Quanta Services, Inc. (NYSE:PWR) Shares Sold by Connors Investor Services Inc.

Connors Investor Services Inc. lessened its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 20.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,874 shares of the construction company’s stock after selling 12,828 shares during the period. Connors Investor Services Inc.’s holdings in Quanta Services were worth $12,672,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Nomura Holdings Inc. purchased a new stake in shares of Quanta Services during the fourth quarter worth about $631,000. Wellington Management Group LLP grew its position in Quanta Services by 581.3% during the 4th quarter. Wellington Management Group LLP now owns 117,014 shares of the construction company’s stock worth $25,252,000 after purchasing an additional 99,840 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Quanta Services by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 16,235,875 shares of the construction company’s stock worth $3,503,702,000 after buying an additional 191,334 shares during the last quarter. Allen Investment Management LLC grew its holdings in shares of Quanta Services by 1,418.0% during the first quarter. Allen Investment Management LLC now owns 33,396 shares of the construction company’s stock valued at $8,676,000 after buying an additional 31,196 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado increased its position in shares of Quanta Services by 20,298.9% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,057,681 shares of the construction company’s stock valued at $228,248,000 after acquiring an additional 1,052,496 shares during the period. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Trading Up 0.8 %

NYSE:PWR opened at $271.59 on Tuesday. The stock has a fifty day moving average price of $260.55 and a 200 day moving average price of $260.58. 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 12-month low of $153.74 and a 12-month high of $286.87. The firm has a market cap of $40.01 billion, a PE ratio of 52.63 and a beta of 1.01.

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. 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 period in the previous year, the business earned $1.47 EPS. Quanta Services’s revenue for the quarter was up 10.8% on a year-over-year basis. Sell-side analysts anticipate that Quanta Services, Inc. will post 7.82 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.13%. The ex-dividend date is Tuesday, October 1st. Quanta Services’s dividend payout ratio is currently 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 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 transaction, the insider now directly owns 10,631 shares in the company, valued at $2,875,791.81. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 directly owns 21,286 shares of the company’s stock, valued at approximately $5,490,297.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Karl W. Studer sold 23,357 shares of the firm’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 completion of the sale, the insider now directly owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The disclosure for this sale can be found here. Insiders sold a total of 202,357 shares of company stock worth $53,115,572 in the last 90 days. 1.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Jefferies Financial Group assumed coverage on Quanta Services in a report on Wednesday, September 4th. They set a “hold” rating and a $256.00 target price for the company. Truist Financial reaffirmed a “buy” rating and issued a $319.00 price target (up from $305.00) on shares of Quanta Services in a report on Monday, August 5th. Citigroup boosted 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. B. Riley lifted their price target on Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Finally, Argus raised their target price on Quanta Services from $285.00 to $310.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $284.50.

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.