Jupiter Wealth Management LLC bought a new position in shares of Quanta Services Inc (NYSE:PWR) in the first quarter, HoldingsChannel.com reports. The institutional investor bought 10,991 shares of the construction company’s stock, valued at approximately $440,000.
Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Quanta Services by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 15,472,260 shares of the construction company’s stock valued at $516,464,000 after purchasing an additional 139,596 shares during the last quarter. Vanguard Group Inc grew its stake in shares of Quanta Services by 0.9% in the 3rd quarter. Vanguard Group Inc now owns 15,472,260 shares of the construction company’s stock worth $516,464,000 after acquiring an additional 139,596 shares in the last quarter. BlackRock Inc. grew its stake in shares of Quanta Services by 2.4% in the 4th quarter. BlackRock Inc. now owns 8,971,475 shares of the construction company’s stock worth $270,042,000 after acquiring an additional 207,321 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Quanta Services by 6.4% in the 4th quarter. Victory Capital Management Inc. now owns 6,612,780 shares of the construction company’s stock worth $199,045,000 after acquiring an additional 396,564 shares in the last quarter. Finally, Peconic Partners LLC grew its position in Quanta Services by 20.1% during the fourth quarter. Peconic Partners LLC now owns 3,690,373 shares of the construction company’s stock valued at $111,080,000 after buying an additional 618,459 shares during the period. Institutional investors and hedge funds own 87.82% of the company’s stock.
Several equities research analysts have commented on PWR shares. ValuEngine downgraded shares of Quanta Services from a “hold” rating to a “sell” rating in a report on Wednesday, January 2nd. B. Riley reaffirmed a “buy” rating and issued a $47.00 target price (down from $56.00) on shares of Quanta Services in a research note on Monday, March 11th. Citigroup set a $46.00 target price on shares of Quanta Services and gave the company a “buy” rating in a research note on Friday, February 22nd. Zacks Investment Research downgraded shares of Quanta Services from a “hold” rating to a “sell” rating in a research note on Thursday, January 3rd. Finally, DA Davidson downgraded shares of Quanta Services from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 16th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $42.60.
Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, February 21st. The construction company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.06. The business had revenue of $3.11 billion for the quarter, compared to analysts’ expectations of $2.94 billion. Quanta Services had a net margin of 2.63% and a return on equity of 10.63%. The firm’s revenue for the quarter was up 25.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.45 earnings per share. As a group, equities research analysts forecast that Quanta Services Inc will post 3.24 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, April 5th were issued a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.40%. The ex-dividend date was Thursday, April 4th. Quanta Services’s dividend payout ratio (DPR) is currently 6.32%.
In other news, insider James Redgie Probst sold 100,000 shares of Quanta Services stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $40.00, for a total value of $4,000,000.00. Following the completion of the transaction, the insider now owns 47,420 shares of the company’s stock, valued at approximately $1,896,800. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Bernard Fried sold 4,000 shares of Quanta Services stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $36.63, for a total value of $146,520.00. Following the completion of the transaction, the director now directly owns 8,953 shares of the company’s stock, valued at approximately $327,948.39. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,295 shares of company stock worth $4,193,257. 1.20% of the stock is currently owned by company insiders.
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About Quanta Services
Quanta Services, Inc provides specialty contracting services in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment designs, installs, upgrades, repairs, and maintains electric power transmission and distribution infrastructure, and substation facilities, as well as provides other engineering and technical services; designs, installs, maintains, and repairs commercial and industrial wiring; and operates a postsecondary educational institution.
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