BlackRock Inc. lessened its position in shares of Quanta Services, Inc. (NYSE:PWR) by 5.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,921,399 shares of the construction company’s stock after selling 621,665 shares during the quarter. BlackRock Inc. owned about 0.08% of Quanta Services worth $1,243,075,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of PWR. West Oak Capital LLC bought a new position in shares of Quanta Services during the 3rd quarter worth approximately $34,000. Motco purchased a new stake in Quanta Services during the 3rd quarter worth approximately $37,000. Trustcore Financial Services LLC grew its position in Quanta Services by 32.8% during the 3rd quarter. Trustcore Financial Services LLC now owns 364 shares of the construction company’s stock worth $41,000 after purchasing an additional 90 shares during the last quarter. TCI Wealth Advisors Inc. grew its position in Quanta Services by 41.8% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 387 shares of the construction company’s stock worth $44,000 after purchasing an additional 114 shares during the last quarter. Finally, Alpha Paradigm Partners LLC purchased a new stake in Quanta Services during the 2nd quarter worth approximately $47,000. Hedge funds and other institutional investors own 86.69% of the company’s stock.
Several research firms have weighed in on PWR. Zacks Investment Research downgraded shares of Quanta Services from a “strong-buy” rating to a “hold” rating and set a $120.00 target price on the stock. in a research report on Friday, November 5th. UBS Group upped their price objective on shares of Quanta Services from $122.00 to $139.00 and gave the company a “buy” rating in a report on Friday, September 24th. Credit Suisse Group upped their price objective on shares of Quanta Services from $143.00 to $144.00 and gave the company an “outperform” rating in a report on Friday, November 5th. Citigroup upped their price objective on shares of Quanta Services from $120.00 to $139.00 and gave the company a “buy” rating in a report on Thursday, October 21st. Finally, The Goldman Sachs Group started coverage on shares of Quanta Services in a report on Friday, September 17th. They issued a “buy” rating and a $138.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $130.73.
Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, November 4th. The construction company reported $1.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.36 by $0.12. The company had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.43 billion. Quanta Services had a net margin of 4.61% and a return on equity of 13.15%. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.30 earnings per share. Equities analysts expect that Quanta Services, Inc. will post 4.33 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, January 14th. Shareholders of record on Tuesday, January 4th were given a dividend of $0.07 per share. The ex-dividend date was Monday, January 3rd. This is a boost from Quanta Services’s previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a yield of 0.26%. Quanta Services’s dividend payout ratio is currently 7.35%.
In other Quanta Services news, insider James Redgie Probst sold 16,100 shares of the company’s stock in a transaction on Monday, November 29th. The shares were sold at an average price of $122.10, for a total transaction of $1,965,810.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.10% of the company’s stock.
Quanta Services Company Profile
Quanta Services, Inc engages in the provision of specialty contracting services, offering infrastructure solutions to the electric power, oil and gas, and communication industries. The firm operates through the Electric Power Infrastructure Services, and Underground Utility and Infrastructure Solutions segment.
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