Franklin Resources Inc. Sells 214,268 Shares of Quanta Services, Inc. (NYSE:PWR)

Franklin Resources Inc. lowered its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 17.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,030,572 shares of the construction company’s stock after selling 214,268 shares during the period. Franklin Resources Inc. owned about 0.71% of Quanta Services worth $222,398,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Teacher Retirement System of Texas grew its holdings in Quanta Services by 2.5% in the third quarter. Teacher Retirement System of Texas now owns 11,248 shares of the construction company’s stock worth $2,104,000 after purchasing an additional 272 shares during the period. California Public Employees Retirement System grew its holdings in Quanta Services by 1.4% in the third quarter. California Public Employees Retirement System now owns 277,511 shares of the construction company’s stock worth $51,914,000 after purchasing an additional 3,929 shares during the period. Millington Financial Advisors LLC grew its holdings in Quanta Services by 1.5% in the third quarter. Millington Financial Advisors LLC now owns 8,340 shares of the construction company’s stock worth $1,560,000 after purchasing an additional 120 shares during the period. Machina Capital S.A.S. acquired a new stake in Quanta Services in the third quarter worth $352,000. Finally, Private Advisor Group LLC grew its holdings in Quanta Services by 2.0% in the third quarter. Private Advisor Group LLC now owns 7,875 shares of the construction company’s stock worth $1,473,000 after purchasing an additional 152 shares during the period. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Quanta Services news, EVP Donald Wayne sold 1,101 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total value of $288,395.94. Following the completion of the transaction, the executive vice president now owns 40,065 shares of the company’s stock, valued at approximately $10,494,626.10. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director Margaret B. Shannon sold 8,515 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $239.92, for a total value of $2,042,918.80. Following the completion of the sale, the director now directly owns 34,063 shares in the company, valued at approximately $8,172,394.96. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Donald Wayne sold 1,101 shares of the company’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total transaction of $288,395.94. Following the sale, the executive vice president now owns 40,065 shares of the company’s stock, valued at $10,494,626.10. The disclosure for this sale can be found here. Insiders sold a total of 47,125 shares of company stock valued at $11,270,215 in the last quarter. Corporate insiders own 1.10% of the company’s stock.

Quanta Services Price Performance

NYSE:PWR traded down $1.73 during mid-day trading on Wednesday, hitting $270.32. 174,528 shares of the stock traded hands, compared to its average volume of 924,104. The business’s 50-day moving average price is $257.13 and its 200 day moving average price is $223.49. The company has a market cap of $39.57 billion, a PE ratio of 52.73 and a beta of 1.10. Quanta Services, Inc. has a 12-month low of $153.74 and a 12-month high of $274.00. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.50.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, February 22nd. The construction company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.83 by $0.21. The company had revenue of $5.78 billion during the quarter, compared to analysts’ expectations of $5.19 billion. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. Quanta Services’s revenue for the quarter was up 31.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.54 earnings per share. On average, analysts expect that Quanta Services, Inc. will post 7.68 EPS for the current fiscal year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Shareholders of record on Tuesday, April 9th were paid a $0.09 dividend. The ex-dividend date of this dividend was Monday, April 8th. This represents a $0.36 dividend on an annualized basis and a yield of 0.13%. Quanta Services’s dividend payout ratio is presently 6.98%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. TD Cowen raised their price objective on shares of Quanta Services from $205.00 to $270.00 and gave the company an “outperform” rating in a research note on Tuesday, February 27th. DA Davidson raised their price objective on shares of Quanta Services from $225.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Robert W. Baird raised their price target on shares of Quanta Services from $265.00 to $287.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Truist Financial reissued a “buy” rating and set a $305.00 price target (up from $301.00) on shares of Quanta Services in a research report on Monday, May 6th. Finally, The Goldman Sachs Group raised their price target on shares of Quanta Services from $227.00 to $259.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $262.00.

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.