Royal Harbor Partners LLC reduced its position in shares of Quanta Services, Inc. (NYSE:PWR – Free Report) by 50.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 800 shares of the construction company’s stock after selling 800 shares during the quarter. Royal Harbor Partners LLC’s holdings in Quanta Services were worth $338,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the business. Norges Bank bought a new stake in Quanta Services during the fourth quarter valued at approximately $817,285,000. Bank of America Corp DE raised its position in Quanta Services by 35.6% in the third quarter. Bank of America Corp DE now owns 2,916,540 shares of the construction company’s stock worth $1,208,672,000 after acquiring an additional 765,822 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Quanta Services by 35.2% during the 4th quarter. Victory Capital Management Inc. now owns 2,915,440 shares of the construction company’s stock worth $1,230,493,000 after acquiring an additional 758,862 shares during the last quarter. Sands Capital Management LLC bought a new position in Quanta Services in the 4th quarter worth $243,485,000. Finally, Select Equity Group L.P. grew its holdings in Quanta Services by 69.3% during the second 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 during the period. Institutional investors own 90.49% of the company’s stock.
Quanta Services Price Performance
Shares of Quanta Services stock opened at $704.35 on Friday. The stock has a 50 day moving average of $687.86 and a 200 day moving average of $564.58. Quanta Services, Inc. has a 12 month low of $358.38 and a 12 month 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 $105.70 billion, a PE ratio of 96.62, a PEG ratio of 2.81 and a beta of 1.20.
Quanta Services declared that its Board of Directors has approved a stock repurchase plan on Friday, May 22nd that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the construction company to purchase up to 0.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
Quanta Services Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend is Wednesday, July 1st. Quanta Services’s dividend payout ratio (DPR) is presently 6.04%.
Insider Buying and Selling
In other news, CAO Paul Nobel sold 4,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief accounting officer owned 8,080 shares of the company’s stock, valued at approximately $6,116,398.40. The trade was a 33.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $770.65, for a total value of $100,184,500.00. Following the sale, the chief executive officer owned 556,911 shares in the company, valued at $429,183,462.15. The trade was a 18.93% 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 valued at $123,244,714. Company insiders own 0.60% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on PWR. The Goldman Sachs Group raised their price objective on Quanta Services from $685.00 to $826.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Weiss Ratings raised shares of Quanta Services from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 20th. TD Cowen lifted their price target on shares of Quanta Services from $570.00 to $775.00 and gave the company a “buy” rating in a report on Monday, May 4th. BMO Capital Markets raised their price objective on shares of Quanta Services from $650.00 to $800.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Finally, Truist Financial set a $851.00 target price on shares of Quanta Services in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $733.87.
Check Out Our Latest Research Report on Quanta Services
About Quanta Services
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.
Featured Stories
- Five stocks we like better than Quanta Services
- Credo Technologies Accelerates AI—Its Stock Price Will Follow
- Qualcomm Goes All-In: The $10B Bet to Crush NVIDIA
- Jabil Just Gave Investors a Stronger Reason to Buy the Dip
- CarMax In Reverse? Why You Should Buy Now Before the Big Catalysts Emerge
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.
