Cetera Investment Advisers raised its position in Quanta Services, Inc. (NYSE:PWR – Free Report) by 5.8% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 74,134 shares of the construction company’s stock after purchasing an additional 4,087 shares during the period. Cetera Investment Advisers’ holdings in Quanta Services were worth $40,701,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the business. Alpha Family Trust acquired a new position in shares of Quanta Services in the first quarter worth about $242,000. Signature Equity Partners LLC grew its stake in Quanta Services by 125.0% during the 1st quarter. Signature Equity Partners LLC now owns 783 shares of the construction company’s stock valued at $430,000 after purchasing an additional 435 shares in the last quarter. CI Investments Inc. increased its holdings in Quanta Services by 7.8% during the 1st quarter. CI Investments Inc. now owns 34,902 shares of the construction company’s stock worth $19,162,000 after purchasing an additional 2,532 shares during the last quarter. First Trust Advisors LP raised its position in shares of Quanta Services by 18.3% in the 1st quarter. First Trust Advisors LP now owns 1,003,917 shares of the construction company’s stock valued at $551,170,000 after purchasing an additional 155,529 shares in the last quarter. Finally, Westpac Banking Corp raised its position in shares of Quanta Services by 13.0% in the 1st quarter. Westpac Banking Corp now owns 4,462 shares of the construction company’s stock valued at $2,450,000 after purchasing an additional 515 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors and hedge funds.
Quanta Services Price Performance
Shares of PWR opened at $626.03 on Friday. Quanta Services, Inc. has a 52 week low of $363.01 and a 52 week high of $788.75. The company has a current ratio of 1.14, a quick ratio of 1.09 and a debt-to-equity ratio of 0.57. The firm has a market cap of $93.94 billion, a price-to-earnings ratio of 85.88, a PEG ratio of 2.46 and a beta of 1.21. The stock has a 50 day moving average of $689.96 and a 200-day moving average of $605.59.
Quanta Services Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Wednesday, July 1st. Quanta Services’s dividend payout ratio is 6.04%.
Quanta Services announced that its Board of Directors has authorized a share repurchase 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 purchase up to 0.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
Analysts Set New Price Targets
PWR has been the subject of a number of recent analyst reports. Truist Financial raised their price target on shares of Quanta Services from $851.00 to $940.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. UBS Group upped their price target on shares of Quanta Services from $646.00 to $900.00 and gave the company a “buy” rating in a report on Monday, May 4th. Citigroup increased their price objective on shares of Quanta Services from $640.00 to $733.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Evercore raised their price objective on shares of Quanta Services from $635.00 to $800.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. Finally, Cantor Fitzgerald boosted their target price on shares of Quanta Services from $630.00 to $901.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Seventeen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, Quanta Services currently has an average rating of “Moderate Buy” and a consensus target price of $745.55.
Get Our Latest Stock Analysis on PWR
Insider Transactions at Quanta Services
In related news, CEO Earl C. Jr. Austin sold 130,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer owned 556,911 shares of the company’s stock, valued at $429,183,462.15. This represents a 18.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Paul Nobel sold 4,000 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $756.98, for a total transaction of $3,027,920.00. Following the sale, the chief accounting officer owned 8,080 shares in the company, valued at approximately $6,116,398.40. This trade represents a 33.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 159,992 shares of company stock worth $123,244,714. Insiders own 0.60% of the company’s stock.
Quanta Services 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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