Truist Financial Corp Grows Position in Quanta Services, Inc. (NYSE:PWR)

Truist Financial Corp grew its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 2.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 432,810 shares of the construction company’s stock after acquiring an additional 9,421 shares during the quarter. Truist Financial Corp’s holdings in Quanta Services were worth $93,400,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of PWR. Nordea Investment Management AB increased its position in Quanta Services by 8,297.7% during the fourth quarter. Nordea Investment Management AB now owns 912,413 shares of the construction company’s stock worth $196,205,000 after buying an additional 901,548 shares in the last quarter. Qube Research & Technologies Ltd grew its position in shares of Quanta Services by 1,494.0% in the third quarter. Qube Research & Technologies Ltd now owns 304,126 shares of the construction company’s stock valued at $56,893,000 after purchasing an additional 285,047 shares during the period. Scout Investments Inc. grew its position in shares of Quanta Services by 20.3% in the third quarter. Scout Investments Inc. now owns 921,186 shares of the construction company’s stock valued at $162,718,000 after purchasing an additional 155,586 shares during the period. Ceredex Value Advisors LLC purchased a new stake in shares of Quanta Services in the fourth quarter valued at $31,730,000. Finally, Trust Point Inc. purchased a new stake in shares of Quanta Services in the fourth quarter valued at $28,072,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PWR. Evercore ISI began coverage on Quanta Services in a research report on Tuesday, February 13th. They issued an “outperform” rating and a $237.00 price objective for the company. DA Davidson lifted their price objective on Quanta Services from $190.00 to $225.00 and gave the company a “neutral” rating in a research report on Wednesday, February 28th. Citigroup lifted their target price on Quanta Services from $275.00 to $285.00 and gave the company a “buy” rating in a report on Monday, April 22nd. TD Cowen lifted their target price on Quanta Services from $205.00 to $270.00 and gave the company an “outperform” rating in a report on Tuesday, February 27th. Finally, The Goldman Sachs Group lifted their target price on Quanta Services from $227.00 to $259.00 and gave the company a “buy” rating in a report on Monday, February 26th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $247.67.

Insider Transactions at Quanta Services

In related news, Director Worthing Jackman sold 9,572 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $237.31, for a total value of $2,271,531.32. Following the completion of the sale, the director now directly owns 7,486 shares of the company’s stock, valued at $1,776,502.66. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Margaret B. Shannon sold 8,515 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $239.92, for a total value of $2,042,918.80. Following the completion of the sale, the director now directly owns 34,063 shares of the company’s stock, valued at $8,172,394.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Worthing Jackman sold 9,572 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total value of $2,271,531.32. Following the completion of the sale, the director now directly owns 7,486 shares of the company’s stock, valued at $1,776,502.66. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 47,125 shares of company stock valued at $11,270,215. 1.10% of the stock is currently owned by insiders.

Quanta Services Stock Up 2.5 %

Shares of NYSE PWR traded up $6.47 during midday trading on Friday, reaching $261.66. 1,180,022 shares of the company’s stock were exchanged, compared to its average volume of 783,667. Quanta Services, Inc. has a 52-week low of $153.74 and a 52-week high of $265.82. The stock has a market capitalization of $38.30 billion, a PE ratio of 52.25 and a beta of 1.11. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.44 and a current ratio of 1.47. The business’s fifty day moving average price is $246.91 and its two-hundred day moving average price is $211.63.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. Quanta Services had a return on equity of 16.46% and a net margin of 3.57%. The business had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same period in the previous year, the company earned $1.54 earnings per share. The company’s revenue for the quarter was up 31.0% compared to the same quarter last year. Analysts forecast that Quanta Services, Inc. will post 7.63 EPS for the current year.

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Tuesday, April 9th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date was Monday, April 8th. Quanta Services’s payout ratio is 7.19%.

About Quanta Services

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.