Hartford Investment Management Co. Reduces Holdings in Quanta Services, Inc. (NYSE:PWR)

Hartford Investment Management Co. lowered its position in Quanta Services, Inc. (NYSE:PWR) by 1.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 9,294 shares of the construction company’s stock after selling 109 shares during the period. Hartford Investment Management Co.’s holdings in Quanta Services were worth $2,771,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. EntryPoint Capital LLC purchased a new stake in Quanta Services in the 1st quarter worth about $25,000. Private Ocean LLC purchased a new stake in shares of Quanta Services in the first quarter worth approximately $26,000. Salomon & Ludwin LLC bought a new stake in shares of Quanta Services during the 1st quarter worth approximately $26,000. Cambridge Trust Co. bought a new position in Quanta Services in the 1st quarter valued at $26,000. Finally, Valley Wealth Managers Inc. purchased a new stake in Quanta Services in the second quarter worth $33,000. Institutional investors own 90.49% of the company’s stock.

Quanta Services Price Performance

Shares of NYSE PWR opened at $306.63 on Thursday. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $317.91. 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 company has a market cap of $44.89 billion, a PE ratio of 59.42 and a beta of 1.01. The business has a 50-day simple moving average of $284.75 and a two-hundred day simple moving average of $270.21.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The company had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same period last year, the business earned $1.47 EPS. Quanta Services’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, equities analysts expect that Quanta Services, Inc. will post 7.82 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were paid a $0.09 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a yield of 0.12%. Quanta Services’s dividend payout ratio (DPR) is 6.98%.

Insiders Place Their Bets

In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total value of $34,087,300.00. Following the transaction, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at approximately $155,595,938.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the company’s 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 sale, the insider now directly owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at approximately $155,595,938.42. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 202,357 shares of company stock valued at $53,115,572. 1.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on PWR shares. Citigroup upped their price target on shares of Quanta Services from $302.00 to $348.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Northland Securities raised their target price on shares of Quanta Services from $264.00 to $280.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Jefferies Financial Group began coverage on Quanta Services in a report on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price target for the company. Truist Financial raised their price objective on Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Stifel Nicolaus upped their target price on Quanta Services from $283.00 to $342.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $308.07.

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.