The Manufacturers Life Insurance Company Sells 9,811 Shares of Quanta Services, Inc. $PWR

Key Points

• The Manufacturers Life Insurance Company cut its Quanta Services stake by 9.1%, selling 9,811 shares and retaining 97,759 shares valued at approximately $53.7 million. Institutional investors collectively own 90.49% of PWR.
• Analysts remain broadly positive, with 17 Buy ratings and nine Holds, producing a “Moderate Buy” consensus and an average price target of $745.55. Recent targets ranged as high as $900 from UBS.
• Quanta Services reported a strong quarter, with EPS of $2.68 versus the $2.04 consensus and revenue up 26.3% year over year to $7.87 billion. The company also authorized a $1 billion share-repurchase plan, while insiders sold roughly $123.2 million of stock over the past quarter.

The Manufacturers Life Insurance Company lessened its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 9.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 97,759 shares of the construction company's stock after selling 9,811 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.07% of Quanta Services worth $53,672,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cetera Investment Advisers lifted its position in Quanta Services by 5.8% during the first quarter. Cetera Investment Advisers now owns 74,134 shares of the construction company's stock valued at $40,701,000 after purchasing an additional 4,087 shares during the last quarter. Evoke Wealth LLC bought a new position in shares of Quanta Services in the 4th quarter worth $368,000. Sequoia Financial Advisors LLC raised its position in shares of Quanta Services by 3.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 130,436 shares of the construction company's stock valued at $55,052,000 after buying an additional 3,966 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Quanta Services by 9.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,602 shares of the construction company's stock worth $21,357,000 after acquiring an additional 4,568 shares during the last quarter. Finally, Lebenthal Global Advisors LLC grew its position in Quanta Services by 9.8% in the fourth quarter. Lebenthal Global Advisors LLC now owns 9,277 shares of the construction company's stock worth $3,915,000 after acquiring an additional 830 shares in the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PWR has been the topic of a number of research reports. B. Riley Financial restated a "neutral" rating on shares of Quanta Services in a research report on Friday, May 1st. Stifel Nicolaus set a $784.00 price objective on Quanta Services in a research report on Friday, May 1st. BMO Capital Markets boosted their target price on Quanta Services from $650.00 to $800.00 and gave the stock an "outperform" rating in a research report on Friday, May 1st. UBS Group upped their target price on Quanta Services from $646.00 to $900.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. Finally, TD Cowen increased their price target on shares of Quanta Services from $570.00 to $775.00 and gave the company a "buy" rating in a research report on Monday, May 4th. Seventeen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, Quanta Services currently has an average rating of "Moderate Buy" and an average price target of $745.55.

Insider Buying and Selling at Quanta Services

In other Quanta Services news, CAO Paul Nobel sold 4,000 shares of Quanta Services stock in a transaction on Monday, May 4th. The stock was sold at an average price of $756.98, for a total value of $3,027,920.00. Following the completion of the sale, the chief accounting officer owned 8,080 shares of the company's stock, valued at approximately $6,116,398.40. This trade represents a 33.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Earl C. Jr. Austin sold 25,992 shares of the business's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $770.71, for a total value of $20,032,294.32. Following the completion of the transaction, the chief executive officer owned 16,508 shares of the company's stock, valued at $12,722,880.68. This represents a 61.16% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 159,992 shares of company stock worth $123,244,714. Company insiders own 0.60% of the company's stock.

Quanta Services Stock Down 4.6%

PWR stock opened at $561.14 on Thursday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.09 and a current ratio of 1.14. The company has a market capitalization of $84.21 billion, a price-to-earnings ratio of 76.97, a price-to-earnings-growth ratio of 2.32 and a beta of 1.21. The business's 50 day moving average price is $682.41 and its two-hundred day moving average price is $610.16. Quanta Services, Inc. has a fifty-two week low of $363.01 and a fifty-two week high of $788.75.

Quanta Services (NYSE:PWR - Get Free Report) last released its earnings results on Thursday, April 30th. The construction company reported $2.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.64. The firm had revenue of $7.87 billion during the quarter, compared to analyst estimates of $7 billion. Quanta Services had a net margin of 3.67% and a return on equity of 18.64%. The business's revenue was up 26.3% on a year-over-year basis. During the same period last year, the business earned $1.78 earnings per share. As a group, analysts forecast that Quanta Services, Inc. will post 12.8 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Wednesday, July 1st were given a $0.11 dividend. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.44 annualized dividend and a yield of 0.1%. Quanta Services's dividend payout ratio is 6.04%.

Quanta Services declared that its board has authorized a stock repurchase plan on Friday, May 22nd that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the construction company to purchase up to 0.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

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.

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