Fred Alger Management LLC Cuts Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Fred Alger Management LLC lessened its holdings in Quanta Services, Inc. (NYSE:PWR) by 20.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 234,615 shares of the construction company’s stock after selling 58,798 shares during the quarter. Fred Alger Management LLC owned 0.16% of Quanta Services worth $59,613,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PWR. Public Employees Retirement Association of Colorado boosted its stake in shares of Quanta Services by 20,298.9% in the fourth 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 buying an additional 1,052,496 shares in the last quarter. Swedbank AB acquired a new position in shares of Quanta Services during the 1st quarter worth $227,218,000. Capital World Investors increased its holdings 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 in the last quarter. American Century Companies Inc. lifted its stake in shares of Quanta Services by 1,445.3% in the second quarter. American Century Companies Inc. now owns 395,152 shares of the construction company’s stock valued at $100,404,000 after purchasing an additional 369,581 shares during the period. Finally, Sei Investments Co. boosted its holdings in Quanta Services by 393.9% during the fourth quarter. Sei Investments Co. now owns 324,223 shares of the construction company’s stock worth $69,966,000 after buying an additional 258,580 shares in the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Price Performance

PWR stock opened at $298.24 on Wednesday. The stock has a market capitalization of $43.94 billion, a price-to-earnings ratio of 57.80 and a beta of 1.01. 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 52-week low of $153.74 and a 52-week high of $298.49. The stock’s fifty day simple moving average is $263.72 and its 200-day simple moving average is $262.47.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, beating the consensus estimate 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 return on equity of 16.29% and a net margin of 3.59%. The firm’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.47 EPS. Equities research analysts expect that Quanta Services, Inc. will post 7.82 EPS for the current year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be issued a $0.09 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.12%. Quanta Services’s dividend payout ratio (DPR) is presently 6.98%.

Insider Transactions at Quanta Services

In related news, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total value of $34,087,300.00. Following the transaction, the chief executive officer now owns 593,402 shares in the company, valued at $155,595,938.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Karl W. Studer sold 23,357 shares of the firm’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 value of $6,318,302.07. Following the transaction, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the sale, the chief executive officer now owns 593,402 shares of the company’s stock, valued at $155,595,938.42. The disclosure for this sale can be found here. Insiders sold a total of 202,357 shares of company stock worth $53,115,572 in the last ninety days. Insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on PWR shares. Wolfe Research initiated coverage on shares of Quanta Services in a research report on Thursday, September 19th. They set an “outperform” rating and a $313.00 price target for the company. Truist Financial reaffirmed a “buy” rating and set a $319.00 price objective (up from $305.00) on shares of Quanta Services in a report on Monday, August 5th. Citigroup upped their target price on Quanta Services from $299.00 to $302.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Robert W. Baird boosted their price objective on shares of Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Finally, TD Cowen raised their target price on shares of Quanta Services from $270.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $286.69.

About Quanta Services

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.