Select Equity Group L.P. Reduces Stake in Quanta Services, Inc. (NYSE:PWR)

Select Equity Group L.P. cut its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 28.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,323,845 shares of the construction company’s stock after selling 530,490 shares during the quarter. Quanta Services accounts for about 1.3% of Select Equity Group L.P.’s portfolio, making the stock its 26th largest holding. Select Equity Group L.P. owned about 0.90% of Quanta Services worth $336,376,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mackenzie Financial Corp boosted its position in Quanta Services by 1.6% in the 2nd quarter. Mackenzie Financial Corp now owns 12,762 shares of the construction company’s stock worth $3,243,000 after purchasing an additional 204 shares in the last quarter. MBB Public Markets I LLC grew its position in Quanta Services by 1,802.9% during the second quarter. MBB Public Markets I LLC now owns 18,972 shares of the construction company’s stock valued at $4,821,000 after buying an additional 17,975 shares during the period. Electron Capital Partners LLC increased its holdings in Quanta Services by 395.1% in the second quarter. Electron Capital Partners LLC now owns 2,622,142 shares of the construction company’s stock valued at $666,260,000 after buying an additional 2,092,519 shares in the last quarter. Engle Capital Management L.P. raised its position in shares of Quanta Services by 13.2% in the second quarter. Engle Capital Management L.P. now owns 42,000 shares of the construction company’s stock worth $10,672,000 after acquiring an additional 4,900 shares during the period. Finally, APG Asset Management N.V. boosted its stake in shares of Quanta Services by 236.6% during the 2nd quarter. APG Asset Management N.V. now owns 17,401 shares of the construction company’s stock worth $4,125,000 after acquiring an additional 12,231 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Quanta Services news, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the completion of the transaction, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at approximately $155,595,938.42. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the sale, the insider now directly owns 10,631 shares in the company, valued at $2,875,791.81. 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 130,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the transaction, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at $155,595,938.42. The disclosure for this sale can be found here. Over the last quarter, insiders sold 202,357 shares of company stock worth $53,115,572. Insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PWR. Robert W. Baird upped their price target on shares of Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Northland Securities lifted their price target on Quanta Services from $264.00 to $280.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Wolfe Research initiated coverage on Quanta Services in a research note on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price objective for the company. Argus lifted their target price on shares of Quanta Services from $285.00 to $310.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Finally, Citigroup raised their price target on shares of Quanta Services from $299.00 to $302.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $286.69.

Quanta Services Trading Down 0.6 %

Shares of PWR stock opened at $296.28 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $306.50. The firm’s 50 day moving average price is $265.42 and its two-hundred day moving average price is $262.95. The stock has a market cap of $43.37 billion, a price-to-earnings ratio of 57.42 and a beta of 1.01.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, topping the consensus estimate of $1.75 by $0.15. The firm had revenue of $5.59 billion for the quarter, compared to analyst estimates of $5.51 billion. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. Quanta Services’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.47 EPS. On average, analysts anticipate that Quanta Services, Inc. will post 7.82 EPS for the current year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.12%. The ex-dividend date of this dividend is Tuesday, October 1st. Quanta Services’s payout ratio is currently 6.98%.

Quanta Services Company 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.