California Public Employees Retirement System Sells 2,209 Shares of Quanta Services, Inc. $PWR

Key Points

• California Public Employees Retirement System trimmed its Quanta Services stake by 0.8% in the first quarter, selling 2,209 shares and ending with 274,625 shares valued at about $150.8 million.
• Quanta Services reported a strong quarterly earnings beat, with $2.68 EPS versus the $2.04 consensus and revenue of $7.87 billion, up 26.3% year over year.
• Wall Street sentiment remains upbeat: multiple analysts raised price targets, and the stock now carries a Moderate Buy consensus with an average target price of $751.86.

California Public Employees Retirement System trimmed its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 0.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 274,625 shares of the construction company's stock after selling 2,209 shares during the period. California Public Employees Retirement System owned approximately 0.18% of Quanta Services worth $150,775,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of PWR. Norges Bank bought a new stake in Quanta Services in the 4th quarter valued at approximately $817,285,000. Victory Capital Management Inc. grew its stake in shares of Quanta Services by 35.2% during the 4th quarter. Victory Capital Management Inc. now owns 2,915,440 shares of the construction company's stock worth $1,230,493,000 after acquiring an additional 758,862 shares in the last quarter. Corient Private Wealth LLC raised its holdings in shares of Quanta Services by 137.6% in the fourth quarter. Corient Private Wealth LLC now owns 1,151,650 shares of the construction company's stock valued at $486,065,000 after purchasing an additional 667,050 shares during the last quarter. Sands Capital Management LLC acquired a new stake in shares of Quanta Services in the fourth quarter valued at approximately $243,485,000. Finally, Select Equity Group L.P. lifted its position in shares of Quanta Services by 69.3% in the second quarter. Select Equity Group L.P. now owns 1,017,123 shares of the construction company's stock worth $384,554,000 after purchasing an additional 416,395 shares in the last quarter. 90.49% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PWR. BMO Capital Markets raised their target price on shares of Quanta Services from $650.00 to $800.00 and gave the company an "outperform" rating in a research report on Friday, May 1st. Mizuho boosted their price target on shares of Quanta Services from $580.00 to $693.00 and gave the stock a "neutral" rating in a research report on Friday, May 1st. Roth Capital increased their price objective on shares of Quanta Services from $600.00 to $650.00 and gave the stock a "buy" rating in a research note on Monday, April 6th. Cantor Fitzgerald lifted their target price on Quanta Services from $630.00 to $901.00 and gave the company an "overweight" rating in a research report on Monday, May 11th. Finally, JPMorgan Chase & Co. upped their target price on Quanta Services from $627.00 to $805.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Nineteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Quanta Services presently has an average rating of "Moderate Buy" and a consensus target price of $751.86.

Quanta Services Stock Performance

NYSE PWR opened at $628.11 on Friday. The firm has a market capitalization of $94.25 billion, a P/E ratio of 86.16, a price-to-earnings-growth ratio of 2.47 and a beta of 1.21. The company has a current ratio of 1.14, a quick ratio of 1.09 and a debt-to-equity ratio of 0.57. The firm's fifty day moving average price is $703.48 and its two-hundred day moving average price is $598.24. Quanta Services, Inc. has a 1 year low of $363.01 and a 1 year high of $788.75.

Quanta Services (NYSE:PWR - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The construction company reported $2.68 EPS for the quarter, beating analysts' consensus estimates of $2.04 by $0.64. The company had revenue of $7.87 billion during the quarter, compared to the consensus estimate of $7 billion. Quanta Services had a net margin of 3.67% and a return on equity of 18.64%. The company's quarterly revenue was up 26.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.78 EPS. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. As a group, research analysts anticipate that Quanta Services, Inc. will post 12.8 EPS for the current year.

Quanta Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend was Wednesday, July 1st. Quanta Services's payout ratio is 6.04%.

Quanta Services declared that its board has authorized a stock buyback plan on Friday, May 22nd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the construction company to repurchase up to 0.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Activity at Quanta Services

In related news, CEO Earl C. Jr. Austin sold 25,992 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $770.71, for a total value of $20,032,294.32. Following the sale, the chief executive officer owned 16,508 shares in the company, valued at approximately $12,722,880.68. This represents a 61.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Paul Nobel sold 4,000 shares of Quanta Services stock in a transaction on Monday, May 4th. The stock was sold at an average price of $756.98, for a total transaction of $3,027,920.00. Following the transaction, the chief accounting officer directly owned 8,080 shares of the company's stock, valued at approximately $6,116,398.40. This trade represents a 33.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 159,992 shares of company stock worth $123,244,714 in the last 90 days. Corporate insiders own 0.60% of the company's stock.

Quanta Services Company Profile

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.

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