Congress Asset Management Co. Sells 1,342 Shares of Quanta Services, Inc. (NYSE:PWR)

Congress Asset Management Co. lowered its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 2.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,093 shares of the construction company’s stock after selling 1,342 shares during the quarter. Congress Asset Management Co.’s holdings in Quanta Services were worth $14,041,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. EntryPoint Capital LLC purchased a new stake in Quanta Services in the 1st quarter worth $25,000. Salomon & Ludwin LLC bought a new position in Quanta Services during the first quarter valued at approximately $26,000. Cambridge Trust Co. purchased a new position in Quanta Services during the 1st quarter valued at approximately $26,000. Valley Wealth Managers Inc. bought a new stake in Quanta Services in the 2nd quarter worth approximately $33,000. Finally, Quest Partners LLC purchased a new position in shares of Quanta Services in the second quarter valued at $35,000. Institutional investors own 90.49% of the company’s stock.

Quanta Services Trading Down 3.2 %

NYSE:PWR opened at $301.63 on Friday. The firm has a 50 day moving average of $289.12 and a 200 day moving average of $272.10. The stock has a market capitalization of $44.44 billion, a price-to-earnings ratio of 56.91 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 $317.91.

Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. The company had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.56 billion. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the firm posted $2.08 earnings per share. As a group, sell-side analysts anticipate that Quanta Services, Inc. will post 7.82 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently disclosed 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 was Tuesday, October 1st. This represents a $0.36 annualized dividend and a yield of 0.12%. Quanta Services’s dividend payout ratio is presently 6.79%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. TD Cowen lifted their price objective on shares of Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Wolfe Research started coverage on Quanta Services in a research report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price target for the company. Robert W. Baird upped their price objective on Quanta Services from $287.00 to $288.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Stifel Nicolaus boosted their target price on Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Jefferies Financial Group assumed coverage on shares of Quanta Services in a research note on Wednesday, September 4th. They set a “hold” rating and a $256.00 price objective for the company. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $308.07.

Insider Activity at Quanta Services

In related news, insider Karl W. Studer sold 23,357 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was 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 of the company’s stock, valued at approximately $2,875,791.81. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, 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 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Karl W. Studer sold 23,357 shares of the 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 directly owns 10,631 shares of the company’s stock, valued at approximately $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. Insiders sold a total of 202,357 shares of company stock worth $53,115,572 in the last three months. Company insiders own 1.10% of the company’s stock.

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.