AGF Management Ltd. Trims Stock Position in Quanta Services, Inc. (NYSE:PWR)

Key Points

• AGF Management Ltd. sold 49% of its stake in Quanta Services, reducing its holdings to 382,597 shares worth approximately $97.25 million.
• Quanta Services reported a strong quarterly performance with earnings per share at $2.48, exceeding analysts' estimates, and revenue of $6.77 billion, up 21.1% year-over-year.
• Analysts have given Quanta Services a consensus rating of "Moderate Buy," with the average price target set at $392.45, reflecting growing investor confidence.

AGF Management Ltd. decreased its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 49.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 382,597 shares of the construction company's stock after selling 367,629 shares during the period. AGF Management Ltd. owned 0.26% of Quanta Services worth $97,249,000 as of its most recent filing with the Securities & Exchange Commission.

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

Quanta Services Price Performance

PWR traded up $7.43 on Tuesday, reaching $391.55. 858,704 shares of the company's stock were exchanged, compared to its average volume of 1,259,859. The stock has a market cap of $58.34 billion, a PE ratio of 60.61, a P/E/G ratio of 2.28 and a beta of 1.10. Quanta Services, Inc. has a twelve month low of $227.08 and a twelve month high of $424.94. The stock's fifty day moving average price is $381.71 and its 200-day moving average price is $320.88. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.37 and a quick ratio of 1.32.

Quanta Services (NYSE:PWR - Get Free Report) last issued its earnings results on Thursday, July 31st. The construction company reported $2.48 EPS for the quarter, topping analysts' consensus estimates of $2.44 by $0.04. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. The company had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.55 billion. During the same period in the previous year, the firm earned $1.90 earnings per share. Quanta Services's quarterly revenue was up 21.1% compared to the same quarter last year. Sell-side analysts expect that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Announces Dividend

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

Analysts Set New Price Targets

PWR has been the topic of several analyst reports. Northland Capmk lowered shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. Evercore ISI raised their price target on shares of Quanta Services from $360.00 to $410.00 and gave the company an "outperform" rating in a research report on Friday. JPMorgan Chase & Co. raised their price target on shares of Quanta Services from $345.00 to $392.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Argus set a $375.00 target price on shares of Quanta Services in a research report on Monday, May 5th. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $414.00 target price (up previously from $364.00) on shares of Quanta Services in a research report on Wednesday, June 4th. Twelve equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, Quanta Services has an average 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.