Quanta Services, Inc. (NYSE:PWR) Shares Sold by Coronation Fund Managers Ltd.

Coronation Fund Managers Ltd. trimmed its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 15.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,871 shares of the construction company's stock after selling 4,128 shares during the period. Coronation Fund Managers Ltd.'s holdings in Quanta Services were worth $5,811,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. EntryPoint Capital LLC purchased a new stake in Quanta Services in the 1st quarter worth $25,000. Private Ocean LLC bought a new position in shares of Quanta Services during the 1st quarter valued at about $26,000. Salomon & Ludwin LLC bought a new position in shares of Quanta Services during the 1st quarter valued at about $26,000. Cambridge Trust Co. bought a new position in shares of Quanta Services during the 1st quarter valued at about $26,000. Finally, Valley Wealth Managers Inc. bought a new position in shares of Quanta Services during the 2nd quarter valued at about $33,000. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Truist Financial reaffirmed a "buy" rating and issued a $319.00 price target (up previously from $305.00) on shares of Quanta Services in a report on Monday, August 5th. Jefferies Financial Group assumed coverage on shares of Quanta Services in a report on Wednesday, September 4th. They issued a "hold" rating and a $256.00 price target for the company. Citigroup increased their price target on shares of Quanta Services from $299.00 to $302.00 and gave the company a "buy" rating in a report on Monday, July 22nd. Wolfe Research began coverage on shares of Quanta Services in a report on Thursday, September 19th. They issued an "outperform" rating and a $313.00 price target for the company. Finally, TD Cowen increased their price objective on shares of Quanta Services from $270.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday, August 8th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $286.69.

Quanta Services Stock Performance

NYSE PWR traded up $3.04 on Wednesday, reaching $299.09. 545,140 shares of the company's stock traded hands, compared to its average volume of 912,172. The firm has a market cap of $44.06 billion, a price-to-earnings ratio of 57.85 and a beta of 1.01. The stock has a 50 day moving average price of $267.42 and a 200-day moving average price of $264.42. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $306.50. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.25 and a current ratio of 1.30.

Quanta Services (NYSE:PWR - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.75 by $0.15. The company had revenue of $5.59 billion during the quarter, compared to analysts' expectations of $5.51 billion. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The firm's revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.47 earnings per share. Equities research analysts predict that Quanta Services, Inc. will post 7.82 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently declared 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 0.12%. Quanta Services's payout ratio is presently 6.98%.

Insider Buying and Selling

In related news, insider Karl W. Studer sold 23,357 shares of the company's stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the sale, the insider now directly owns 10,631 shares of the company's stock, valued at approximately $2,875,791.81. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Karl W. Studer sold 23,357 shares of the stock in a transaction on 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 transaction, the insider now directly owns 10,631 shares of the company's stock, valued at approximately $2,875,791.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the completion of the transaction, the insider now directly owns 21,286 shares in the company, valued at $5,490,297.98. The disclosure for this sale can be found here. Over the last three months, insiders have sold 202,357 shares of company stock worth $53,115,572. 1.10% of the stock is owned by insiders.

Quanta Services Company 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.