abrdn plc Sells 5,887 Shares of Quanta Services, Inc. (NYSE:PWR)

abrdn plc decreased its position in Quanta Services, Inc. (NYSE:PWRGet Rating) by 20.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,423 shares of the construction company’s stock after selling 5,887 shares during the period. abrdn plc’s holdings in Quanta Services were worth $3,138,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Benjamin Edwards Inc. lifted its stake in Quanta Services by 435.0% during the 4th quarter. Benjamin Edwards Inc. now owns 214 shares of the construction company’s stock valued at $25,000 after acquiring an additional 174 shares during the period. Riverview Trust Co bought a new position in Quanta Services during the 1st quarter valued at about $34,000. Allworth Financial LP lifted its stake in Quanta Services by 1,656.3% during the 1st quarter. Allworth Financial LP now owns 281 shares of the construction company’s stock valued at $37,000 after acquiring an additional 265 shares during the period. Cyrus J. Lawrence LLC bought a new position in Quanta Services during the 1st quarter valued at about $38,000. Finally, First Horizon Advisors Inc. lifted its stake in Quanta Services by 113.3% during the 4th quarter. First Horizon Advisors Inc. now owns 320 shares of the construction company’s stock valued at $35,000 after acquiring an additional 170 shares during the period. Institutional investors own 87.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PWR. Cowen upped their price target on shares of Quanta Services from $130.00 to $145.00 and gave the company an “outperform” rating in a research report on Thursday, May 26th. Argus began coverage on shares of Quanta Services in a research report on Friday, July 15th. They set a “buy” rating and a $150.00 price target for the company. Credit Suisse Group set a $157.00 price target on shares of Quanta Services in a research report on Tuesday, July 19th. Citigroup upped their price target on shares of Quanta Services from $145.00 to $152.00 in a research report on Friday, July 22nd. Finally, The Goldman Sachs Group upped their price target on shares of Quanta Services from $127.00 to $143.00 and gave the company a “buy” rating in a research report on Thursday, April 7th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Quanta Services currently has an average rating of “Moderate Buy” and a consensus price target of $144.08.

Insider Activity

In other news, CEO Earl C. Jr. Austin sold 135,000 shares of the stock in a transaction that occurred on Friday, June 10th. 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 transaction, the chief executive officer now directly owns 689,030 shares in the company, valued at approximately $87,148,514.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Vincent D. Foster sold 14,948 shares of the firm’s stock in a transaction on Wednesday, June 22nd. The stock was sold at an average price of $119.01, for a total value of $1,778,961.48. Following the completion of the sale, the director now directly owns 204,925 shares in the company, valued at $24,388,124.25. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Earl C. Jr. Austin sold 135,000 shares of the firm’s stock in a transaction on Friday, June 10th. The stock was sold at an average price of $126.48, for a total value of $17,074,800.00. Following the completion of the sale, the chief executive officer now owns 689,030 shares of the company’s stock, valued at $87,148,514.40. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Quanta Services Trading Down 4.5 %

PWR stock opened at $138.73 on Monday. Quanta Services, Inc. has a 1-year low of $88.31 and a 1-year high of $146.84. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.51 and a quick ratio of 1.48. The company has a market capitalization of $19.94 billion, a price-to-earnings ratio of 42.04 and a beta of 1.10. The business has a 50 day simple moving average of $126.32 and a two-hundred day simple moving average of $119.51.

Quanta Services (NYSE:PWRGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The construction company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.17. Quanta Services had a return on equity of 14.98% and a net margin of 3.38%. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.60 billion. During the same period in the prior year, the company posted $0.73 EPS. The firm’s revenue for the quarter was up 46.7% compared to the same quarter last year. Research analysts anticipate that Quanta Services, Inc. will post 5.79 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Friday, July 1st were given a dividend of $0.07 per share. The ex-dividend date was Thursday, June 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.20%. Quanta Services’s dividend payout ratio is currently 8.48%.

About Quanta Services

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Quanta Services, Inc provides specialty contracting services worldwide. The 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; energized 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.

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Institutional Ownership by Quarter for Quanta Services (NYSE:PWR)

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