The Manufacturers Life Insurance Company Trims Stock Position in Quanta Services, Inc. $PWR

The Manufacturers Life Insurance Company lessened its holdings in Quanta Services, Inc. (NYSE:PWR) by 9.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 97,759 shares of the construction company’s stock after selling 9,811 shares during the period. The Manufacturers Life Insurance Company’s holdings in Quanta Services were worth $53,672,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in PWR. State Street Corp increased 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 buying an additional 126,014 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Quanta Services by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 4,086,544 shares of the construction company’s stock valued at $1,718,371,000 after acquiring an additional 110,360 shares during the period. Victory Capital Management Inc. grew its position in shares of Quanta Services by 35.2% during the 4th quarter. Victory Capital Management Inc. now owns 2,915,440 shares of the construction company’s stock valued at $1,230,493,000 after acquiring an additional 758,862 shares during the period. Bank of America Corp DE increased its stake 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 worth $813,144,000 after purchasing an additional 99,782 shares in the last quarter. Finally, Norges Bank bought a new position in Quanta Services in the 4th quarter worth $817,285,000. 90.49% of the stock is currently owned by institutional investors.

Insider Activity at Quanta Services

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 transaction, the chief accounting officer owned 8,080 shares of the company’s stock, valued at approximately $6,116,398.40. The trade was a 33.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the company’s 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 approximately $429,183,462.15. This represents a 18.93% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 159,992 shares of company stock valued at $123,244,714 over the last 90 days. 0.60% of the stock is currently owned by corporate insiders.

Quanta Services Price Performance

NYSE:PWR opened at $561.14 on Thursday. The company has a quick ratio of 1.09, a current ratio of 1.14 and a debt-to-equity ratio of 0.57. The business’s 50-day simple moving average is $682.41 and its two-hundred day simple moving average is $610.16. The stock has a market cap of $84.21 billion, a PE ratio of 76.97, a P/E/G ratio of 2.32 and a beta of 1.21. Quanta Services, Inc. has a 52 week low of $363.01 and a 52 week high of $788.75.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, April 30th. The construction company reported $2.68 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.64. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The firm had revenue of $7.87 billion during the quarter, compared to analyst estimates of $7 billion. During the same quarter in the prior year, the company posted $1.78 earnings per share. The business’s quarterly revenue was up 26.3% compared to the same quarter last year. As a group, analysts forecast that Quanta Services, Inc. will post 12.8 EPS for the current fiscal year.

Quanta Services declared that its Board of Directors has authorized a share buyback plan on Friday, May 22nd that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the construction company to reacquire up to 0.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Wednesday, July 1st were issued a $0.11 dividend. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.44 dividend on an annualized basis and a yield of 0.1%. Quanta Services’s payout ratio is currently 6.04%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on PWR shares. Stifel Nicolaus set a $784.00 target price on Quanta Services in a research report on Friday, May 1st. B. Riley Financial reaffirmed a “neutral” rating on shares of Quanta Services in a research report on Friday, May 1st. Roth Capital boosted their price objective on Quanta Services from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Monday, April 6th. Robert W. Baird increased their target price on shares of Quanta Services from $606.00 to $777.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. Finally, Truist Financial raised their target price on shares of Quanta Services from $851.00 to $940.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Seventeen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $745.55.

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.