Allspring Global Investments Holdings LLC Has $75.18 Million Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Allspring Global Investments Holdings LLC grew its stake in Quanta Services, Inc. (NYSE:PWR) by 17.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 295,873 shares of the construction company’s stock after purchasing an additional 43,624 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.20% of Quanta Services worth $75,178,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Westside Investment Management Inc. grew its holdings in Quanta Services by 20.5% during the second quarter. Westside Investment Management Inc. now owns 241 shares of the construction company’s stock valued at $61,000 after purchasing an additional 41 shares during the period. Terra Nova Asset Management LLC increased its position in shares of Quanta Services by 0.4% in the 2nd quarter. Terra Nova Asset Management LLC now owns 12,741 shares of the construction company’s stock valued at $3,237,000 after buying an additional 46 shares in the last quarter. Wedmont Private Capital raised its stake in Quanta Services by 1.0% during the 1st quarter. Wedmont Private Capital now owns 4,674 shares of the construction company’s stock worth $1,198,000 after buying an additional 47 shares during the period. Checchi Capital Advisers LLC lifted its holdings in Quanta Services by 4.6% during the fourth quarter. Checchi Capital Advisers LLC now owns 1,367 shares of the construction company’s stock worth $295,000 after acquiring an additional 60 shares in the last quarter. Finally, ARS Investment Partners LLC grew its stake in Quanta Services by 1.3% in the second quarter. ARS Investment Partners LLC now owns 4,814 shares of the construction company’s stock valued at $1,223,000 after acquiring an additional 60 shares during the period. 90.49% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. B. Riley raised their price target on Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Northland Securities lifted their price target on shares of Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. DA Davidson increased their price objective on shares of Quanta Services from $225.00 to $250.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Argus boosted their price objective on shares of Quanta Services from $285.00 to $310.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Finally, Robert W. Baird increased their target price on Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $287.09.

Insider Buying and Selling

In other Quanta Services news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $257.93, for a total value of $3,868,950.00. Following the completion of the sale, the insider now owns 21,286 shares in the company, valued at $5,490,297.98. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the transaction, the insider now directly owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $257.93, for a total value of $3,868,950.00. Following the sale, the insider now directly owns 21,286 shares of the company’s stock, valued at approximately $5,490,297.98. The disclosure for this sale can be found here. Over the last three months, insiders have sold 202,357 shares of company stock worth $53,115,572. Insiders own 1.10% of the company’s stock.

Quanta Services Price Performance

Shares of NYSE PWR opened at $270.36 on Wednesday. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $286.87. The stock has a market capitalization of $39.58 billion, a price-to-earnings ratio of 52.40 and a beta of 1.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.30 and a quick ratio of 1.25. The business has a 50-day moving average of $260.57 and a 200-day moving average of $256.61.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The firm had revenue of $5.59 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period last year, the company earned $1.47 earnings per share. The business’s revenue was up 10.8% compared to the same quarter last year. As a group, sell-side analysts predict that Quanta Services, Inc. will post 7.72 earnings per share for the current fiscal year.

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.