Connors Investor Services Inc. Has $12.67 Million Holdings in Quanta Services, Inc. (NYSE:PWR)

Connors Investor Services Inc. decreased its holdings in Quanta Services, Inc. (NYSE:PWR) by 20.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 49,874 shares of the construction company’s stock after selling 12,828 shares during the quarter. Connors Investor Services Inc.’s holdings in Quanta Services were worth $12,672,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Aveo Capital Partners LLC increased its stake in Quanta Services by 11.0% in the 4th quarter. Aveo Capital Partners LLC now owns 1,313 shares of the construction company’s stock valued at $283,000 after buying an additional 130 shares during the last quarter. Foundations Investment Advisors LLC purchased a new stake in shares of Quanta Services during the fourth quarter valued at approximately $210,000. Brown Advisory Inc. lifted its holdings in Quanta Services by 2.2% during the fourth quarter. Brown Advisory Inc. now owns 43,796 shares of the construction company’s stock worth $9,451,000 after acquiring an additional 952 shares during the period. Norges Bank purchased a new position in Quanta Services in the fourth quarter worth $335,777,000. Finally, UBS Group AG grew its stake in Quanta Services by 31.5% in the 4th quarter. UBS Group AG now owns 1,246,229 shares of the construction company’s stock valued at $268,936,000 after purchasing an additional 298,540 shares during the period. 90.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PWR shares. TD Cowen increased their price target on shares of Quanta Services from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Argus raised their price target on shares of Quanta Services from $285.00 to $310.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. B. Riley upped their price objective on Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Citigroup upped their price target on Quanta Services from $299.00 to $302.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Finally, Jefferies Financial Group assumed coverage on shares of Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 target price for the company. Four 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 stock has a consensus rating of “Moderate Buy” and a consensus target price of $284.50.

Quanta Services Price Performance

NYSE:PWR opened at $271.59 on Tuesday. Quanta Services, Inc. has a 52-week low of $153.74 and a 52-week high of $286.87. The firm has a market capitalization of $40.01 billion, a price-to-earnings ratio of 52.63 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.25 and a current ratio of 1.30. The stock has a fifty day moving average of $260.55 and a 200 day moving average of $260.58.

Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, topping the consensus estimate of $1.75 by $0.15. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The firm had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same period last year, the company posted $1.47 EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, research analysts expect that Quanta Services, Inc. will post 7.82 EPS for the current fiscal 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 yield of 0.13%. Quanta Services’s dividend payout ratio is currently 6.98%.

Insider Transactions at Quanta Services

In related news, COO James Redgie Probst sold 34,000 shares of Quanta Services stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $260.03, for a total value of $8,841,020.00. Following the completion of the transaction, the chief operating officer now owns 29,002 shares in the company, valued at $7,541,390.06. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Quanta Services news, CEO Earl C. Jr. Austin sold 130,000 shares of the company’s 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 completion of the sale, the chief executive officer now directly owns 593,402 shares in the company, valued at approximately $155,595,938.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO James Redgie Probst sold 34,000 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $260.03, for a total value of $8,841,020.00. Following the transaction, the chief operating officer now owns 29,002 shares in the company, valued at approximately $7,541,390.06. The disclosure for this sale can be found here. Over the last three months, insiders have sold 202,357 shares of company stock valued at $53,115,572. 1.10% of the stock is currently owned by insiders.

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.