Price T Rowe Associates Inc. MD Sells 227,016 Shares of Quanta Services, Inc. $PWR

Key Points

• Price T Rowe Associates Inc. MD sold 227,016 shares of Quanta Services, Inc., reducing its stake by 42% and now holding 313,664 shares worth approximately $79.7 million.
• Quanta Services reported a net income of $2.48 EPS for the last quarter, exceeding expectations of $2.44 and reflecting significant 21.1% year-over-year revenue growth.
• The stock has received a consensus rating of “Moderate Buy” from analysts, with a price target averaging around $392.45.

Price T Rowe Associates Inc. MD reduced its holdings in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 42.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 313,664 shares of the construction company's stock after selling 227,016 shares during the quarter. Price T Rowe Associates Inc. MD owned 0.21% of Quanta Services worth $79,728,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Banque Transatlantique SA acquired a new stake in shares of Quanta Services during the 4th quarter valued at approximately $25,000. Cullen Frost Bankers Inc. acquired a new stake in Quanta Services in the first quarter worth $25,000. Quarry LP acquired a new stake in Quanta Services in the fourth quarter worth $26,000. Zions Bancorporation National Association UT acquired a new stake in Quanta Services in the first quarter worth $40,000. Finally, OLD Second National Bank of Aurora acquired a new stake in Quanta Services in the first quarter worth $42,000. 90.49% of the stock is owned by institutional investors and hedge funds.

Quanta Services Stock Down 2.0%

Shares of PWR traded down $7.72 during midday trading on Friday, reaching $378.24. 774,371 shares of the stock were exchanged, compared to its average volume of 1,012,933. Quanta Services, Inc. has a 12-month low of $227.08 and a 12-month high of $424.94. The firm has a 50 day simple moving average of $387.37 and a 200-day simple moving average of $327.65. The company has a quick ratio of 1.32, a current ratio of 1.37 and a debt-to-equity ratio of 0.59. The company has a market cap of $56.36 billion, a price-to-earnings ratio of 58.55, a P/E/G ratio of 2.29 and a beta of 1.10.

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

Quanta Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend is Wednesday, October 1st. Quanta Services's dividend payout ratio (DPR) is presently 6.19%.

Analysts Set New Price Targets

Several research firms have recently issued reports on PWR. Northland Capmk cut Quanta Services from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Seaport Res Ptn raised Quanta Services to a "hold" rating in a research note on Thursday, July 10th. JPMorgan Chase & Co. raised their target price on Quanta Services from $345.00 to $392.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Stifel Nicolaus raised their target price on Quanta Services from $411.00 to $432.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Finally, BMO Capital Markets cut Quanta Services from an "outperform" rating to a "market perform" rating and raised their target price for the company from $352.00 to $400.00 in a research note on Thursday, July 17th. Thirteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $392.45.

Quanta Services Company Profile

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.