Chase Investment Counsel Corp Trims Stake in Quanta Services, Inc. (NYSE:PWR)

Chase Investment Counsel Corp decreased its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 32.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,034 shares of the construction company's stock after selling 6,777 shares during the quarter. Chase Investment Counsel Corp's holdings in Quanta Services were worth $4,184,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Quanta Services by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 16,341,230 shares of the construction company's stock worth $4,245,452,000 after acquiring an additional 105,355 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Quanta Services by 2.4% during the 1st quarter. JPMorgan Chase & Co. now owns 6,760,260 shares of the construction company's stock worth $1,756,316,000 after buying an additional 156,627 shares during the last quarter. Capital World Investors boosted its holdings in shares of Quanta Services by 10.7% in the 1st 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 in the last quarter. Electron Capital Partners LLC grew its position in shares of Quanta Services by 395.1% in the 2nd quarter. Electron Capital Partners LLC now owns 2,622,142 shares of the construction company's stock valued at $666,260,000 after buying an additional 2,092,519 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Quanta Services by 17.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,235,655 shares of the construction company's stock worth $313,968,000 after acquiring an additional 186,306 shares in the last quarter. Hedge funds and other institutional investors own 90.49% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Jefferies Financial Group initiated coverage on shares of Quanta Services in a research note on Wednesday, September 4th. They issued a "hold" rating and a $256.00 price objective for the company. TD Cowen lifted their price target on Quanta Services from $280.00 to $335.00 and gave the stock a "buy" rating in a research report on Tuesday, October 15th. Stifel Nicolaus increased their price objective on Quanta Services from $283.00 to $342.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Wolfe Research assumed coverage on shares of Quanta Services in a report on Thursday, September 19th. They issued an "outperform" rating and a $313.00 target price on the stock. Finally, Northland Securities reiterated an "outperform" rating and set a $328.00 price target (up previously from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Quanta Services currently has an average rating of "Moderate Buy" and a consensus price target of $314.27.

Quanta Services Price Performance

Shares of PWR traded down $0.20 during mid-day trading on Wednesday, hitting $327.07. The company's stock had a trading volume of 626,964 shares, compared to its average volume of 895,466. The firm has a 50-day simple moving average of $297.41 and a 200 day simple moving average of $276.44. Quanta Services, Inc. has a 1-year low of $179.57 and a 1-year high of $335.00. The firm has a market capitalization of $48.28 billion, a P/E ratio of 61.27 and a beta of 1.01. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR - Get Free Report) last issued its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.46 by $0.26. The company had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The business's revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the firm earned $2.08 EPS. Analysts predict that Quanta Services, Inc. will post 7.88 EPS for the current fiscal year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were given a dividend of $0.09 per share. The ex-dividend date was Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.11%. Quanta Services's payout ratio is 6.64%.

Insider Transactions at Quanta Services

In related news, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the completion of the transaction, the insider now directly owns 10,631 shares of the company's stock, valued at approximately $2,875,791.81. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.10% of the company's stock.

Quanta Services Profile

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.