Quanta Services, Inc. (NYSE:PWR) Stake Lessened by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC lessened its stake in Quanta Services, Inc. (NYSE:PWR) by 50.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 954 shares of the construction company’s stock after selling 990 shares during the period. Axxcess Wealth Management LLC’s holdings in Quanta Services were worth $248,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nomura Holdings Inc. bought a new stake in shares of Quanta Services in the fourth quarter worth $631,000. Wellington Management Group LLP boosted its holdings in Quanta Services by 581.3% in the fourth quarter. Wellington Management Group LLP now owns 117,014 shares of the construction company’s stock worth $25,252,000 after purchasing an additional 99,840 shares during the period. Truist Financial Corp boosted its holdings in Quanta Services by 2.2% in the fourth quarter. Truist Financial Corp now owns 432,810 shares of the construction company’s stock worth $93,400,000 after purchasing an additional 9,421 shares during the period. Carnegie Capital Asset Management LLC boosted its holdings in Quanta Services by 24.5% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 1,650 shares of the construction company’s stock worth $356,000 after purchasing an additional 325 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Quanta Services by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 16,235,875 shares of the construction company’s stock worth $3,503,702,000 after purchasing an additional 191,334 shares during the period. Institutional investors own 90.49% of the company’s stock.

Quanta Services Stock Performance

PWR stock opened at $256.73 on Friday. The company has a market capitalization of $37.58 billion, a P/E ratio of 49.75 and a beta of 1.03. The company has a 50-day simple moving average of $266.89 and a 200 day simple moving average of $246.82. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $286.87. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.50.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. The firm had revenue of $5.03 billion for the quarter, compared to analysts’ expectations of $4.96 billion. Sell-side analysts predict that Quanta Services, Inc. will post 7.69 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Monday, July 1st were given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.14%. The ex-dividend date was Monday, July 1st. Quanta Services’s dividend payout ratio (DPR) is presently 6.98%.

Wall Street Analyst Weigh In

PWR has been the subject of a number of research reports. Evercore ISI lifted their price objective on shares of Quanta Services from $255.00 to $288.00 and gave the stock an “outperform” rating in a report on Tuesday, May 7th. Argus lifted their price objective on shares of Quanta Services from $285.00 to $310.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. B. Riley lifted their price objective on shares of Quanta Services from $246.00 to $286.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. DA Davidson boosted their price target on shares of Quanta Services from $225.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, May 7th. Finally, The Goldman Sachs Group boosted their price target on shares of Quanta Services from $259.00 to $286.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $273.75.

Quanta Services Profile

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.