Kentucky Retirement Systems Insurance Trust Fund Sells 3,420 Shares of Quanta Services, Inc. (NYSE:PWR)

Kentucky Retirement Systems Insurance Trust Fund trimmed its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 44.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,224 shares of the construction company's stock after selling 3,420 shares during the period. Kentucky Retirement Systems Insurance Trust Fund's holdings in Quanta Services were worth $1,074,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Guyasuta Investment Advisors Inc. raised its position in shares of Quanta Services by 4.5% in the first quarter. Guyasuta Investment Advisors Inc. now owns 73,269 shares of the construction company's stock valued at $18,624,000 after buying an additional 3,184 shares in the last quarter. Canton Hathaway LLC bought a new position in Quanta Services in the first quarter valued at approximately $890,000. Castleview Partners LLC increased its stake in Quanta Services by 787.8% in the first quarter. Castleview Partners LLC now owns 4,155 shares of the construction company's stock valued at $1,056,000 after acquiring an additional 3,687 shares during the last quarter. Carr Financial Group Corp increased its stake in Quanta Services by 5.9% in the first quarter. Carr Financial Group Corp now owns 1,369 shares of the construction company's stock valued at $348,000 after acquiring an additional 76 shares during the last quarter. Finally, Advisor Resource Council bought a new position in Quanta Services in the first quarter valued at approximately $2,688,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Quanta Services Trading Up 0.5%

Shares of Quanta Services stock traded up $1.79 during trading on Wednesday, hitting $374.05. The company's stock had a trading volume of 1,102,230 shares, compared to its average volume of 919,136. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.31 and a quick ratio of 1.26. Quanta Services, Inc. has a 52 week low of $227.08 and a 52 week high of $375.53. The stock has a market cap of $55.46 billion, a price-to-earnings ratio of 60.33, a price-to-earnings-growth ratio of 2.90 and a beta of 1.07. The stock has a 50-day moving average price of $332.22 and a two-hundred day moving average price of $306.31.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The construction company reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.06. Quanta Services had a net margin of 3.74% and a return on equity of 18.06%. The company had revenue of $6.23 billion for the quarter, compared to analysts' expectations of $5.88 billion. During the same quarter in the previous year, the firm posted $1.41 earnings per share. Quanta Services's revenue for the quarter was up 23.9% on a year-over-year basis. Equities research analysts anticipate that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors 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 annualized dividend and a dividend yield of 0.11%. Quanta Services's dividend payout ratio is 6.45%.

Analyst Upgrades and Downgrades

PWR has been the topic of a number of recent analyst reports. DA Davidson lifted their price objective on shares of Quanta Services from $295.00 to $305.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Daiwa America raised shares of Quanta Services from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 11th. Stifel Nicolaus lifted their price objective on shares of Quanta Services from $306.00 to $363.00 and gave the company a "buy" rating in a research note on Monday, May 5th. The Goldman Sachs Group reissued a "buy" rating and issued a $414.00 price objective (up from $364.00) on shares of Quanta Services in a research note on Wednesday, June 4th. Finally, Truist Financial decreased their price objective on shares of Quanta Services from $398.00 to $324.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Six research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.