Great Lakes Advisors LLC Sells 67,602 Shares of Quanta Services, Inc. (NYSE:PWR)

Great Lakes Advisors LLC trimmed its stake in Quanta Services, Inc. (NYSE:PWR) by 13.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 418,881 shares of the construction company’s stock after selling 67,602 shares during the quarter. Quanta Services makes up about 0.9% of Great Lakes Advisors LLC’s portfolio, making the stock its 26th biggest holding. Great Lakes Advisors LLC owned 0.29% of Quanta Services worth $106,434,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Artisan Partners Limited Partnership lifted its position in shares of Quanta Services by 384.9% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,438,653 shares of the construction company’s stock valued at $526,261,000 after buying an additional 1,935,786 shares during the last quarter. Norges Bank acquired a new stake in shares of Quanta Services in the fourth quarter valued at approximately $335,777,000. Public Employees Retirement Association of Colorado lifted its position in shares of Quanta Services by 20,298.9% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,057,681 shares of the construction company’s stock valued at $228,248,000 after buying an additional 1,052,496 shares during the last quarter. Swedbank AB acquired a new stake in shares of Quanta Services in the first quarter valued at approximately $227,218,000. Finally, Capital World Investors lifted its position in shares of Quanta Services by 10.7% in the first quarter. Capital World Investors now owns 6,643,733 shares of the construction company’s stock valued at $1,726,042,000 after buying an additional 643,011 shares during the last quarter. 90.49% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the sale, the insider now owns 21,286 shares in the company, valued at approximately $5,490,297.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the completion of the sale, the insider now owns 21,286 shares of the company’s stock, valued at $5,490,297.98. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Karl W. Studer sold 23,357 shares of the stock in a transaction dated 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 sale, the insider now directly owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The disclosure for this sale can be found here. Insiders have sold 202,357 shares of company stock worth $53,115,572 in the last 90 days. Insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Citigroup lifted their price target on Quanta Services from $299.00 to $302.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Truist Financial reissued a “buy” rating and set a $319.00 price target (up from $305.00) on shares of Quanta Services in a report on Monday, August 5th. Jefferies Financial Group assumed coverage on Quanta Services in a report on Wednesday. They set a “hold” rating and a $256.00 price target for the company. Robert W. Baird lifted their price target on Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Finally, The Goldman Sachs Group lifted their price objective on Quanta Services from $259.00 to $286.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $284.50.

Quanta Services Price Performance

Shares of PWR traded down $3.47 during midday trading on Friday, hitting $247.92. The company’s stock had a trading volume of 594,450 shares, compared to its average volume of 931,362. Quanta Services, Inc. has a one year low of $153.74 and a one year high of $286.87. The company’s fifty day simple moving average is $259.33 and its two-hundred day simple moving average is $258.84. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $36.29 billion, a price-to-earnings ratio of 48.04 and a beta of 1.01.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.15. The company had revenue of $5.59 billion for the quarter, compared to analyst estimates of $5.51 billion. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.47 EPS. As a group, equities analysts expect that Quanta Services, Inc. will post 7.78 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a dividend of $0.09 per share. The ex-dividend date is Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a yield of 0.15%. Quanta Services’s dividend payout ratio is currently 6.98%.

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.