State of Michigan Retirement System Raises Holdings in Quanta Services, Inc. (NYSE:PWR)

State of Michigan Retirement System lifted its stake in Quanta Services, Inc. (NYSE:PWR) by 0.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 40,048 shares of the construction company’s stock after purchasing an additional 200 shares during the quarter. State of Michigan Retirement System’s holdings in Quanta Services were worth $10,176,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. EntryPoint Capital LLC purchased a new position in Quanta Services in the 1st quarter worth $25,000. Private Ocean LLC purchased a new position in shares of Quanta Services in the first quarter worth about $26,000. Salomon & Ludwin LLC acquired a new stake in shares of Quanta Services during the first quarter worth about $26,000. Cambridge Trust Co. purchased a new stake in Quanta Services in the first quarter valued at approximately $26,000. Finally, Newbridge Financial Services Group Inc. acquired a new position in Quanta Services in the 4th quarter worth approximately $34,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Quanta Services Price Performance

NYSE:PWR opened at $270.36 on Wednesday. The stock has a 50 day moving average of $260.57 and a two-hundred day moving average of $256.61. Quanta Services, Inc. has a 12 month low of $153.74 and a 12 month high of $286.87. The firm has a market cap of $39.58 billion, a P/E ratio of 52.40 and a beta of 1.03. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.45.

Quanta Services (NYSE:PWR) last issued 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 during the quarter, compared to analysts’ expectations of $5.51 billion. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.47 earnings per share. On average, analysts expect that Quanta Services, Inc. will post 7.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PWR. Robert W. Baird upped their price objective on shares of Quanta Services from $287.00 to $288.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Evercore ISI raised their target price on Quanta Services from $255.00 to $288.00 and gave the stock an “outperform” rating in a report on Tuesday, May 7th. Truist Financial reissued a “buy” rating and issued a $319.00 price target (up from $305.00) on shares of Quanta Services in a report on Monday, August 5th. Argus raised their price objective 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 company a “buy” rating in a research report on Monday, July 22nd. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Quanta Services currently has an average rating of “Moderate Buy” and an average price target of $287.09.

Insider Transactions at Quanta Services

In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the completion of the sale, the insider now owns 10,631 shares in the company, valued at approximately $2,875,791.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the transaction, the insider now owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the sale, the insider now owns 21,286 shares of the company’s stock, valued at $5,490,297.98. The disclosure for this sale can be found here. Over the last three months, insiders have sold 202,357 shares of company stock valued at $53,115,572. Corporate insiders own 1.10% of the company’s stock.

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.