Eventide Asset Management LLC grew its position in Quanta Services, Inc. (NYSE:PWR – Free Report) by 28.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 88,932 shares of the construction company’s stock after purchasing an additional 19,602 shares during the period. Eventide Asset Management LLC owned about 0.06% of Quanta Services worth $37,570,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in PWR. Norges Bank acquired a new stake in shares of Quanta Services in the 4th quarter valued at $817,285,000. Bank of America Corp DE boosted its stake in shares of Quanta Services by 35.6% in the 3rd 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 in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Quanta Services by 35.2% in the 4th 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 in the last quarter. Select Equity Group L.P. boosted its stake in shares of Quanta Services by 69.3% in the 2nd quarter. Select Equity Group L.P. now owns 1,017,123 shares of the construction company’s stock valued at $384,554,000 after purchasing an additional 416,395 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Quanta Services by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 18,143,619 shares of the construction company’s stock valued at $7,519,079,000 after purchasing an additional 386,937 shares in the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.
Quanta Services Price Performance
Quanta Services stock opened at $708.86 on Friday. The business’s 50-day simple moving average is $675.23 and its 200 day simple moving average is $556.55. The stock has a market cap of $106.37 billion, a price-to-earnings ratio of 97.24, a P/E/G ratio of 2.78 and a beta of 1.20. Quanta Services, Inc. has a 12-month low of $349.06 and a 12-month high of $788.75. The company has a quick ratio of 1.09, a current ratio of 1.14 and a debt-to-equity ratio of 0.57.
Quanta Services declared that its Board of Directors has initiated a share buyback program on Friday, May 22nd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the construction company to buy up to 0.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Quanta Services Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a $0.11 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $0.44 annualized dividend and a yield of 0.1%. Quanta Services’s dividend payout ratio (DPR) is currently 6.04%.
Insider Activity
In related news, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $770.65, for a total value of $100,184,500.00. Following the transaction, the chief executive officer owned 556,911 shares in the company, valued at $429,183,462.15. This trade represents a 18.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Paul Nobel sold 4,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief accounting officer owned 8,080 shares in the company, valued at approximately $6,116,398.40. This represents a 33.11% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 159,992 shares of company stock worth $123,244,714. 0.60% of the stock is owned by company insiders.
Analysts Set New Price Targets
Several brokerages have recently commented on PWR. Stifel Nicolaus set a $784.00 target price on Quanta Services in a report on Friday, May 1st. Robert W. Baird increased their target price on Quanta Services from $606.00 to $777.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. Cantor Fitzgerald increased their target price on Quanta Services from $630.00 to $901.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Wolfe Research increased their target price on Quanta Services from $477.00 to $576.00 and gave the stock an “outperform” rating in a report on Friday, February 20th. Finally, Zacks Research upgraded Quanta Services from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $733.87.
Check Out Our Latest Stock Analysis on Quanta Services
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.
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