State Board of Administration of Florida Retirement System Cuts Holdings in Quanta Services, Inc. (NYSE:PWR)

State Board of Administration of Florida Retirement System trimmed its holdings in shares of Quanta Services, Inc. (NYSE:PWRGet Rating) by 2.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 174,700 shares of the construction company’s stock after selling 4,199 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Quanta Services were worth $22,992,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Quanta Services by 4.6% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 104,112 shares of the construction company’s stock valued at $13,702,000 after acquiring an additional 4,561 shares in the last quarter. Hartford Investment Management Co. boosted its stake in Quanta Services by 9.8% in the fourth quarter. Hartford Investment Management Co. now owns 14,752 shares of the construction company’s stock valued at $1,691,000 after acquiring an additional 1,312 shares in the last quarter. Pinnacle Associates Ltd. boosted its stake in Quanta Services by 57.1% in the first quarter. Pinnacle Associates Ltd. now owns 4,950 shares of the construction company’s stock valued at $651,000 after acquiring an additional 1,800 shares in the last quarter. Stonnington Group LLC acquired a new stake in Quanta Services in the first quarter valued at approximately $709,000. Finally, Park Avenue Securities LLC boosted its stake in Quanta Services by 89.4% in the first quarter. Park Avenue Securities LLC now owns 12,969 shares of the construction company’s stock valued at $1,707,000 after acquiring an additional 6,120 shares in the last quarter. 87.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. KeyCorp raised their target price on shares of Quanta Services from $129.00 to $156.00 in a research note on Thursday, April 14th. Robert W. Baird lifted their price objective on shares of Quanta Services from $136.00 to $147.00 and gave the stock an “outperform” rating in a research note on Friday. Cowen lifted their price objective on shares of Quanta Services from $130.00 to $145.00 and gave the stock an “outperform” rating in a research note on Thursday, May 26th. B. Riley lifted their price objective on shares of Quanta Services from $129.00 to $138.00 in a research note on Friday, May 6th. Finally, Credit Suisse Group set a $157.00 price objective on shares of Quanta Services in a research note on Tuesday, July 19th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $144.31.

Quanta Services Trading Up 2.6 %

Shares of Quanta Services stock opened at $136.91 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.51 and a quick ratio of 1.48. The firm has a fifty day moving average price of $128.11 and a 200 day moving average price of $120.39. Quanta Services, Inc. has a 1 year low of $90.09 and a 1 year high of $146.84. The stock has a market cap of $19.68 billion, a PE ratio of 41.49 and a beta of 1.10.

Quanta Services (NYSE:PWRGet Rating) last released its quarterly earnings data on Thursday, August 4th. The construction company reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.16. Quanta Services had a net margin of 3.38% and a return on equity of 14.98%. The company had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the previous year, the company earned $0.93 earnings per share. The firm’s revenue for the quarter was up 41.1% on a year-over-year basis. Equities research analysts predict that Quanta Services, Inc. will post 5.79 earnings per share for the current year.

Quanta Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Friday, July 1st were issued a $0.07 dividend. The ex-dividend date was Thursday, June 30th. This represents a $0.28 dividend on an annualized basis and a yield of 0.20%. Quanta Services’s payout ratio is 8.48%.

Insider Buying and Selling at Quanta Services

In other Quanta Services news, Director Vincent D. Foster sold 14,948 shares of Quanta Services stock in a transaction on Wednesday, June 22nd. The shares were sold at an average price of $119.01, for a total value of $1,778,961.48. Following the completion of the transaction, the director now owns 204,925 shares of the company’s stock, valued at $24,388,124.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Quanta Services news, Director Vincent D. Foster sold 14,948 shares of Quanta Services stock in a transaction on Wednesday, June 22nd. The shares were sold at an average price of $119.01, for a total value of $1,778,961.48. Following the completion of the transaction, the director now owns 204,925 shares of the company’s stock, valued at $24,388,124.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Earl C. Jr. Austin sold 135,000 shares of the business’s stock in a transaction dated Friday, June 10th. The stock was sold at an average price of $126.48, for a total transaction of $17,074,800.00. Following the sale, the chief executive officer now directly owns 689,030 shares of the company’s stock, valued at approximately $87,148,514.40. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Quanta Services Company Profile

(Get Rating)

Quanta Services, Inc provides specialty contracting services worldwide. The 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; energized 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.

See Also

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Institutional Ownership by Quarter for Quanta Services (NYSE:PWR)

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