Teachers Retirement System of The State of Kentucky Lowers Stake in Quanta Services, Inc. (NYSE:PWR)

Teachers Retirement System of The State of Kentucky cut its position in shares of Quanta Services, Inc. (NYSE:PWR) by 2.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,513 shares of the construction company’s stock after selling 328 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Quanta Services were worth $2,925,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PWR. EntryPoint Capital LLC purchased a new stake in Quanta Services in the first quarter valued at approximately $25,000. Private Ocean LLC purchased a new stake in Quanta Services in the first quarter valued at approximately $26,000. Salomon & Ludwin LLC purchased a new stake in Quanta Services in the first quarter valued at approximately $26,000. Cambridge Trust Co. purchased a new stake in Quanta Services in the first quarter valued at approximately $26,000. Finally, Valley Wealth Managers Inc. purchased a new stake in Quanta Services in the second quarter valued at approximately $33,000. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Wolfe Research assumed coverage on shares of Quanta Services in a report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 target price for the company. Northland Securities boosted their price objective on shares of Quanta Services from $264.00 to $280.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Truist Financial reiterated a “buy” rating and set a $319.00 price objective (up from $305.00) on shares of Quanta Services in a research note on Monday, August 5th. Robert W. Baird boosted 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. Finally, Citigroup boosted their price objective on shares of Quanta Services from $299.00 to $302.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $286.69.

Quanta Services Trading Down 0.2 %

NYSE PWR opened at $298.40 on Friday. The stock has a market cap of $43.96 billion, a P/E ratio of 57.83 and a beta of 1.01. The company’s fifty day simple moving average is $268.37 and its 200-day simple moving average is $264.67. 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 52 week low of $153.74 and a 52 week high of $306.50.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.15. The firm had revenue of $5.59 billion for 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 firm’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.47 earnings per share. Equities research analysts predict that Quanta Services, Inc. will post 7.82 EPS for the current fiscal year.

Quanta Services Dividend Announcement

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

Insider Buying and Selling at Quanta Services

In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction 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 completion of the sale, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Karl W. Studer sold 23,357 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the company’s stock in a transaction dated 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 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 worth $53,115,572 over the last 90 days. Insiders own 1.10% of the company’s stock.

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.