State of Alaska Department of Revenue Lowers Stock Holdings in Quanta Services, Inc. $PWR

Key Points

• The State of Alaska Department of Revenue reduced its holdings in Quanta Services, Inc. by 3.8%, owning 16,632 shares valued at $6.28 million after selling 660 shares in the second quarter.
• Several institutional investors have significantly increased their stakes in Quanta Services, including Kingstone Capital Partners purchasing a stake valued at approximately $650.96 million.
• Quanta Services reported $2.48 EPS for the last quarter, exceeding estimates, with a revenue of $6.77 billion, a 21.1% year-over-year increase.

State of Alaska Department of Revenue trimmed its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 3.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,632 shares of the construction company's stock after selling 660 shares during the quarter. State of Alaska Department of Revenue's holdings in Quanta Services were worth $6,288,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Kingstone Capital Partners Texas LLC purchased a new stake in Quanta Services in the second quarter valued at approximately $650,960,000. Nuveen LLC purchased a new stake in Quanta Services in the first quarter valued at approximately $404,288,000. GAMMA Investing LLC raised its stake in Quanta Services by 22,475.0% in the first quarter. GAMMA Investing LLC now owns 815,409 shares of the construction company's stock valued at $207,261,000 after purchasing an additional 811,797 shares in the last quarter. Amundi grew its position in Quanta Services by 188.3% during the first quarter. Amundi now owns 1,206,577 shares of the construction company's stock valued at $304,139,000 after acquiring an additional 788,079 shares during the last quarter. Finally, Jennison Associates LLC grew its position in Quanta Services by 433.3% during the first quarter. Jennison Associates LLC now owns 620,973 shares of the construction company's stock valued at $157,839,000 after acquiring an additional 504,540 shares during the last quarter. 90.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on PWR shares. The Goldman Sachs Group reiterated a "buy" rating and set a $414.00 price target (up from $364.00) on shares of Quanta Services in a research report on Wednesday, June 4th. Mizuho started coverage on shares of Quanta Services in a research report on Thursday, September 4th. They set a "neutral" rating and a $360.00 price target on the stock. Evercore ISI increased 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, August 8th. Roth Capital reiterated a "buy" rating and set a $450.00 price target (up from $350.00) on shares of Quanta Services in a research report on Tuesday, July 29th. Finally, Sanford C. Bernstein cut shares of Quanta Services from an "outperform" rating to a "market perform" rating and set a $410.00 target price on the stock. in a report on Monday, July 28th. Thirteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $404.27.

Quanta Services Stock Up 1.4%

Shares of Quanta Services stock opened at $406.00 on Monday. The stock has a market capitalization of $60.50 billion, a price-to-earnings ratio of 62.85, a P/E/G ratio of 2.41 and a beta of 1.01. The company's 50 day moving average price is $388.49 and its 200-day moving average price is $345.37. Quanta Services, Inc. has a 52-week low of $227.08 and a 52-week high of $424.94. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.32 and a current ratio of 1.37.

Quanta Services (NYSE:PWR - Get Free Report) last released 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. The business had revenue of $6.77 billion for the quarter, compared to analysts' expectations of $6.55 billion. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. The firm's revenue for the quarter was up 21.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.90 earnings per share. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. Equities research analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Wednesday, October 1st will be issued a $0.10 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.1%. Quanta Services's payout ratio is 6.19%.

Quanta Services 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.

Want to see what other hedge funds are holding PWR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Quanta Services, Inc. (NYSE:PWR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.