Waverton Investment Management Ltd Cuts Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Waverton Investment Management Ltd lowered its position in Quanta Services, Inc. (NYSE:PWR) by 21.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,406 shares of the construction company’s stock after selling 10,674 shares during the period. Waverton Investment Management Ltd’s holdings in Quanta Services were worth $10,010,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in PWR. Vanguard Group Inc. lifted its position in shares of Quanta Services by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 16,341,230 shares of the construction company’s stock worth $4,245,452,000 after buying an additional 105,355 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Quanta Services by 2.4% during the first quarter. JPMorgan Chase & Co. now owns 6,760,260 shares of the construction company’s stock valued at $1,756,316,000 after acquiring an additional 156,627 shares during the last quarter. Capital World Investors lifted its holdings in Quanta Services by 10.7% during the first quarter. Capital World Investors now owns 6,643,733 shares of the construction company’s stock worth $1,726,042,000 after acquiring an additional 643,011 shares during the period. Artisan Partners Limited Partnership boosted its position in Quanta Services by 384.9% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,438,653 shares of the construction company’s stock worth $526,261,000 after purchasing an additional 1,935,786 shares during the last quarter. Finally, Norges Bank bought a new position in Quanta Services in the 4th quarter valued at $335,777,000. 90.49% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PWR. Citigroup boosted their price target on shares of Quanta Services from $299.00 to $302.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Robert W. Baird boosted their target price on shares of Quanta Services from $287.00 to $288.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. The Goldman Sachs Group raised their price target on shares of Quanta Services from $259.00 to $286.00 and gave the stock a “buy” rating in a research note on Tuesday, May 28th. Truist Financial reissued a “buy” rating and set a $319.00 price objective (up from $305.00) on shares of Quanta Services in a report on Monday, August 5th. Finally, Northland Securities boosted their target price on Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $284.50.

Quanta Services Stock Down 1.7 %

Shares of NYSE PWR opened at $251.41 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45. The company has a market cap of $37.04 billion, a P/E ratio of 48.72 and a beta of 1.01. Quanta Services, Inc. has a 52 week low of $153.74 and a 52 week high of $286.87. The business has a 50-day simple moving average of $259.45 and a two-hundred day simple moving average of $258.58.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The company had revenue of $5.59 billion during the quarter, compared to analyst estimates of $5.51 billion. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. Quanta Services’s revenue was up 10.8% compared to the same quarter last year. During the same period last year, the business earned $1.47 earnings per share. Research analysts anticipate that Quanta Services, Inc. will post 7.78 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a $0.09 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.14%. Quanta Services’s dividend payout ratio (DPR) is presently 6.98%.

Insider Buying and Selling

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

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.