Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Quanta Services, Inc. (NYSE:PWR – Free Report) during the 4th quarter, Holdings Channel.com reports. The fund acquired 4,169 shares of the construction company’s stock, valued at approximately $1,760,000.
Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Quanta Services by 2.2% during the third quarter. Vanguard Group Inc. now owns 18,143,619 shares of the construction company’s stock worth $7,519,079,000 after buying an additional 386,937 shares during the last quarter. State Street Corp grew its stake in Quanta Services by 1.2% during the third quarter. State Street Corp now owns 6,080,747 shares of the construction company’s stock worth $2,519,983,000 after buying an additional 73,460 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Quanta Services by 35.6% during the third quarter. Bank of America Corp DE now owns 2,916,540 shares of the construction company’s stock valued at $1,208,672,000 after purchasing an additional 765,822 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Quanta Services by 8.8% during the third quarter. Victory Capital Management Inc. now owns 2,156,578 shares of the construction company’s stock valued at $893,139,000 after purchasing an additional 174,083 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Quanta Services by 5.4% during the third quarter. Invesco Ltd. now owns 1,805,239 shares of the construction company’s stock valued at $748,127,000 after purchasing an additional 93,290 shares during the last quarter. 90.49% of the stock is owned by institutional investors.
Quanta Services Trading Up 1.0%
Shares of NYSE PWR opened at $717.20 on Friday. The company’s 50 day simple moving average is $628.92 and its 200 day simple moving average is $527.29. Quanta Services, Inc. has a fifty-two week low of $320.56 and a fifty-two week high of $788.75. The firm has a market capitalization of $107.62 billion, a P/E ratio of 98.38, a P/E/G ratio of 2.44 and a beta of 1.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.14 and a quick ratio of 1.09.
Quanta Services Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Thursday, April 2nd were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 0.1%. The ex-dividend date was Thursday, April 2nd. Quanta Services’s dividend payout ratio is currently 6.04%.
Analysts Set New Price Targets
Several research firms have recently commented on PWR. Bank of America increased their price target on shares of Quanta Services from $500.00 to $610.00 and gave the company a “buy” rating in a research note on Friday, February 20th. The Goldman Sachs Group increased their price target on shares of Quanta Services from $685.00 to $826.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Cantor Fitzgerald increased their price target on shares of Quanta Services from $630.00 to $901.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Truist Financial set a $851.00 price target on shares of Quanta Services in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. increased their price target on shares of Quanta Services from $627.00 to $805.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $715.17.
Check Out Our Latest Analysis on Quanta Services
Insider Activity at Quanta Services
In related news, CAO Paul Nobel sold 4,000 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $756.98, for a total value of $3,027,920.00. Following the transaction, the chief accounting officer directly owned 8,080 shares in the company, valued at $6,116,398.40. This represents a 33.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $770.65, for a total transaction of $100,184,500.00. Following the completion of the transaction, the chief executive officer owned 556,911 shares in the company, valued at $429,183,462.15. This represents a 18.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 159,992 shares of company stock worth $123,244,714 over the last 90 days. 0.60% of the stock is currently owned by company insiders.
Quanta Services Company Profile
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.
See Also
- Five stocks we like better than Quanta Services
- Meta Platforms 10% Layoff Raises a Bigger Question About AI Spending
- As Small-Cap Outperformance Continues, These 2 ETFs Provide Exposure
- Silicon Shake-Up: The AI Trade Is Moving Beyond NVIDIA
- The Silver Lining of Last Week’s Hims & Hers Earnings Miss
Want to see what other hedge funds are holding PWR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Quanta Services, Inc. (NYSE:PWR – Free Report).
Receive News & Ratings for Quanta Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Quanta Services and related companies with MarketBeat.com's FREE daily email newsletter.
