New York State Common Retirement Fund Boosts Stake in Quanta Services, Inc. $PWR

New York State Common Retirement Fund lifted its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 20.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 152,097 shares of the construction company’s stock after acquiring an additional 25,308 shares during the period. New York State Common Retirement Fund’s holdings in Quanta Services were worth $63,032,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PWR. TD Waterhouse Canada Inc. raised its position in Quanta Services by 9.9% during the third quarter. TD Waterhouse Canada Inc. now owns 61,626 shares of the construction company’s stock valued at $25,929,000 after purchasing an additional 5,539 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Quanta Services by 57.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 46,034 shares of the construction company’s stock valued at $19,077,000 after purchasing an additional 16,863 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Quanta Services by 4.1% during the 3rd quarter. Federated Hermes Inc. now owns 675,658 shares of the construction company’s stock valued at $280,006,000 after buying an additional 26,743 shares in the last quarter. Valeo Financial Advisors LLC lifted its position in Quanta Services by 22.3% in the 3rd quarter. Valeo Financial Advisors LLC now owns 2,734 shares of the construction company’s stock worth $1,133,000 after buying an additional 498 shares during the last quarter. Finally, Truist Financial Corp boosted its stake in Quanta Services by 1.4% in the third quarter. Truist Financial Corp now owns 478,781 shares of the construction company’s stock worth $198,417,000 after buying an additional 6,576 shares in the last quarter. Institutional investors own 90.49% of the company’s stock.

Insider Activity at Quanta Services

In related news, Director Worthing Jackman sold 6,349 shares of Quanta Services stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $450.45, for a total value of $2,859,907.05. Following the sale, the director owned 2,730 shares in the company, valued at $1,229,728.50. The trade was a 69.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Donald Wayne sold 14,000 shares of the company’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $443.81, for a total transaction of $6,213,340.00. Following the completion of the transaction, the executive vice president owned 34,575 shares of the company’s stock, valued at $15,344,730.75. This trade represents a 28.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 32,002 shares of company stock worth $14,295,857. 1.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PWR shares. Robert W. Baird set a $490.00 price target on shares of Quanta Services in a research note on Friday, October 31st. Evercore ISI increased their target price on shares of Quanta Services from $410.00 to $480.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Citigroup boosted their price target on shares of Quanta Services from $526.00 to $540.00 and gave the stock a “buy” rating in a research note on Monday. The Goldman Sachs Group set a $495.00 price objective on Quanta Services in a research note on Monday, November 24th. Finally, Mizuho set a $415.00 price objective on Quanta Services in a report on Tuesday, October 28th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $462.00.

Quanta Services Stock Up 0.3%

Shares of NYSE:PWR opened at $482.74 on Friday. The stock’s 50-day moving average is $447.27 and its 200 day moving average is $421.70. The company has a market cap of $71.99 billion, a PE ratio of 71.52, a P/E/G ratio of 2.34 and a beta of 1.16. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.34 and a quick ratio of 1.30. Quanta Services, Inc. has a 1 year low of $227.08 and a 1 year high of $489.06.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, October 30th. The construction company reported $3.33 earnings per share for the quarter, topping analysts’ consensus estimates of $3.24 by $0.09. The firm had revenue of $7.63 billion for the quarter, compared to analyst estimates of $7.41 billion. Quanta Services had a return on equity of 18.74% and a net margin of 3.74%.The business’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same period last year, the company earned $2.72 EPS. Sell-side analysts anticipate that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Company Profile

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.