Private Advisory Group LLC boosted its position in Quanta Services, Inc. (NYSE:PWR – Free Report) by 4.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,497 shares of the construction company’s stock after purchasing an additional 160 shares during the quarter. Private Advisory Group LLC’s holdings in Quanta Services were worth $1,043,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of PWR. Blackstone Inc. purchased a new stake in Quanta Services in the fourth quarter valued at about $5,395,000. Fullerton Fund Management Co Ltd. boosted its stake in Quanta Services by 126.9% in the 4th quarter. Fullerton Fund Management Co Ltd. now owns 34,265 shares of the construction company’s stock worth $7,394,000 after purchasing an additional 19,162 shares in the last quarter. Forest Avenue Capital Management LP purchased a new stake in Quanta Services during the 4th quarter worth approximately $13,725,000. Paloma Partners Management Co increased its stake in Quanta Services by 55.0% during the 4th quarter. Paloma Partners Management Co now owns 5,924 shares of the construction company’s stock valued at $1,278,000 after purchasing an additional 2,102 shares in the last quarter. Finally, PCA Investment Advisory Services Inc. purchased a new position in shares of Quanta Services in the fourth quarter worth $207,000. 90.49% of the stock is currently owned by institutional investors.
Insider Activity
In related news, COO James Redgie Probst sold 34,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $260.03, for a total transaction of $8,841,020.00. Following the transaction, the chief operating officer now directly owns 29,002 shares in the company, valued at approximately $7,541,390.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Quanta Services news, COO James Redgie Probst sold 34,000 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $260.03, for a total value of $8,841,020.00. Following the completion of the sale, the chief operating officer now owns 29,002 shares in the company, valued at approximately $7,541,390.06. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the transaction, the insider now owns 10,631 shares in the company, valued at approximately $2,875,791.81. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 202,357 shares of company stock worth $53,115,572 over the last three months. Insiders own 1.10% of the company’s stock.
Quanta Services Stock Down 0.2 %
Quanta Services (NYSE:PWR – Get Free Report) last announced its earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The business 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 business’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.47 earnings per share. Equities analysts forecast that Quanta Services, Inc. will post 7.81 earnings per share for the current fiscal year.
Quanta Services Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.12%. The ex-dividend date of this dividend is Tuesday, October 1st. Quanta Services’s payout ratio is 6.79%.
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on the company. Citigroup upped their target price on Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Northland Securities raised their price objective on Quanta Services from $264.00 to $280.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Jefferies Financial Group started coverage on Quanta Services in a report on Wednesday, September 4th. They set a “hold” rating and a $256.00 target price for the company. Wolfe Research assumed coverage on shares of Quanta Services in a report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price target on the stock. Finally, Truist Financial lifted their price objective on shares of Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Quanta Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $299.93.
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.
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