The Manufacturers Life Insurance Company Sells 4,971 Shares of Quanta Services, Inc. (NYSE:PWR)

The Manufacturers Life Insurance Company trimmed its holdings in Quanta Services, Inc. (NYSE:PWR) by 5.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 92,778 shares of the construction company’s stock after selling 4,971 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Quanta Services worth $23,574,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the business. EntryPoint Capital LLC bought a new stake in Quanta Services during the 1st quarter worth approximately $25,000. Private Ocean LLC bought a new stake in shares of Quanta Services during the first quarter worth $26,000. Salomon & Ludwin LLC acquired a new stake in shares of Quanta Services during the first quarter worth $26,000. Cambridge Trust Co. bought a new stake in Quanta Services in the 1st quarter valued at $26,000. Finally, Valley Wealth Managers Inc. acquired a new position in Quanta Services in the 2nd quarter worth $33,000. Institutional investors and hedge funds own 90.49% of the company’s stock.

Insider Buying and Selling

In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the completion of the sale, the insider now owns 21,286 shares of the company’s stock, valued at $5,490,297.98. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, COO James Redgie Probst sold 34,000 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $260.03, for a total transaction of $8,841,020.00. Following the completion of the sale, the chief operating officer now directly owns 29,002 shares in the company, valued at $7,541,390.06. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the completion of the transaction, the insider now owns 21,286 shares in the company, valued at approximately $5,490,297.98. 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 in the last three months. Insiders own 1.10% of the company’s stock.

Quanta Services Stock Performance

Shares of Quanta Services stock opened at $296.05 on Wednesday. The company’s 50 day moving average price is $266.79 and its two-hundred day moving average price is $264.05. The firm has a market capitalization of $43.34 billion, a P/E ratio of 57.37 and a beta of 1.01. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $306.50. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.30 and a quick ratio of 1.25.

Quanta Services (NYSE:PWR) last released its quarterly earnings data 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. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The company had revenue of $5.59 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter in the prior year, the firm posted $1.47 earnings per share. The firm’s revenue was up 10.8% compared to the same quarter last year. On average, equities analysts forecast that Quanta Services, Inc. will post 7.82 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued 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 yield of 0.12%. Quanta Services’s payout ratio is 6.98%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Wolfe Research began coverage on Quanta Services in a research report on Thursday, September 19th. They set an “outperform” rating and a $313.00 price objective for the company. Jefferies Financial Group assumed coverage on Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price target for the company. Truist Financial reiterated a “buy” rating and issued a $319.00 price objective (up from $305.00) on shares of Quanta Services in a report on Monday, August 5th. Robert W. Baird increased their target price on shares of Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Finally, Citigroup lifted 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. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $286.69.

Quanta Services Company 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.