10% of the stock is currently owned by company insiders.

Quanta Services Stock Performance

Shares of PWR opened at $290.89 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.45. The firm has a market cap of $42.58 billion, a PE ratio of 56.37 and a beta of 1.01. The company’s 50 day simple moving average is $262.17 and its 200-day simple moving average is $261.57. Quanta Services, Inc. has a 12-month low of $153.74 and a 12-month high of $293.80.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. The business had revenue of $5.59 billion for the quarter, compared to analyst estimates 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 for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the firm posted $1.47 earnings per share. As a group, equities analysts predict that Quanta Services, Inc. will post 7.82 EPS for the current year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.12%. The ex-dividend date is Tuesday, October 1st. Quanta Services’s dividend payout ratio is presently 6.98%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PWR shares. Truist Financial restated a “buy” rating and set a $319.00 target price (up from $305.00) on shares of Quanta Services in a research note on Monday, August 5th. TD Cowen upped their target price on shares of Quanta Services from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Jefferies Financial Group assumed coverage on shares of Quanta Services in a research note on Wednesday, September 4th. They set a “hold” rating and a $256.00 target price on the stock. Citigroup increased their price target on shares of Quanta Services from $299.00 to $302.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Finally, The Goldman Sachs Group increased their price target on shares of Quanta Services from $259.00 to $286.00 and gave the company a “buy” rating in a research note on Tuesday, May 28th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $286.69.

Quanta Services 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.