Quanta Services, Inc. $PWR Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its position in Quanta Services, Inc. by 4.3%, owning a total of 86,318 shares valued at approximately $21.94 million after selling 3,837 shares during the first quarter.
• Quanta Services reported $2.48 earnings per share for the last quarter, exceeding estimates and recording a revenue increase of 21.1% year-over-year to $6.77 billion.
• The company announced a quarterly dividend of $0.10 per share, which will be paid on October 10, representing a 0.1% dividend yield.

The Manufacturers Life Insurance Company lowered its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 4.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 86,318 shares of the construction company's stock after selling 3,837 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of Quanta Services worth $21,940,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Driehaus Capital Management LLC raised its position in Quanta Services by 5.8% in the first quarter. Driehaus Capital Management LLC now owns 112,043 shares of the construction company's stock valued at $28,479,000 after purchasing an additional 6,163 shares during the period. Canada Pension Plan Investment Board raised its position in Quanta Services by 56.9% in the first quarter. Canada Pension Plan Investment Board now owns 149,420 shares of the construction company's stock valued at $37,980,000 after purchasing an additional 54,187 shares during the period. WPG Advisers LLC purchased a new stake in Quanta Services in the first quarter valued at $31,000. Tema Etfs LLC raised its position in Quanta Services by 412.5% in the first quarter. Tema Etfs LLC now owns 10,619 shares of the construction company's stock valued at $2,699,000 after purchasing an additional 8,547 shares during the period. Finally, Huber Capital Management LLC raised its holdings in shares of Quanta Services by 8.3% in the 1st quarter. Huber Capital Management LLC now owns 1,300 shares of the construction company's stock valued at $330,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 90.49% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on PWR. Truist Financial boosted their price objective on Quanta Services from $375.00 to $472.00 and gave the company a "buy" rating in a report on Monday, August 4th. JPMorgan Chase & Co. boosted their price objective on Quanta Services from $345.00 to $392.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. The Goldman Sachs Group reiterated a "buy" rating and issued a $414.00 price objective (up previously from $364.00) on shares of Quanta Services in a report on Wednesday, June 4th. Seaport Res Ptn upgraded Quanta Services to a "hold" rating in a report on Thursday, July 10th. Finally, DA Davidson boosted their price objective on Quanta Services from $305.00 to $395.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Thirteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $397.18.

Quanta Services Stock Down 0.9%

NYSE PWR traded down $3.53 during trading hours on Friday, hitting $372.56. 1,128,430 shares of the company were exchanged, compared to its average volume of 846,491. The company has a 50 day moving average of $387.38 and a two-hundred day moving average of $330.88. 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 52-week low of $227.08 and a 52-week high of $424.94. The firm has a market cap of $55.52 billion, a price-to-earnings ratio of 57.67, a PEG ratio of 2.21 and a beta of 1.01.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.44 by $0.04. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%.The company had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.55 billion. During the same quarter in the prior year, the business earned $1.90 EPS. Quanta Services's revenue was up 21.1% on a year-over-year basis. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. Equities research analysts anticipate that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Wednesday, October 1st will be given 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 of this dividend is Wednesday, October 1st. Quanta Services's dividend payout ratio is currently 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.