BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 194,747 Shares of Quanta Services, Inc. (NYSE:PWR)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its position in shares of Quanta Services, Inc. (NYSE:PWR) by 61.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 121,978 shares of the construction company’s stock after selling 194,747 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Quanta Services were worth $30,993,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Xponance Inc. grew its holdings in shares of Quanta Services by 4.4% during the second quarter. Xponance Inc. now owns 23,698 shares of the construction company’s stock worth $6,021,000 after buying an additional 1,007 shares in the last quarter. Evergreen Capital Management LLC raised its holdings in shares of Quanta Services by 4.8% in the second quarter. Evergreen Capital Management LLC now owns 1,603 shares of the construction company’s stock valued at $407,000 after purchasing an additional 74 shares during the last quarter. Public Sector Pension Investment Board boosted its holdings in Quanta Services by 4,701.7% during the second quarter. Public Sector Pension Investment Board now owns 153,559 shares of the construction company’s stock worth $39,018,000 after purchasing an additional 150,361 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Quanta Services by 4.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,058 shares of the construction company’s stock valued at $281,000 after purchasing an additional 46 shares in the last quarter. Finally, Itau Unibanco Holding S.A. acquired a new stake in Quanta Services in the 2nd quarter valued at $223,000. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Stock Up 1.7 %

Shares of PWR opened at $295.94 on Tuesday. The firm’s 50-day simple moving average is $262.94 and its 200 day simple moving average is $262.08. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.25 and a current ratio of 1.30. The firm has a market cap of $43.32 billion, a P/E ratio of 57.35 and a beta of 1.01. Quanta Services, Inc. has a 52 week low of $153.74 and a 52 week high of $298.18.

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

Quanta Services Announces Dividend

The firm also recently announced 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 is Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.12%. Quanta Services’s payout ratio is presently 6.98%.

Insider Activity at Quanta Services

In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the completion of the sale, the insider now owns 10,631 shares in the company, valued at approximately $2,875,791.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO James Redgie Probst sold 34,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $260.03, for a total transaction of $8,841,020.00. Following the sale, the chief operating officer now owns 29,002 shares of the company’s stock, valued at $7,541,390.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction on Wednesday, August 21st. The shares were 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 directly owns 10,631 shares of the company’s stock, valued at $2,875,791.81. The disclosure for this sale can be found here. Over the last three months, insiders have sold 202,357 shares of company stock worth $53,115,572. Corporate insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PWR. Citigroup raised their price objective on Quanta Services from $299.00 to $302.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Jefferies Financial Group assumed coverage on Quanta Services in a research note on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price target for the company. Wolfe Research initiated coverage on Quanta Services in a research note on Thursday, September 19th. They set an “outperform” rating and a $313.00 price objective on the stock. The Goldman Sachs Group raised their target price 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. Finally, Robert W. Baird upped their price target on shares of Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average 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.