Quanta Services, Inc. (NYSE:PWR) Stake Reduced by Headlands Technologies LLC

Headlands Technologies LLC reduced its holdings in Quanta Services, Inc. (NYSE:PWR) by 85.7% during the 2nd quarter, Holdings Channel reports. The fund owned 607 shares of the construction company’s stock after selling 3,624 shares during the quarter. Headlands Technologies LLC’s holdings in Quanta Services were worth $154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also modified their holdings of the company. EntryPoint Capital LLC purchased a new position in shares of Quanta Services during the first quarter valued at $25,000. Private Ocean LLC bought a new position in Quanta Services during the first quarter valued at about $26,000. Salomon & Ludwin LLC acquired a new position in Quanta Services during the first quarter valued at approximately $26,000. Cambridge Trust Co. acquired a new position in Quanta Services during the 1st quarter worth $26,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Quanta Services in the 4th quarter valued at approximately $34,000. 90.49% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PWR has been the topic of several recent analyst reports. B. Riley boosted their price target on Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Citigroup upped their target price on shares of Quanta Services from $299.00 to $302.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Truist Financial reissued a “buy” rating and issued a $319.00 target price (up previously from $305.00) on shares of Quanta Services in a research note on Monday, August 5th. Argus lifted their target price on Quanta Services from $285.00 to $310.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Finally, Northland Securities raised their price objective on shares of Quanta Services from $264.00 to $280.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $284.50.

Insider Activity

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 transaction, the insider now directly owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value 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 filing with the SEC, which is available through the SEC website. 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 completion of the sale, the chief executive officer now directly owns 593,402 shares in the company, valued at $155,595,938.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 202,357 shares of company stock valued at $53,115,572. Company insiders own 1.10% of the company’s stock.

Quanta Services Stock Up 0.4 %

PWR opened at $269.54 on Friday. The business’s fifty day simple moving average is $260.21 and its 200 day simple moving average is $260.07. The stock has a market cap of $39.71 billion, a PE ratio of 52.24 and a beta of 1.01. Quanta Services, Inc. has a 52 week low of $153.74 and a 52 week high of $286.87. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45.

Quanta Services (NYSE:PWR) last announced its quarterly 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 was up 10.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.47 EPS. As a group, research analysts expect that Quanta Services, Inc. will post 7.82 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

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

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.