Handelsbanken Fonder AB Sells 86,276 Shares of Quanta Services, Inc. (NYSE:PWR)

Handelsbanken Fonder AB decreased its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 24.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 265,673 shares of the construction company's stock after selling 86,276 shares during the period. Handelsbanken Fonder AB owned 0.18% of Quanta Services worth $67,529,000 as of its most recent filing with the SEC.

Other institutional investors have also bought and sold shares of the company. Banque Transatlantique SA purchased a new stake in Quanta Services during the fourth quarter valued at about $25,000. Quarry LP bought a new position in Quanta Services in the 4th quarter worth about $26,000. Sierra Ocean LLC purchased a new stake in Quanta Services in the fourth quarter valued at approximately $27,000. Centricity Wealth Management LLC purchased a new position in Quanta Services in the fourth quarter worth $34,000. Finally, Rakuten Securities Inc. raised its holdings in shares of Quanta Services by 1,027.3% during the 4th quarter. Rakuten Securities Inc. now owns 124 shares of the construction company's stock valued at $39,000 after buying an additional 113 shares in the last quarter. Hedge funds and other institutional investors own 90.49% of the company's stock.

Quanta Services Stock Performance

Shares of PWR stock traded up $2.49 during trading hours on Thursday, reaching $358.27. 859,733 shares of the company traded hands, compared to its average volume of 1,512,317. The firm has a 50-day moving average price of $312.08 and a 200 day moving average price of $304.75. The company has a market cap of $53.12 billion, a P/E ratio of 59.41, a P/E/G ratio of 1.41 and a beta of 1.07. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.30 and a quick ratio of 1.19. Quanta Services, Inc. has a 12-month low of $227.08 and a 12-month high of $365.88.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The construction company reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.06. The business had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.88 billion. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. The company's revenue for the quarter was up 23.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.41 earnings per share. As a group, sell-side analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.11%. Quanta Services's payout ratio is presently 6.45%.

Wall Street Analyst Weigh In

Several research firms recently commented on PWR. Truist Financial reduced their target price on shares of Quanta Services from $398.00 to $324.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Argus set a $375.00 price target on shares of Quanta Services in a research note on Monday, May 5th. The Goldman Sachs Group reissued a "buy" rating and set a $414.00 price objective (up previously from $364.00) on shares of Quanta Services in a research report on Wednesday, June 4th. Citigroup reduced their price objective on Quanta Services from $366.00 to $342.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Finally, Evercore ISI increased their price objective on shares of Quanta Services from $331.00 to $360.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Six investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $349.65.

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.