Retirement Systems of Alabama Makes New Investment in Quanta Services, Inc. $PWR

Retirement Systems of Alabama acquired a new stake in Quanta Services, Inc. (NYSE:PWR) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 31,786 shares of the construction company’s stock, valued at approximately $13,173,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Freedom Day Solutions LLC bought a new position in shares of Quanta Services during the second quarter valued at approximately $2,465,000. Mediolanum International Funds Ltd boosted its holdings in Quanta Services by 15.5% in the second quarter. Mediolanum International Funds Ltd now owns 33,158 shares of the construction company’s stock valued at $12,642,000 after acquiring an additional 4,451 shares in the last quarter. Calamos Advisors LLC increased its position in Quanta Services by 17.1% during the 3rd quarter. Calamos Advisors LLC now owns 105,401 shares of the construction company’s stock valued at $43,680,000 after purchasing an additional 15,388 shares during the period. Exchange Traded Concepts LLC raised its holdings in Quanta Services by 59.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 44,392 shares of the construction company’s stock worth $18,397,000 after purchasing an additional 16,637 shares in the last quarter. Finally, Choreo LLC boosted its stake in shares of Quanta Services by 4.1% during the 2nd quarter. Choreo LLC now owns 7,734 shares of the construction company’s stock valued at $2,924,000 after purchasing an additional 303 shares in the last quarter. Institutional investors own 90.49% of the company’s stock.

Quanta Services Stock Up 1.8%

Shares of NYSE:PWR opened at $479.27 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 0.66. The stock has a fifty day simple moving average of $445.49 and a two-hundred day simple moving average of $420.84. Quanta Services, Inc. has a 12-month low of $227.08 and a 12-month high of $483.75. The stock has a market capitalization of $71.47 billion, a price-to-earnings ratio of 71.00, a PEG ratio of 2.28 and a beta of 1.16.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, October 30th. The construction company reported $3.33 EPS for the quarter, topping analysts’ consensus estimates of $3.24 by $0.09. The firm had revenue of $7.63 billion for the quarter, compared to analysts’ expectations of $7.41 billion. Quanta Services had a return on equity of 18.74% and a net margin of 3.74%.The company’s quarterly revenue was up 17.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.72 earnings per share. Quanta Services has set its FY 2025 guidance at 10.330-10.830 EPS. On average, research analysts anticipate that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Gerald A. Ducey, Jr. sold 7,653 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $446.08, for a total transaction of $3,413,850.24. Following the completion of the sale, the insider owned 19,960 shares of the company’s stock, valued at $8,903,756.80. This trade represents a 27.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bernard Fried sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $452.19, for a total value of $1,808,760.00. Following the completion of the transaction, the director directly owned 12,493 shares in the company, valued at $5,649,209.67. This trade represents a 24.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 32,002 shares of company stock valued at $14,295,857 in the last quarter. 1.10% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on PWR. Sanford C. Bernstein decreased their price target on shares of Quanta Services from $432.00 to $428.00 and set a “market perform” rating for the company in a research note on Friday, December 19th. JPMorgan Chase & Co. raised Quanta Services from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $457.00 to $515.00 in a research report on Monday, December 8th. Truist Financial raised their target price on Quanta Services from $472.00 to $521.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Mizuho set a $415.00 price target on Quanta Services in a research note on Tuesday, October 28th. Finally, Argus set a $540.00 price objective on Quanta Services in a research report on Friday, October 31st. Thirteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $462.00.

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.