Covenant Asset Management LLC lessened its stake in shares of Quanta Services, Inc. (NYSE:PWR – Free Report) by 0.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,159 shares of the construction company’s stock after selling 244 shares during the quarter. Quanta Services comprises about 1.4% of Covenant Asset Management LLC’s holdings, making the stock its 13th biggest holding. Covenant Asset Management LLC’s holdings in Quanta Services were worth $5,335,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Jones Financial Companies Lllp grew its stake in Quanta Services by 2,400.0% in the 1st quarter. Jones Financial Companies Lllp now owns 150 shares of the construction company’s stock valued at $25,000 after acquiring an additional 144 shares during the last quarter. ICA Group Wealth Management LLC acquired a new stake in shares of Quanta Services during the fourth quarter worth approximately $26,000. TCTC Holdings LLC acquired a new position in Quanta Services in the first quarter worth $27,000. Coppell Advisory Solutions Corp. acquired a new position in Quanta Services in the fourth quarter worth $28,000. Finally, Venturi Wealth Management LLC bought a new stake in Quanta Services in the first quarter valued at $29,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.
Analysts Set New Price Targets
PWR has been the topic of a number of recent analyst reports. Credit Suisse Group lifted their price objective on shares of Quanta Services from $201.00 to $238.00 and gave the company an “outperform” rating in a research note on Friday, August 4th. Citigroup lifted their price target on Quanta Services from $192.00 to $234.00 and gave the stock a “buy” rating in a research note on Monday, July 24th. StockNews.com assumed coverage on Quanta Services in a research note on Thursday, August 17th. They set a “hold” rating on the stock. DA Davidson lifted their target price on Quanta Services from $170.00 to $190.00 and gave the company a “neutral” rating in a research note on Monday, August 7th. Finally, UBS Group lifted their price target on Quanta Services from $195.00 to $228.00 in a report on Monday, July 10th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Quanta Services has an average rating of “Moderate Buy” and a consensus price target of $205.27.
Quanta Services Stock Down 0.2 %
Shares of Quanta Services stock traded down $0.43 during trading on Tuesday, reaching $197.27. The stock had a trading volume of 119,620 shares, compared to its average volume of 818,025. The company has a current ratio of 1.68, a quick ratio of 1.64 and a debt-to-equity ratio of 0.74. The stock has a fifty day moving average price of $203.30 and a two-hundred day moving average price of $183.49. The company has a market capitalization of $28.64 billion, a price-to-earnings ratio of 50.43 and a beta of 1.08. Quanta Services, Inc. has a 52 week low of $123.25 and a 52 week high of $212.82.
Quanta Services (NYSE:PWR – Get Free Report) last announced its quarterly earnings results on Thursday, August 3rd. The construction company reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.06). Quanta Services had a return on equity of 15.48% and a net margin of 3.16%. The business had revenue of $5.05 billion for the quarter, compared to analyst estimates of $4.69 billion. Sell-side analysts predict that Quanta Services, Inc. will post 6.47 EPS for the current fiscal year.
Quanta Services Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Monday, October 2nd will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, September 29th. This represents a $0.32 annualized dividend and a dividend yield of 0.16%. Quanta Services’s dividend payout ratio (DPR) is presently 8.16%.
Insider Transactions at Quanta Services
In related news, EVP Donald Wayne sold 5,000 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $210.92, for a total value of $1,054,600.00. Following the completion of the sale, the executive vice president now directly owns 41,323 shares in the company, valued at $8,715,847.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.30% of the company’s stock.
Quanta Services Company Profile
Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries worldwide. 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.
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