Meridian Management Co. cut its stake in Quanta Services, Inc. (NYSE:PWR – Get Rating) by 0.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,493 shares of the construction company's stock after selling 122 shares during the quarter. Meridian Management Co.'s holdings in Quanta Services were worth $3,355,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in PWR. Benjamin Edwards Inc. boosted its stake in Quanta Services by 435.0% during the fourth quarter. Benjamin Edwards Inc. now owns 214 shares of the construction company's stock valued at $25,000 after buying an additional 174 shares during the period. Riverview Trust Co bought a new stake in Quanta Services during the first quarter worth about $34,000. Allworth Financial LP lifted its stake in Quanta Services by 1,656.3% during the first quarter. Allworth Financial LP now owns 281 shares of the construction company's stock worth $37,000 after purchasing an additional 265 shares during the last quarter. Cyrus J. Lawrence LLC bought a new stake in Quanta Services during the first quarter worth about $38,000. Finally, First Horizon Advisors Inc. lifted its stake in Quanta Services by 113.3% during the fourth quarter. First Horizon Advisors Inc. now owns 320 shares of the construction company's stock worth $35,000 after purchasing an additional 170 shares during the last quarter. 87.16% of the stock is currently owned by hedge funds and other institutional investors.
Get Quanta Services alerts:Analyst Upgrades and Downgrades
PWR has been the subject of several research analyst reports. Credit Suisse Group lifted their price target on Quanta Services to $168.00 in a research note on Tuesday, August 9th. UBS Group raised Quanta Services from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $140.00 to $156.00 in a research note on Monday, June 13th. Cowen lifted their price objective on Quanta Services from $145.00 to $155.00 in a report on Thursday. Cowen lifted their price objective on Quanta Services from $145.00 to $155.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, DA Davidson lifted their price objective on Quanta Services to $125.00 in a report on Tuesday, August 9th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $148.00.
Insiders Place Their Bets
In other Quanta Services news, CEO Earl C. Jr. Austin sold 135,000 shares of the company's stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 689,030 shares in the company, valued at approximately $87,148,514.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Vincent D. Foster sold 14,948 shares of the business's stock in a transaction that occurred on Wednesday, June 22nd. The stock was sold at an average price of $119.01, for a total value of $1,778,961.48. Following the sale, the director now directly owns 204,925 shares of the company's stock, valued at approximately $24,388,124.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Earl C. Jr. Austin sold 135,000 shares of the business's stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $126.48, for a total value of $17,074,800.00. Following the completion of the sale, the chief executive officer now directly owns 689,030 shares in the company, valued at $87,148,514.40. The disclosure for this sale can be found here. Company insiders own 1.30% of the company's stock.Quanta Services Trading Up 1.6 %
NYSE:PWR traded up $2.21 during mid-day trading on Friday, reaching $143.46. 790,856 shares of the company's stock traded hands, compared to its average volume of 1,222,518. Quanta Services, Inc. has a 12-month low of $92.86 and a 12-month high of $146.84. The firm has a market capitalization of $20.52 billion, a price-to-earnings ratio of 46.58 and a beta of 1.10. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.56 and a quick ratio of 1.53. The company has a 50 day moving average price of $129.75 and a 200-day moving average price of $121.96.
Quanta Services (NYSE:PWR – Get Rating) last announced its quarterly earnings results on Thursday, August 4th. The construction company reported $1.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.38 by $0.16. Quanta Services had a return on equity of 15.97% and a net margin of 2.92%. The company had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the previous year, the business earned $0.93 EPS. Quanta Services's revenue was up 41.1% compared to the same quarter last year. On average, sell-side analysts predict that Quanta Services, Inc. will post 5.76 earnings per share for the current year.
Quanta Services Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Friday, July 1st were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, June 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.20%. Quanta Services's dividend payout ratio (DPR) is 9.09%.
Quanta Services Profile
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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.
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