Victory Capital Management Inc. Cuts Stake in Quanta Services, Inc. (NYSE:PWR)

Victory Capital Management Inc. lessened its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 12.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 338,386 shares of the construction company's stock after selling 49,513 shares during the quarter. Victory Capital Management Inc. owned about 0.23% of Quanta Services worth $100,890,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. EntryPoint Capital LLC bought a new position in Quanta Services in the first quarter valued at approximately $25,000. Cambridge Trust Co. bought a new position in shares of Quanta Services in the first quarter worth about $26,000. Valley Wealth Managers Inc. acquired a new position in Quanta Services during the 2nd quarter worth about $33,000. Quest Partners LLC bought a new stake in Quanta Services in the 2nd quarter valued at about $35,000. Finally, Eastern Bank bought a new stake in Quanta Services during the third quarter worth $44,000. 90.49% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the business's stock in a transaction 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 completion of the sale, the insider now owns 10,631 shares in the company, valued at approximately $2,875,791.81. The trade was a 68.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.10% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus increased their price target on shares of Quanta Services from $283.00 to $342.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Citigroup raised their target price on Quanta Services from $302.00 to $348.00 and gave the stock a "buy" rating in a research report on Friday, October 4th. TD Cowen upped their target price on shares of Quanta Services from $280.00 to $335.00 and gave the stock a "buy" rating in a research report on Tuesday, October 15th. Wolfe Research started coverage on shares of Quanta Services in a research note on Thursday, September 19th. They set an "outperform" rating and a $313.00 target price for the company. Finally, Jefferies Financial Group started 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. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Quanta Services has a consensus rating of "Moderate Buy" and an average price target of $314.27.

Quanta Services Trading Down 0.9 %

Quanta Services stock traded down $3.01 during trading hours on Thursday, reaching $323.87. 771,639 shares of the company's stock traded hands, compared to its average volume of 896,330. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23. Quanta Services, Inc. has a fifty-two week low of $180.97 and a fifty-two week high of $335.00. The firm has a market capitalization of $47.81 billion, a price-to-earnings ratio of 60.36 and a beta of 1.01. The firm's 50 day moving average is $298.84 and its 200-day moving average is $276.79.

Quanta Services (NYSE:PWR - Get Free Report) last announced 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 business had revenue of $6.49 billion during the quarter, compared to analysts' expectations of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The firm's revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.08 earnings per share. On average, analysts predict that Quanta Services, Inc. will post 7.88 earnings per share for the current year.

Quanta Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors 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 annualized dividend and a yield of 0.11%. Quanta Services's dividend payout ratio is presently 6.64%.

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.