Cookson Peirce & Co. Inc. Lowers Holdings in Quanta Services, Inc. (NYSE:PWR)

Key Points

• Cookson Peirce & Co. Inc. reduced its holdings in Quanta Services by 97.8%, selling 369,974 shares and leaving it with only 8,376 shares valued at approximately $2.13 million at the end of the last quarter.
• Quanta Services reported earnings of $2.48 per share, exceeding analysts' expectations of $2.44, with quarterly revenue reaching $6.77 billion, reflecting a 21.1% year-over-year increase.
• Securities analysts have mixed ratings on Quanta Services, with 14 buy ratings, 12 hold ratings, and a consensus price target of $392.45.

Cookson Peirce & Co. Inc. lessened its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 97.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,376 shares of the construction company's stock after selling 369,974 shares during the period. Cookson Peirce & Co. Inc.'s holdings in Quanta Services were worth $2,129,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Banque Transatlantique SA purchased a new stake in Quanta Services in the fourth quarter worth about $25,000. Quarry LP purchased a new stake in Quanta Services in the fourth quarter worth about $26,000. Cullen Frost Bankers Inc. purchased a new stake in Quanta Services in the first quarter worth about $25,000. Zions Bancorporation National Association UT purchased a new position in shares of Quanta Services in the first quarter valued at about $40,000. Finally, OLD Second National Bank of Aurora bought a new position in shares of Quanta Services in the first quarter worth about $42,000. Hedge funds and other institutional investors own 90.49% of the company's stock.

Quanta Services Price Performance

Shares of Quanta Services stock traded up $2.45 during mid-day trading on Friday, reaching $379.96. 1,436,415 shares of the stock traded hands, compared to its average volume of 1,312,980. The business has a 50-day moving average of $382.86 and a 200 day moving average of $322.64. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $424.94. The stock has a market capitalization of $56.62 billion, a PE ratio of 58.82, a PEG ratio of 2.26 and a beta of 1.10. 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 (NYSE:PWR - Get Free Report) last announced its earnings results on Thursday, July 31st. The construction company reported $2.48 EPS for the quarter, beating analysts' consensus estimates of $2.44 by $0.04. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%. The business had revenue of $6.77 billion during the quarter, compared to analysts' expectations of $6.55 billion. During the same quarter in the prior year, the firm earned $1.90 earnings per share. The business's revenue was up 21.1% compared to the same quarter last year. On average, analysts predict that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were given a $0.10 dividend. The ex-dividend date was Tuesday, July 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.1%. Quanta Services's dividend payout ratio is 6.19%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PWR shares. Daiwa America lowered Quanta Services from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 1st. Northland Capmk cut Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. UBS Group raised their price target on Quanta Services from $413.00 to $474.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. B. Riley lifted their target price on Quanta Services from $300.00 to $355.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Finally, Truist Financial boosted their price target on Quanta Services from $375.00 to $472.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Twelve research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $392.45.

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.