Trust Point Inc. Buys New Position in Quanta Services, Inc. (NYSE:PWR)

Trust Point Inc. bought a new stake in Quanta Services, Inc. (NYSE:PWRFree Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 130,084 shares of the construction company’s stock, valued at approximately $28,072,000. Quanta Services comprises approximately 2.3% of Trust Point Inc.’s investment portfolio, making the stock its 6th biggest position.

Other institutional investors have also recently added to or reduced their stakes in the company. Grove Bank & Trust raised its stake in Quanta Services by 75.6% in the 3rd quarter. Grove Bank & Trust now owns 158 shares of the construction company’s stock valued at $30,000 after purchasing an additional 68 shares during the last quarter. Perkins Coie Trust Co acquired a new position in shares of Quanta Services during the 3rd quarter valued at about $30,000. VisionPoint Advisory Group LLC acquired a new position in shares of Quanta Services during the 2nd quarter valued at about $33,000. ICA Group Wealth Management LLC acquired a new position in shares of Quanta Services during the 4th quarter valued at about $26,000. Finally, Geneos Wealth Management Inc. increased its stake in shares of Quanta Services by 1,730.0% during the 3rd quarter. Geneos Wealth Management Inc. now owns 183 shares of the construction company’s stock valued at $34,000 after acquiring an additional 173 shares during the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. KeyCorp assumed coverage on shares of Quanta Services in a research note on Wednesday, January 10th. They set a “sector weight” rating for the company. Stifel Nicolaus upped their price objective on shares of Quanta Services from $237.00 to $252.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. The Goldman Sachs Group upped their price objective on shares of Quanta Services from $227.00 to $259.00 and gave the company a “buy” rating in a research note on Monday, February 26th. TD Cowen increased their target price on shares of Quanta Services from $205.00 to $270.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 27th. Finally, Truist Financial began coverage on shares of Quanta Services in a research report on Thursday, March 14th. They set a “buy” rating and a $301.00 target price for the company. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Quanta Services has an average rating of “Moderate Buy” and a consensus price target of $239.54.

Check Out Our Latest Report on Quanta Services

Quanta Services Stock Up 2.0 %

NYSE PWR traded up $5.25 on Wednesday, reaching $261.35. The company had a trading volume of 126,546 shares, compared to its average volume of 934,728. The firm has a market capitalization of $38.09 billion, a PE ratio of 52.01 and a beta of 1.11. Quanta Services, Inc. has a 1 year low of $153.74 and a 1 year high of $262.01. The firm has a 50-day moving average of $228.97 and a 200-day moving average of $203.10. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.47 and a quick ratio of 1.44.

Quanta Services (NYSE:PWRGet Free Report) last released its quarterly earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. The firm had revenue of $5.78 billion during the quarter, compared to analysts’ expectations of $5.19 billion. Quanta Services had a return on equity of 16.46% and a net margin of 3.57%. Quanta Services’s quarterly revenue was up 31.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.54 EPS. On average, equities research analysts anticipate that Quanta Services, Inc. will post 7.63 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 17th. Shareholders of record on Tuesday, April 9th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date is Monday, April 8th. Quanta Services’s dividend payout ratio is presently 7.19%.

Insiders Place Their Bets

In other Quanta Services news, EVP Donald Wayne sold 1,101 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total value of $288,395.94. Following the completion of the transaction, the executive vice president now owns 40,065 shares in the company, valued at approximately $10,494,626.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Derrick A. Jensen sold 18,500 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the completion of the transaction, the executive vice president now directly owns 263,725 shares in the company, valued at approximately $62,476,452.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Donald Wayne sold 1,101 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total value of $288,395.94. Following the transaction, the executive vice president now owns 40,065 shares of the company’s stock, valued at $10,494,626.10. The disclosure for this sale can be found here. Insiders sold a total of 47,125 shares of company stock worth $11,270,215 in the last 90 days. 1.30% of the stock is owned by company insiders.

Quanta Services Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Quanta Services (NYSE:PWR)

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