Jennison Associates LLC Sells 1,060 Shares of Quanta Services, Inc. $PWR

Jennison Associates LLC cut its holdings in Quanta Services, Inc. (NYSE:PWR) by 0.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 126,700 shares of the construction company’s stock after selling 1,060 shares during the quarter. Jennison Associates LLC owned approximately 0.08% of Quanta Services worth $69,561,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. State Street Corp increased its position in Quanta Services by 2.1% in the 4th quarter. State Street Corp now owns 6,206,761 shares of the construction company’s stock valued at $2,619,626,000 after acquiring an additional 126,014 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Quanta Services by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 4,086,544 shares of the construction company’s stock worth $1,718,371,000 after purchasing an additional 110,360 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Quanta Services by 35.2% during the fourth quarter. Victory Capital Management Inc. now owns 2,915,440 shares of the construction company’s stock valued at $1,230,493,000 after purchasing an additional 758,862 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Quanta Services by 4.9% in the second quarter. Bank of America Corp DE now owns 2,150,718 shares of the construction company’s stock valued at $813,144,000 after purchasing an additional 99,782 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Quanta Services in the fourth quarter valued at approximately $817,285,000. Institutional investors and hedge funds own 90.49% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Wall Street Zen raised Quanta Services from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. The Goldman Sachs Group boosted their target price on Quanta Services from $685.00 to $826.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Zacks Research lowered Quanta Services from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Weiss Ratings upgraded Quanta Services from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, May 20th. Finally, Mizuho boosted their price objective on Quanta Services from $580.00 to $693.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Nineteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, Quanta Services currently has an average rating of “Moderate Buy” and a consensus price target of $751.86.

Insider Transactions at Quanta Services

In other news, CAO Paul Nobel sold 4,000 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $756.98, for a total value of $3,027,920.00. Following the completion of the sale, the chief accounting officer directly owned 8,080 shares of the company’s stock, valued at $6,116,398.40. This represents a 33.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Earl C. Jr. Austin sold 25,992 shares of Quanta Services stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $770.71, for a total transaction of $20,032,294.32. Following the transaction, the chief executive officer directly owned 16,508 shares in the company, valued at $12,722,880.68. The trade was a 61.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 159,992 shares of company stock valued at $123,244,714. 0.60% of the stock is currently owned by company insiders.

Quanta Services Stock Performance

PWR stock opened at $628.11 on Monday. The business’s fifty day moving average is $703.48 and its 200-day moving average is $599.42. The company has a quick ratio of 1.09, a current ratio of 1.14 and a debt-to-equity ratio of 0.57. The company has a market cap of $94.25 billion, a P/E ratio of 86.16, a price-to-earnings-growth ratio of 2.47 and a beta of 1.21. Quanta Services, Inc. has a twelve month low of $363.01 and a twelve month high of $788.75.

Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, April 30th. The construction company reported $2.68 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.64. The business had revenue of $7.87 billion during the quarter, compared to analysts’ expectations of $7 billion. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The firm’s quarterly revenue was up 26.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.78 earnings per share. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. Equities research analysts forecast that Quanta Services, Inc. will post 12.8 EPS for the current year.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 0.1%. The ex-dividend date was Wednesday, July 1st. Quanta Services’s payout ratio is presently 6.04%.

Quanta Services announced that its board has approved a share buyback plan on Friday, May 22nd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the construction company to buy up to 0.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

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.