Quanta Services, Inc. (NYSE:PWR) Shares Sold by Scotia Capital Inc.

Key Points

• Scotia Capital Inc. reduced its holdings in Quanta Services, Inc. by 14.0%, amounting to approximately $6.42 million as of its latest SEC filing.
• Quanta Services recently reported earnings of $2.48 per share, surpassing analysts' expectations, with a revenue growth of 21.1% year-over-year.
• The company announced a quarterly dividend of $0.10 per share, reflecting an annual yield of 0.1% and a payout ratio of 6.19%.

Scotia Capital Inc. lowered its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 14.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,244 shares of the construction company's stock after selling 4,096 shares during the quarter. Scotia Capital Inc.'s holdings in Quanta Services were worth $6,417,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Banque Transatlantique SA acquired a new stake in Quanta Services during the 4th quarter worth $25,000. Cullen Frost Bankers Inc. acquired a new position in Quanta Services in the 1st quarter valued at about $25,000. Quarry LP acquired a new stake in Quanta Services during the 4th quarter worth approximately $26,000. OLD Second National Bank of Aurora purchased a new position in shares of Quanta Services in the 1st quarter valued at approximately $42,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Quanta Services in the first quarter valued at approximately $43,000. Institutional investors and hedge funds own 90.49% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PWR. BMO Capital Markets cut shares of Quanta Services from an "outperform" rating to a "market perform" rating and boosted their price objective for the company from $352.00 to $400.00 in a research note on Thursday, July 17th. Sanford C. Bernstein cut Quanta Services from an "outperform" rating to a "market perform" rating and set a $410.00 target price on the stock. in a research report on Monday, July 28th. Argus set a $375.00 price objective on Quanta Services in a research report on Monday, May 5th. Seaport Res Ptn raised shares of Quanta Services to a "hold" rating in a research note on Thursday, July 10th. Finally, UBS Group raised their price objective on shares of Quanta Services from $413.00 to $474.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Twelve investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Quanta Services currently has a consensus rating of "Moderate Buy" and an average target price of $390.18.

Quanta Services Stock Down 0.5%

Shares of NYSE PWR traded down $1.81 on Wednesday, hitting $387.31. The company had a trading volume of 930,295 shares, compared to its average volume of 1,251,670. 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 12-month low of $227.08 and a 12-month high of $424.94. The business has a 50 day moving average of $377.48 and a two-hundred day moving average of $319.69. The firm has a market capitalization of $57.71 billion, a P/E ratio of 59.96, a PEG ratio of 2.34 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, 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 firm had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.55 billion. During the same quarter in the previous year, the business posted $1.90 EPS. The firm's revenue was up 21.1% compared to the same quarter last year. As a group, equities research analysts forecast that Quanta Services, Inc. will post 9.34 earnings per share 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 given a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.1%. Quanta Services's payout ratio is presently 6.19%.

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.