Quanta Services Inc (NYSE:PWR) Position Lessened by BlackRock Inc.

BlackRock Inc. cut its holdings in Quanta Services Inc (NYSE:PWR) by 2.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,760,888 shares of the construction company’s stock after selling 210,587 shares during the quarter. BlackRock Inc. owned approximately 6.17% of Quanta Services worth $330,637,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cadence Bank NA purchased a new stake in Quanta Services in the first quarter worth about $265,000. Great West Life Assurance Co. Can lifted its holdings in Quanta Services by 938.1% in the fourth quarter. Great West Life Assurance Co. Can now owns 395,819 shares of the construction company’s stock worth $11,881,000 after buying an additional 357,688 shares during the period. Municipal Employees Retirement System of Michigan purchased a new stake in Quanta Services in the fourth quarter worth about $1,043,000. SG Americas Securities LLC lifted its holdings in Quanta Services by 5.0% in the fourth quarter. SG Americas Securities LLC now owns 30,277 shares of the construction company’s stock worth $911,000 after buying an additional 1,438 shares during the period. Finally, AlphaCrest Capital Management LLC purchased a new stake in Quanta Services in the fourth quarter worth about $379,000. 94.89% of the stock is currently owned by institutional investors.

In related news, Director Bernard Fried sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $36.63, for a total value of $146,520.00. Following the completion of the transaction, the director now directly owns 8,953 shares in the company, valued at approximately $327,948.39. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider James Redgie Probst sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $40.00, for a total transaction of $4,000,000.00. Following the completion of the transaction, the insider now owns 47,420 shares of the company’s stock, valued at $1,896,800. The disclosure for this sale can be found here. Insiders have sold 104,445 shares of company stock valued at $4,162,180 over the last quarter. Company insiders own 1.20% of the company’s stock.

PWR has been the subject of several research analyst reports. Citigroup set a $46.00 price objective on shares of Quanta Services and gave the stock a “buy” rating in a report on Friday, February 22nd. Zacks Investment Research upgraded shares of Quanta Services from a “sell” rating to a “hold” rating and set a $41.00 price objective for the company in a report on Monday, February 25th. B. Riley reiterated a “buy” rating and set a $47.00 target price (down from $56.00) on shares of Quanta Services in a report on Monday, March 11th. Finally, DA Davidson lowered shares of Quanta Services from a “buy” rating to a “neutral” rating in a report on Tuesday, April 16th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Quanta Services presently has an average rating of “Hold” and a consensus target price of $42.80.

PWR stock opened at $37.28 on Thursday. Quanta Services Inc has a 52-week low of $27.90 and a 52-week high of $41.00. The company has a market cap of $5.30 billion, a PE ratio of 14.74 and a beta of 1.16. The company has a quick ratio of 1.95, a current ratio of 2.00 and a debt-to-equity ratio of 0.41.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, May 2nd. The construction company reported $0.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.13. Quanta Services had a net margin of 3.25% and a return on equity of 12.71%. The firm had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.65 billion. During the same period last year, the business earned $0.40 earnings per share. The business’s revenue was up 16.1% on a year-over-year basis. Sell-side analysts predict that Quanta Services Inc will post 3.36 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, July 1st will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.16 annualized dividend and a dividend yield of 0.43%. Quanta Services’s payout ratio is 6.32%.

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Quanta Services Profile

Quanta Services, Inc provides specialty contracting services in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment designs, installs, upgrades, repairs, and maintains electric power transmission and distribution infrastructure, and substation facilities, as well as provides other engineering and technical services; designs, installs, maintains, and repairs commercial and industrial wiring; and operates a postsecondary educational institution.

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

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