Trillium Asset Management LLC Lowers Position in Quanta Services, Inc. (NYSE:PWR)

Key Points

• Trillium Asset Management LLC reduced its holdings in Quanta Services by 5.4%, now owning 69,862 shares valued at approximately $17.76 million after selling 3,972 shares in Q1.
• Quanta Services reported $2.48 earnings per share for the last quarter, beating estimates, with revenue of $6.77 billion, marking a 21.1% increase year-over-year.
• Several hedge funds have recently adjusted their positions, including Nuveen LLC, which made a significant investment of approximately $404.29 million in the company's shares.

Trillium Asset Management LLC cut its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 5.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,862 shares of the construction company's stock after selling 3,972 shares during the quarter. Trillium Asset Management LLC's holdings in Quanta Services were worth $17,758,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Banque Transatlantique SA bought a new stake in Quanta Services during the 4th quarter valued at about $25,000. Cullen Frost Bankers Inc. bought a new stake in Quanta Services during the 1st quarter valued at about $25,000. Quarry LP bought a new stake in Quanta Services during the 4th quarter valued at about $26,000. Zions Bancorporation National Association UT bought a new stake in Quanta Services during the 1st quarter valued at about $40,000. Finally, OLD Second National Bank of Aurora bought a new stake in Quanta Services during the 1st quarter valued at about $42,000. 90.49% of the stock is currently owned by institutional investors.

Quanta Services Price Performance

NYSE:PWR traded up $2.45 during trading hours on Friday, hitting $379.96. 1,436,415 shares of the stock traded hands, compared to its average volume of 1,312,980. 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. The company has a market cap of $56.62 billion, a price-to-earnings ratio of 58.82, a price-to-earnings-growth ratio of 2.25 and a beta of 1.10. The stock has a 50 day moving average price of $382.86 and a 200 day moving average price of $322.47.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly 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 net margin of 3.73% and a return on equity of 18.41%. The business had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.55 billion. During the same quarter in the previous year, the firm earned $1.90 earnings per share. The company's revenue for the quarter was up 21.1% on a year-over-year basis. Sell-side analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Announces Dividend

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

Analysts Set New Price Targets

A number of research firms have weighed in on PWR. JPMorgan Chase & Co. raised their price objective on shares of Quanta Services from $345.00 to $392.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group reiterated a "buy" rating and issued a $414.00 price target (up from $364.00) on shares of Quanta Services in a research note on Wednesday, June 4th. Daiwa America lowered shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 1st. UBS Group lifted their price target on shares of Quanta Services from $413.00 to $474.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, Truist Financial lifted their price target on shares of Quanta Services from $375.00 to $472.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. 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.

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.