State of New Jersey Common Pension Fund D Has $13.14 Million Holdings in Quanta Services, Inc. (NYSE:PWR)

State of New Jersey Common Pension Fund D lessened its stake in Quanta Services, Inc. (NYSE:PWR) by 36.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,695 shares of the construction company’s stock after selling 29,319 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Quanta Services were worth $13,135,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Artisan Partners Limited Partnership boosted its stake in shares of Quanta Services by 384.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,438,653 shares of the construction company’s stock valued at $526,261,000 after purchasing an additional 1,935,786 shares during the last quarter. Norges Bank bought a new position in shares of Quanta Services in the 4th quarter valued at about $335,777,000. Public Employees Retirement Association of Colorado boosted its stake in shares of Quanta Services by 20,298.9% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,057,681 shares of the construction company’s stock valued at $228,248,000 after purchasing an additional 1,052,496 shares during the last quarter. Swedbank AB bought a new position in shares of Quanta Services in the 1st quarter valued at about $227,218,000. Finally, Capital World Investors boosted its stake 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 purchasing an additional 643,011 shares during the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.

Insider Buying and Selling

In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the business’s 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 transaction, the insider now directly owns 21,286 shares in the company, valued at $5,490,297.98. The sale was disclosed in a filing with the SEC, which is available through this link. In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the company’s 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 in the company, valued at $2,875,791.81. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the company’s 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 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. Insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on PWR. Northland Securities raised their target price on shares of Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Truist Financial reissued a “buy” rating and set a $319.00 price objective (up previously from $305.00) on shares of Quanta Services in a research note on Monday, August 5th. B. Riley lifted their price objective on shares of Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Robert W. Baird lifted their price objective on shares of Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Finally, TD Cowen lifted their price target on shares of Quanta Services from $270.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $284.50.

Quanta Services Price Performance

NYSE PWR opened at $269.54 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45. Quanta Services, Inc. has a 12-month low of $153.74 and a 12-month high of $286.87. The company has a market capitalization of $39.71 billion, a PE ratio of 52.24 and a beta of 1.01. The firm’s 50 day moving average is $259.87 and its 200-day moving average is $259.84.

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

Quanta Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.09 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a yield of 0.13%. Quanta Services’s payout ratio is 6.98%.

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.