TD Asset Management Inc Lowers Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Key Points

• TD Asset Management Inc reduced its stake in Quanta Services by 0.7%, selling 860 shares during the first quarter, leading to ownership of approximately 120,040 shares worth $30.5 million.
• Quanta Services reported a quarterly earnings per share (EPS) of $1.78, exceeding expectations, with revenues of $6.23 billion, showcasing a year-over-year revenue growth of 23.9%.
• The company recently declared a quarterly dividend of $0.10 per share, with an annualized dividend payout of $0.40 and a yield of 0.10%.

TD Asset Management Inc reduced its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 0.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 120,040 shares of the construction company's stock after selling 860 shares during the quarter. TD Asset Management Inc owned 0.08% of Quanta Services worth $30,512,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allstate Corp bought a new position in shares of Quanta Services during the fourth quarter valued at about $1,357,000. Brighton Jones LLC purchased a new stake in shares of Quanta Services during the fourth quarter worth about $298,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Quanta Services by 3.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 68,770 shares of the construction company's stock worth $17,480,000 after purchasing an additional 2,479 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Quanta Services by 60.0% during the first quarter. Farther Finance Advisors LLC now owns 1,568 shares of the construction company's stock worth $404,000 after purchasing an additional 588 shares during the period. Finally, Objectivity Squared LLC purchased a new stake in shares of Quanta Services during the first quarter worth about $213,000. 90.49% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PWR shares. DA Davidson increased their target price on shares of Quanta Services from $295.00 to $305.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Seaport Res Ptn upgraded shares of Quanta Services to a "hold" rating in a report on Thursday, July 10th. Stifel Nicolaus raised their price objective on shares of Quanta Services from $363.00 to $411.00 and gave the stock a "buy" rating in a report on Friday, July 11th. UBS Group raised their price objective on shares of Quanta Services from $413.00 to $474.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, Wall Street Zen upgraded shares of Quanta Services from a "hold" rating to a "buy" rating in a report on Friday, June 27th. Eleven investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $375.23.

Quanta Services Stock Performance

NYSE:PWR traded down $12.07 during trading hours on Friday, reaching $394.06. The company had a trading volume of 1,310,922 shares, compared to its average volume of 1,441,853. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.58. Quanta Services, Inc. has a 52 week low of $227.08 and a 52 week high of $424.94. The firm has a market cap of $58.42 billion, a price-to-earnings ratio of 63.56, a PEG ratio of 2.83 and a beta of 1.08. The firm's 50 day moving average price is $374.19 and its 200-day moving average price is $318.48.

Quanta Services (NYSE:PWR - Get Free Report) last posted 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. The business had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.55 billion. Quanta Services had a net margin of 3.74% and a return on equity of 18.06%. The firm's revenue was up 21.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.90 EPS. On average, analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.1%. The ex-dividend date was Tuesday, July 1st. Quanta Services's dividend payout ratio (DPR) is currently 6.45%.

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.