Carderock Capital Management Inc. Lowers Stake in Quanta Services, Inc. $PWR

Key Points

• Carderock Capital Management Inc. reduced its stake in Quanta Services, Inc. by 17.5%, selling 4,948 shares and holding 23,379 shares post-sale.
• Many hedge funds are also increasing their positions in Quanta Services, highlighting strong institutional interest with 90.49% of the stock owned by institutional investors.
• Quanta Services recently reported quarterly earnings of $2.48 per share, beating estimates and showing a 21.1% year-over-year revenue growth.

Carderock Capital Management Inc. trimmed its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 17.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,379 shares of the construction company's stock after selling 4,948 shares during the period. Quanta Services makes up approximately 2.3% of Carderock Capital Management Inc.'s holdings, making the stock its 16th biggest holding. Carderock Capital Management Inc.'s holdings in Quanta Services were worth $8,839,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cullen Frost Bankers Inc. purchased a new stake in Quanta Services during the 1st quarter valued at $25,000. WPG Advisers LLC bought a new position in Quanta Services in the 1st quarter valued at $31,000. AlphaQuest LLC bought a new position in Quanta Services in the 1st quarter valued at $35,000. Zions Bancorporation National Association UT bought a new position in Quanta Services in the 1st quarter valued at $40,000. Finally, OLD Second National Bank of Aurora bought a new position in Quanta Services in the 1st quarter valued at $42,000. Hedge funds and other institutional investors own 90.49% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PWR. Citigroup increased their price target on Quanta Services from $432.00 to $492.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Roth Capital reissued a "buy" rating and set a $450.00 price target (up previously from $350.00) on shares of Quanta Services in a research report on Tuesday, July 29th. Piper Sandler reissued an "overweight" rating and set a $370.00 price target (up previously from $360.00) on shares of Quanta Services in a research report on Tuesday, May 27th. TD Cowen raised their price objective on Quanta Services from $355.00 to $425.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Finally, Stifel Nicolaus raised their price target on Quanta Services from $411.00 to $432.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Twelve investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, Quanta Services has a consensus rating of "Moderate Buy" and a consensus target price of $401.19.

Quanta Services Stock Performance

NYSE:PWR traded down $3.64 during mid-day trading on Tuesday, reaching $392.38. 165,335 shares of the stock were exchanged, compared to its average volume of 1,343,004. The company has a 50 day simple moving average of $388.08 and a 200-day simple moving average of $341.07. The stock has a market capitalization of $58.47 billion, a P/E ratio of 60.74, a P/E/G ratio of 2.31 and a beta of 1.01. The company has a quick ratio of 1.32, a current ratio of 1.37 and a debt-to-equity ratio of 0.59. Quanta Services, Inc. has a 1 year low of $227.08 and a 1 year high of $424.94.

Quanta Services (NYSE:PWR - Get Free Report) last announced its earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share for the quarter, beating the consensus estimate of $2.44 by $0.04. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%.The company had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.55 billion. During the same period last year, the business posted $1.90 EPS. The company's revenue was up 21.1% on a year-over-year basis. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. Analysts anticipate that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Wednesday, October 1st will be given a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.1%. Quanta Services's payout ratio is currently 6.19%.

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.