CIBC Asset Management Inc Sells 838 Shares of Quanta Services, Inc. (NYSE:PWR)

CIBC Asset Management Inc lessened its holdings in Quanta Services, Inc. (NYSE:PWR) by 4.1% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 19,670 shares of the construction company’s stock after selling 838 shares during the period. CIBC Asset Management Inc’s holdings in Quanta Services were worth $4,998,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Aveo Capital Partners LLC increased its holdings in Quanta Services by 11.0% in the 4th quarter. Aveo Capital Partners LLC now owns 1,313 shares of the construction company’s stock worth $283,000 after acquiring an additional 130 shares in the last quarter. Benjamin F. Edwards & Company Inc. purchased a new stake in Quanta Services in the 4th quarter worth approximately $217,000. National Bank of Canada FI increased its holdings in Quanta Services by 59.2% in the 4th quarter. National Bank of Canada FI now owns 81,850 shares of the construction company’s stock worth $17,124,000 after acquiring an additional 30,433 shares in the last quarter. Private Advisor Group LLC increased its holdings in Quanta Services by 5.4% in the 4th quarter. Private Advisor Group LLC now owns 8,303 shares of the construction company’s stock worth $1,792,000 after acquiring an additional 428 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Quanta Services by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 801,409 shares of the construction company’s stock worth $172,944,000 after acquiring an additional 16,227 shares in the last quarter. Institutional investors own 90.49% of the company’s stock.

Insider Buying and Selling

In related news, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total value of $34,087,300.00. Following the completion of the sale, the chief executive officer now directly owns 593,402 shares in the company, valued at $155,595,938.42. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the completion of 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 filing with the SEC, which can be accessed through the SEC website. Also, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total value of $34,087,300.00. Following the sale, the chief executive officer now owns 593,402 shares of the company’s stock, valued at $155,595,938.42. The disclosure for this sale can be found here. Insiders sold a total of 202,357 shares of company stock worth $53,115,572 over the last three months. 1.10% of the stock is owned by insiders.

Analysts Set New Price Targets

PWR has been the subject of several analyst reports. TD Cowen increased their target price on shares of Quanta Services from $270.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. The Goldman Sachs Group increased their price objective on shares of Quanta Services from $259.00 to $286.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Citigroup increased their price objective on shares of Quanta Services from $299.00 to $302.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Northland Securities increased their price objective on shares of Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Jefferies Financial Group assumed coverage on shares of Quanta Services in a report on Wednesday. They set a “hold” rating and a $256.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $284.50.

Quanta Services Trading Down 0.7 %

PWR stock opened at $255.67 on Thursday. The firm has a fifty day moving average price of $259.76 and a 200 day moving average price of $258.63. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $286.87. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.25 and a current ratio of 1.30. The firm has a market cap of $37.67 billion, a PE ratio of 49.55 and a beta of 1.01.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. The company had revenue of $5.59 billion during the quarter, compared to the consensus estimate 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 was up 10.8% on a year-over-year basis. During the same period last year, the company earned $1.47 earnings per share. Sell-side analysts anticipate that Quanta Services, Inc. will post 7.78 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a $0.09 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a yield of 0.14%. Quanta Services’s dividend payout ratio is presently 6.98%.

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.