CIBC Asset Management Inc Sells 970 Shares of Quanta Services, Inc. (NYSE:PWR)

CIBC Asset Management Inc lowered its stake in Quanta Services, Inc. (NYSE:PWRFree Report) by 4.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,891 shares of the construction company’s stock after selling 970 shares during the period. CIBC Asset Management Inc’s holdings in Quanta Services were worth $4,292,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. raised its holdings in Quanta Services by 47.3% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 162 shares of the construction company’s stock worth $34,000 after purchasing an additional 52 shares in the last quarter. NBC Securities Inc. purchased a new stake in Quanta Services in the third quarter worth about $36,000. Valley National Advisers Inc. bought a new position in shares of Quanta Services during the fourth quarter valued at approximately $41,000. Vestor Capital LLC bought a new stake in shares of Quanta Services in the 4th quarter worth approximately $42,000. Finally, Planned Solutions Inc. purchased a new stake in shares of Quanta Services in the 4th quarter worth approximately $43,000. 90.49% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PWR shares. The Goldman Sachs Group raised their price target on Quanta Services from $259.00 to $286.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Argus increased their price target on shares of Quanta Services from $285.00 to $310.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Stifel Nicolaus upped their price objective on Quanta Services from $237.00 to $252.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. B. Riley lifted their target price on Quanta Services from $246.00 to $286.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Finally, Evercore ISI upped their price target on Quanta Services from $255.00 to $288.00 and gave the company an “outperform” rating in a report on Tuesday, May 7th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $268.85.

Read Our Latest Analysis on PWR

Quanta Services Stock Up 2.2 %

Shares of PWR opened at $275.93 on Thursday. The firm has a market capitalization of $40.39 billion, a P/E ratio of 53.47 and a beta of 1.05. Quanta Services, Inc. has a 12-month low of $153.74 and a 12-month high of $286.87. The firm has a fifty day moving average price of $262.98 and a 200-day moving average price of $230.94. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.50.

Quanta Services (NYSE:PWRGet Free Report) last released its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. The company had revenue of $5.03 billion during the quarter, compared to analysts’ expectations of $4.96 billion. Equities research analysts expect that Quanta Services, Inc. will post 7.69 earnings per share for the current year.

Quanta Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Monday, July 1st will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.13%. The ex-dividend date of this dividend is Monday, July 1st. Quanta Services’s dividend payout ratio (DPR) is presently 6.98%.

Insider Transactions at Quanta Services

In other Quanta Services news, EVP Donald Wayne sold 1,101 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total transaction of $288,395.94. Following the transaction, the executive vice president now owns 40,065 shares of the company’s stock, valued at approximately $10,494,626.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.10% of the company’s stock.

About Quanta Services

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Quanta Services (NYSE:PWR)

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