Quanta Services, Inc. $PWR Shares Sold by AMI Asset Management Corp

Key Points

• AMI Asset Management Corp cut its Quanta Services stake by 28.5% in the first quarter, selling 56,691 shares and leaving it with 142,443 shares valued at about $78.2 million.
• Quanta Services reported strong quarterly results, with EPS of $2.68 versus estimates of $2.04 and revenue of $7.87 billion, up 26.3% year over year.
• The company authorized a $1 billion share repurchase program and also declared a quarterly dividend of $0.11 per share, while analysts remain broadly positive with a consensus Moderate Buy rating.

AMI Asset Management Corp lowered its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 28.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 142,443 shares of the construction company's stock after selling 56,691 shares during the quarter. Quanta Services accounts for 5.0% of AMI Asset Management Corp's investment portfolio, making the stock its 4th largest holding. AMI Asset Management Corp owned 0.09% of Quanta Services worth $78,204,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of PWR. Lewis Asset Management LLC boosted its holdings in Quanta Services by 2.5% during the first quarter. Lewis Asset Management LLC now owns 692 shares of the construction company's stock worth $380,000 after purchasing an additional 17 shares during the last quarter. Arete Wealth Advisors LLC increased its stake in Quanta Services by 2.2% in the 4th quarter. Arete Wealth Advisors LLC now owns 917 shares of the construction company's stock valued at $387,000 after buying an additional 20 shares during the last quarter. Quantum Portfolio Management LLC lifted its position in shares of Quanta Services by 2.2% during the 4th quarter. Quantum Portfolio Management LLC now owns 946 shares of the construction company's stock worth $399,000 after buying an additional 20 shares in the last quarter. Icon Wealth Advisors LLC lifted its position in shares of Quanta Services by 1.2% during the 4th quarter. Icon Wealth Advisors LLC now owns 1,733 shares of the construction company's stock worth $731,000 after buying an additional 21 shares in the last quarter. Finally, Sunburst Financial Group LLC boosted its stake in shares of Quanta Services by 2.0% in the 4th quarter. Sunburst Financial Group LLC now owns 1,147 shares of the construction company's stock worth $484,000 after buying an additional 22 shares during the last quarter. 90.49% of the stock is owned by hedge funds and other institutional investors.

Quanta Services Price Performance

Shares of NYSE PWR opened at $715.80 on Tuesday. The company has a current ratio of 1.14, a quick ratio of 1.09 and a debt-to-equity ratio of 0.57. The stock has a fifty day simple moving average of $705.10 and a two-hundred day simple moving average of $577.00. Quanta Services, Inc. has a 1-year low of $363.01 and a 1-year high of $788.75. The firm has a market cap of $107.41 billion, a price-to-earnings ratio of 98.19, a price-to-earnings-growth ratio of 2.71 and a beta of 1.20.

Quanta Services (NYSE:PWR - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The construction company reported $2.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.04 by $0.64. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The business had revenue of $7.87 billion for the quarter, compared to analysts' expectations of $7 billion. During the same period in the previous year, the business posted $1.78 EPS. The firm's quarterly revenue was up 26.3% compared to the same quarter last year. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. Analysts anticipate that Quanta Services, Inc. will post 12.81 earnings per share for the current year.

Quanta Services declared that its board has authorized a stock repurchase program on Friday, May 22nd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the construction company to buy up to 0.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be given a dividend of $0.11 per share. The ex-dividend date is Wednesday, July 1st. This represents a $0.44 annualized dividend and a dividend yield of 0.1%. Quanta Services's dividend payout ratio is currently 6.04%.

Insiders Place Their Bets

In other news, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $770.65, for a total value of $100,184,500.00. Following the completion of the transaction, the chief executive officer directly owned 556,911 shares in the company, valued at approximately $429,183,462.15. The trade was a 18.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Paul Nobel sold 4,000 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $756.98, for a total transaction of $3,027,920.00. Following the completion of the sale, the chief accounting officer directly owned 8,080 shares in the company, valued at approximately $6,116,398.40. The trade was a 33.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 159,992 shares of company stock valued at $123,244,714 over the last ninety days. Corporate insiders own 0.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on PWR shares. Evercore increased their price target on Quanta Services from $635.00 to $800.00 and gave the company an "outperform" rating in a research report on Friday, May 1st. Wall Street Zen upgraded Quanta Services from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. BMO Capital Markets raised their target price on Quanta Services from $650.00 to $800.00 and gave the company an "outperform" rating in a research report on Friday, May 1st. Weiss Ratings upgraded Quanta Services from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, May 20th. Finally, BNP Paribas Exane began coverage on shares of Quanta Services in a report on Tuesday, April 14th. They issued a "neutral" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $733.87.

About Quanta Services

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.