Maryland State Retirement & Pension System Sells 966 Shares of Quanta Services, Inc. (NYSE:PWR)

Key Points

• Maryland State Retirement & Pension System has reduced its stake in Quanta Services, Inc. by 12.5%, now holding 6,790 shares worth approximately $1,726,000.
• Quanta Services reported a quarterly earnings per share of $2.48, exceeding estimates by $0.04, and showed a revenue increase of 21.1% year-over-year.
• The stock has a consensus rating of "Moderate Buy" among analysts, with an average price target of $392.45, indicating optimism about its future performance.

Maryland State Retirement & Pension System reduced its holdings in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 12.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,790 shares of the construction company's stock after selling 966 shares during the period. Maryland State Retirement & Pension System's holdings in Quanta Services were worth $1,726,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Banque Transatlantique SA acquired a new stake in shares of Quanta Services in the 4th quarter worth $25,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Quanta Services in the 1st quarter worth $25,000. Quarry LP acquired a new stake in shares of Quanta Services in the 4th quarter worth $26,000. OLD Second National Bank of Aurora acquired a new stake in shares of Quanta Services in the 1st quarter worth $42,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Quanta Services in the 1st quarter worth $43,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Quanta Services Stock Up 1.9%

Shares of NYSE:PWR traded up $7.43 during trading on Tuesday, hitting $391.55. 858,704 shares of the company's stock traded hands, compared to its average volume of 1,259,859. Quanta Services, Inc. has a 52 week low of $227.08 and a 52 week high of $424.94. The company has a current ratio of 1.37, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. The company has a market cap of $58.34 billion, a price-to-earnings ratio of 60.61, a price-to-earnings-growth ratio of 2.28 and a beta of 1.10. The company has a 50-day moving average price of $381.71 and a 200-day moving average price of $320.88.

Quanta Services (NYSE:PWR - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $6.77 billion for the quarter, compared to analysts' expectations of $6.55 billion. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%. Quanta Services's revenue for the quarter was up 21.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.90 EPS. As a group, research analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were paid a dividend of $0.10 per share. 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 currently 6.19%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Stifel Nicolaus raised their price objective on shares of Quanta Services from $411.00 to $432.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Northland Capmk downgraded shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. DA Davidson raised their target price on shares of Quanta Services from $305.00 to $395.00 and gave the company a "neutral" rating in a report on Friday, August 1st. TD Cowen raised their target price on shares of Quanta Services from $355.00 to $425.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Finally, Wall Street Zen upgraded shares of Quanta Services from a "hold" rating to a "buy" rating in a report on Friday, June 27th. Twelve investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, Quanta Services currently has a consensus rating of "Moderate Buy" and an average target price 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.