Carnegie Investment Counsel Cuts Stake in Quanta Services, Inc. (NYSE:PWR)

Carnegie Investment Counsel lowered its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 10.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,750 shares of the construction company’s stock after selling 200 shares during the quarter. Carnegie Investment Counsel’s holdings in Quanta Services were worth $522,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PWR. EntryPoint Capital LLC purchased a new stake in shares of Quanta Services during the first quarter worth about $25,000. Private Ocean LLC purchased a new stake in shares of Quanta Services during the first quarter worth about $26,000. Salomon & Ludwin LLC purchased a new stake in shares of Quanta Services during the first quarter worth about $26,000. Cambridge Trust Co. purchased a new position in Quanta Services during the 1st quarter valued at approximately $26,000. Finally, Valley Wealth Managers Inc. purchased a new position in Quanta Services during the 2nd quarter valued at approximately $33,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Insider Activity

In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of Quanta Services stock in a transaction on Friday, August 9th. The stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the transaction, the insider now directly owns 21,286 shares in the company, valued at approximately $5,490,297.98. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of Quanta Services stock in a transaction on Friday, August 9th. The stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the transaction, the insider now directly owns 21,286 shares in the company, valued at approximately $5,490,297.98. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Karl W. Studer sold 23,357 shares of Quanta Services 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 completion of the transaction, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 202,357 shares of company stock worth $53,115,572. 1.10% of the stock is currently owned by company insiders.

Quanta Services Price Performance

Shares of PWR stock opened at $310.98 on Tuesday. Quanta Services, Inc. has a 52-week low of $153.74 and a 52-week high of $313.56. 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 firm has a market capitalization of $45.52 billion, a P/E ratio of 60.27 and a beta of 1.01. The stock has a 50 day moving average price of $277.20 and a 200 day moving average price of $267.72.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The business had revenue of $5.59 billion during the quarter, compared to analyst estimates of $5.51 billion. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. Quanta Services’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.47 EPS. As a group, sell-side analysts predict that Quanta Services, Inc. will post 7.81 earnings per share for the current year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were issued a $0.09 dividend. The ex-dividend date of this dividend was 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 is presently 6.98%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. B. Riley raised their price target on Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a report on Friday, August 2nd. TD Cowen raised their price target on Quanta Services from $270.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Stifel Nicolaus raised their price target on Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Northland Securities raised their price objective on Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, Citigroup raised their price objective on Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $299.93.

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.