Patton Fund Management Inc. reduced its stake in Quanta Services, Inc. (NYSE:PWR – Get a rating) by 4.2% in the first quarter, HoldingsChannel.com reports. The institutional investor held 32,346 shares of the construction company after selling 1,419 shares during the period. Quanta Services accounts for about 1.2% of Patton Fund Management Inc.’s holdings, making the stock its 13th-largest position. Patton Fund Management Inc.’s holdings in Quanta Services were worth $4,257,000 at the end of the most recent period.
A number of other institutional investors and hedge funds have also recently changed their PWR holdings. JPMorgan Chase & Co. increased its stake in Quanta Services by 18.0% in the 4th quarter. JPMorgan Chase & Co. now owns 4,159,808 shares of the construction company worth $476,964,000 after buying an additional 634,304 shares last quarter. Kovitz Investment Group Partners LLC increased its stake in Quanta Services by 34.3% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,615,437 shares of the construction company worth $121,967,000 after purchasing an additional 412,440 shares last quarter. Southpoint Capital Advisors LP increased its stake in Quanta Services by 100.0% in the fourth quarter. Southpoint Capital Advisors LP now owns 800,000 shares of the construction company worth $91,728,000 after buying an additional 400,000 shares in the last quarter. AMI Asset Management Corp bought a new position in shares of Quanta Services during Q4 valued at approximately $23,918,000. Finally, Qube Research & Technologies Ltd bought a new position in shares of Quanta Services during the fourth quarter worth approximately $21,903,000. Institutional investors and hedge funds hold 87.16% of the company’s shares.
Separately, director Vincent D. Foster sold 14,948 shares of the company in a transaction dated Wednesday, June 22. The shares were sold at an average price of $119.01, for a total value of $1,778,961.48. Following the transaction, the administrator now directly owns 204,925 shares of the company, valued at $24,388,124.25. The transaction was disclosed in an SEC filing, available at the SEC website. Also, CEO Earl C.Jr.Austin sold 135,000 shares of the company in a transaction dated Friday, June 10. The stock was sold at an average price of $126.48, for a total transaction of $17,074,800.00. Following the completion of the sale, the CEO now directly owns 689,030 shares of the company, valued at $87,148,514.40. Disclosure of this sale can be found here. Company insiders own 1.30% of the company’s shares.
A number of research analysts have weighed in on the company recently. Cowen raised its price target on Quanta Services from $130.00 to $145.00 and gave the company an “outperform” rating in a Thursday, May 26 research report. Piper Sandler raised her price target on Quanta Services shares from $144.00 to $150.00 and gave the company an “overweight” rating in a Wednesday, April 6 research note. B. Riley raised his price target on Quanta Services shares from $129.00 to $138.00 in a Friday, May 6 research note. Goldman Sachs Group raised its price target on Quanta Services shares from $127.00 to $143.00 and gave the company a “buy” rating in a Thursday, April 7 research note. Finally, UBS Group upgraded Quanta Services shares from a “neutral” rating to a “buy” rating and raised its price target for the company from $140.00 to $156.00 in a rating of search for Monday, June 13. Two equity research analysts gave the stock a hold rating and ten gave the company a buy rating. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.18.
Shares of NYSE PWR opened at $128.04 on Friday. The company has a debt ratio of 0.74, a quick ratio of 1.48 and a current ratio of 1.51. The company’s 50-day moving average price is $121.58 and its 200-day moving average price is $117.69. Quanta Services, Inc. has a fifty-two week minimum of $84.40 and a fifty-two week maximum of $140.04. The company has a market capitalization of $18.40 billion, a price-earnings ratio of 38.80 and a beta of 1.10.
Quantum services (NYSE:PWR – Get a rating) last released its quarterly results on Thursday, May 5. The construction company reported EPS of $1.26 for the quarter, beating analyst consensus estimates of $1.09 by $0.17. The company posted revenue of $3.97 billion for the quarter, versus $3.60 billion expected by analysts. Quanta Services achieved a net margin of 3.38% and a return on equity of 14.98%. The company’s revenue for the quarter increased 46.7% year over year. In the same period a year earlier, the company posted earnings per share of $0.73. Sell-side analysts predict Quanta Services, Inc. will post earnings per share of 5.8 for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 15. Shareholders of record on Friday, July 1 will receive a dividend of $0.07. This represents a dividend of $0.28 on an annualized basis and a dividend yield of 0.22%. The ex-dividend date is Thursday, June 30. Quanta Services’ payout ratio is currently 8.48%.
About Quanta Services (Get a rating)
Quanta Services, Inc provides specialized contract services worldwide. The Electric Power Infrastructure Solutions segment is engaged in the design, procurement, construction, upgrade, repair and maintenance of power transmission and distribution infrastructure. electric power and substation installations; installation, maintenance and live upgrade of power supply infrastructure projects; installation of smart grid technologies on power grids; and the design, installation, maintenance and repair of commercial and industrial wiring.
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