Kentucky Retirement Systems grew its stake in Quanta Services, Inc. (NYSE:PWR – Free Report) by 92.8% in the first quarter, HoldingsChannel.com reports. The fund owned 17,822 shares of the construction company’s stock after acquiring an additional 8,576 shares during the period. Kentucky Retirement Systems’ holdings in Quanta Services were worth $9,785,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. State Street Corp grew its holdings in Quanta Services by 2.1% during the fourth quarter. State Street Corp now owns 6,206,761 shares of the construction company’s stock valued at $2,619,626,000 after purchasing an additional 126,014 shares during the period. Geode Capital Management LLC raised its holdings in Quanta Services by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 4,086,544 shares of the construction company’s stock worth $1,718,371,000 after purchasing an additional 110,360 shares during the period. Victory Capital Management Inc. boosted its position in shares of Quanta Services by 35.2% during the fourth quarter. Victory Capital Management Inc. now owns 2,915,440 shares of the construction company’s stock worth $1,230,493,000 after purchasing an additional 758,862 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Quanta Services by 4.9% in the 2nd quarter. Bank of America Corp DE now owns 2,150,718 shares of the construction company’s stock valued at $813,144,000 after buying an additional 99,782 shares during the period. Finally, Norges Bank bought a new stake in shares of Quanta Services in the 4th quarter valued at $817,285,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other news, CAO Paul Nobel sold 4,000 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $756.98, for a total value of $3,027,920.00. Following the sale, the chief accounting officer owned 8,080 shares of the company’s stock, valued at $6,116,398.40. The trade was a 33.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $770.65, for a total transaction of $100,184,500.00. Following the transaction, the chief executive officer owned 556,911 shares of the company’s stock, valued at $429,183,462.15. The trade was a 18.93% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 159,992 shares of company stock valued at $123,244,714. Insiders own 0.60% of the company’s stock.
Quanta Services Price Performance
Quanta Services (NYSE:PWR – Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The construction company reported $2.68 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.64. The company had revenue of $7.87 billion for the quarter, compared to analyst estimates of $7 billion. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The company’s quarterly revenue was up 26.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.78 earnings per share. Equities analysts forecast that Quanta Services, Inc. will post 12.8 EPS for the current fiscal year.
Quanta Services declared that its board has approved a share buyback program on Friday, May 22nd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the construction company to repurchase up to 0.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
Quanta Services Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st were paid a $0.11 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.44 annualized dividend and a yield of 0.1%. Quanta Services’s payout ratio is presently 6.04%.
Wall Street Analysts Forecast Growth
Several analysts recently commented on the company. Zacks Research downgraded Quanta Services from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. TD Cowen increased their price target on Quanta Services from $570.00 to $775.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Roth Capital raised their price target on Quanta Services from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, April 6th. Truist Financial boosted their price objective on Quanta Services from $851.00 to $940.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Finally, BNP Paribas Exane started coverage on Quanta Services in a research note on Tuesday, April 14th. They set a “neutral” rating for the company. Seventeen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, Quanta Services has a consensus rating of “Moderate Buy” and a consensus price target of $745.55.
Check Out Our Latest Analysis on Quanta Services
About Quanta Services
Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.
In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.
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