Sumitomo Mitsui DS Asset Management Company Ltd Has $6.30 Million Stock Position in Quanta Services, Inc. (NYSE:PWR)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 74.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,794 shares of the construction company’s stock after purchasing an additional 10,616 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Quanta Services were worth $6,300,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PWR. EntryPoint Capital LLC bought a new stake in shares of Quanta Services in the first quarter worth $25,000. Private Ocean LLC acquired a new position in Quanta Services in the 1st quarter valued at about $26,000. Salomon & Ludwin LLC acquired a new stake in Quanta Services during the first quarter worth approximately $26,000. Cambridge Trust Co. bought a new stake in Quanta Services in the 1st quarter valued at $26,000. Finally, Newbridge Financial Services Group Inc. bought a new stake in Quanta Services in the 4th quarter valued at about $34,000. Institutional investors own 90.49% of the company’s stock.

Insider Activity

In other news, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 593,402 shares in the company, valued at approximately $155,595,938.42. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the 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 transaction, 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 can be accessed through the SEC website. Also, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services 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 sale, the chief executive officer now owns 593,402 shares of the company’s stock, valued at $155,595,938.42. The disclosure for this sale can be found here. Insiders have sold a total of 202,357 shares of company stock worth $53,115,572 over the last quarter. Insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

PWR has been the subject of a number of analyst reports. Argus boosted their price target on Quanta Services from $285.00 to $310.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Northland Securities raised their target price on shares of Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Citigroup boosted their price target on Quanta Services from $299.00 to $302.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Truist Financial reaffirmed a “buy” rating and set a $319.00 price target (up previously from $305.00) on shares of Quanta Services in a research note on Monday, August 5th. Finally, Robert W. Baird increased their price target on Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Quanta Services has a consensus rating of “Moderate Buy” and a consensus price target of $287.09.

Quanta Services Stock Performance

Shares of PWR opened at $275.13 on Friday. Quanta Services, Inc. has a one year low of $153.74 and a one year high of $286.87. The company has a 50-day simple moving average of $260.27 and a two-hundred day simple moving average of $257.23. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.30 and a quick ratio of 1.25. The firm has a market capitalization of $40.28 billion, a PE ratio of 53.32 and a beta of 1.03.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The company had revenue of $5.59 billion for the quarter, compared to the consensus estimate of $5.51 billion. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.47 earnings per share. On average, analysts anticipate that Quanta Services, Inc. will post 7.72 EPS for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently declared 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 is Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a yield of 0.13%. Quanta Services’s dividend payout ratio is presently 6.98%.

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.