Pinnacle Financial Partners Inc Buys 1,837 Shares of Quanta Services, Inc. (NYSE:PWR)

Pinnacle Financial Partners Inc boosted its position in shares of Quanta Services, Inc. (NYSE:PWR) by 3.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 49,637 shares of the construction company’s stock after buying an additional 1,837 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Quanta Services were worth $14,799,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of PWR. EntryPoint Capital LLC acquired a new position in Quanta Services in the 1st quarter worth about $25,000. Cambridge Trust Co. purchased a new stake in Quanta Services in the first quarter worth $26,000. Valley Wealth Managers Inc. purchased a new stake in shares of Quanta Services during the 2nd quarter valued at approximately $33,000. Quest Partners LLC bought a new stake in shares of Quanta Services during the second quarter valued at about $35,000. Finally, CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Quanta Services in the second quarter worth $38,000. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Trading Down 0.7 %

NYSE:PWR opened at $327.37 on Wednesday. Quanta Services, Inc. has a 12 month low of $173.62 and a 12 month high of $335.00. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. The firm has a market cap of $48.32 billion, a price-to-earnings ratio of 60.40 and a beta of 1.01. The company’s 50 day moving average is $297.41 and its 200-day moving average is $276.44.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.46 by $0.26. The business had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the company posted $2.08 EPS. Equities analysts anticipate that Quanta Services, Inc. will post 7.88 EPS for the current year.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were issued a dividend of $0.09 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.36 annualized dividend and a yield of 0.11%. Quanta Services’s dividend payout ratio (DPR) is currently 6.64%.

Insider Buying and Selling

In other news, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were 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 in the company, valued at $2,875,791.81. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

PWR has been the topic of several recent analyst reports. Wolfe Research assumed coverage on Quanta Services in a research note on Thursday, September 19th. They issued an “outperform” rating and a $313.00 target price on the stock. Citigroup lifted their price target on shares of Quanta Services from $302.00 to $348.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Northland Securities restated an “outperform” rating and issued a $328.00 price target (up from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. TD Cowen lifted their price objective on shares of Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Finally, UBS Group raised their price target on Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Quanta Services has an average rating of “Moderate Buy” and an average price target of $314.27.

Quanta Services Company 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.