Sumitomo Life Insurance Co. Has $1.49 Million Stock Position in Quanta Services, Inc. (NYSE:PWR)

Sumitomo Life Insurance Co. boosted its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 149.0% in the third quarter, HoldingsChannel reports. The fund owned 4,992 shares of the construction company’s stock after buying an additional 2,987 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Quanta Services were worth $1,488,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. EntryPoint Capital LLC purchased a new position in Quanta Services during the first quarter valued at approximately $25,000. Private Ocean LLC purchased a new position in shares of Quanta Services during the 1st quarter valued at $26,000. Salomon & Ludwin LLC purchased a new position in shares of Quanta Services during the 1st quarter valued at $26,000. Cambridge Trust Co. acquired a new position in shares of Quanta Services in the first quarter worth $26,000. Finally, Valley Wealth Managers Inc. purchased a new stake in shares of Quanta Services during the second quarter worth $33,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Insider Transactions at Quanta Services

In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $257.93, for a total value of $3,868,950.00. Following the completion of the sale, the insider now owns 21,286 shares in the company, valued at approximately $5,490,297.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Quanta Services news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 21,286 shares of the company’s stock, valued at $5,490,297.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’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 value of $34,087,300.00. Following the completion of the sale, the chief executive officer now owns 593,402 shares of the company’s stock, valued at $155,595,938.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 202,357 shares of company stock worth $53,115,572. 1.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PWR has been the topic of several research reports. Jefferies Financial Group started coverage on Quanta Services in a research report on Wednesday, September 4th. They issued a “hold” rating and a $256.00 target price on the stock. Northland Securities raised their price objective on shares of Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Wolfe Research began coverage on shares of Quanta Services in a research report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 target price for the company. Truist Financial raised their price target on shares of Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, B. Riley lifted their price objective on shares of Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $303.86.

Quanta Services Price Performance

NYSE PWR opened at $312.22 on Thursday. The stock has a 50-day simple moving average of $278.34 and a 200 day simple moving average of $268.04. Quanta Services, Inc. has a twelve month low of $153.74 and a twelve month high of $313.76. The stock has a market capitalization of $45.71 billion, a PE ratio of 60.51 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.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. The company 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%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.47 earnings per share. Research analysts anticipate that Quanta Services, Inc. will post 7.81 EPS for the current year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were given a $0.09 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.36 annualized dividend and a yield of 0.12%. Quanta Services’s dividend payout ratio is 6.98%.

Quanta Services 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.