Kentucky Retirement Systems Sells 767 Shares of Quanta Services, Inc. (NYSE:PWR)

Kentucky Retirement Systems lessened its position in Quanta Services, Inc. (NYSE:PWR) by 7.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,264 shares of the construction company’s stock after selling 767 shares during the quarter. Kentucky Retirement Systems’ holdings in Quanta Services were worth $3,060,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Tower Wealth Partners Inc. increased its stake in shares of Quanta Services by 3.1% in the third quarter. Tower Wealth Partners Inc. now owns 1,122 shares of the construction company’s stock worth $335,000 after purchasing an additional 34 shares during the period. Huntington National Bank grew its holdings in Quanta Services by 2.9% in the 3rd quarter. Huntington National Bank now owns 1,240 shares of the construction company’s stock valued at $370,000 after buying an additional 35 shares during the last quarter. Terra Nova Asset Management LLC increased its position in Quanta Services by 0.3% in the 3rd quarter. Terra Nova Asset Management LLC now owns 12,779 shares of the construction company’s stock worth $3,810,000 after buying an additional 38 shares during the period. Greenleaf Trust lifted its holdings in shares of Quanta Services by 1.2% during the third quarter. Greenleaf Trust now owns 3,154 shares of the construction company’s stock worth $940,000 after buying an additional 38 shares during the last quarter. Finally, EP Wealth Advisors LLC boosted its position in shares of Quanta Services by 0.6% in the second quarter. EP Wealth Advisors LLC now owns 6,994 shares of the construction company’s stock valued at $1,777,000 after acquiring an additional 39 shares during the period. Institutional investors and hedge funds own 90.49% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on PWR. Stifel Nicolaus upped their target price on shares of Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. UBS Group upped their price objective on shares of Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Jefferies Financial Group began coverage on Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 target price on the stock. Northland Securities reiterated an “outperform” rating and issued a $328.00 price objective (up previously from $280.00) on shares of Quanta Services in a research report on Friday, November 1st. Finally, Truist Financial boosted their price objective on Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $314.27.

Insider Buying and Selling at Quanta Services

In related news, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. The trade was a 68.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.10% of the company’s stock.

Quanta Services Price Performance

Shares of Quanta Services stock opened at $323.33 on Friday. The stock has a market capitalization of $47.73 billion, a price-to-earnings ratio of 59.65 and a beta of 1.01. The firm’s 50-day moving average price is $301.80 and its two-hundred day moving average price is $277.68. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58. Quanta Services, Inc. has a 1-year low of $180.97 and a 1-year high of $335.00.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. The firm had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The business’s revenue was up 15.5% on a year-over-year basis. During the same period last year, the firm posted $2.08 EPS. On average, equities analysts predict that Quanta Services, Inc. will post 7.88 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.11%. The ex-dividend date of this dividend was Tuesday, October 1st. Quanta Services’s dividend payout ratio is currently 6.64%.

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.