PNC Financial Services Group Inc. Trims Stake in Quanta Services, Inc. $PWR

PNC Financial Services Group Inc. lessened its stake in Quanta Services, Inc. (NYSE:PWR) by 10.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 544,493 shares of the construction company’s stock after selling 61,921 shares during the period. PNC Financial Services Group Inc. owned about 0.37% of Quanta Services worth $225,649,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Darwin Wealth Management LLC acquired a new stake in Quanta Services during the second quarter valued at $26,000. Activest Wealth Management grew its position in shares of Quanta Services by 94.1% during the 3rd quarter. Activest Wealth Management now owns 66 shares of the construction company’s stock valued at $27,000 after acquiring an additional 32 shares during the period. Solstein Capital LLC increased its stake in shares of Quanta Services by 185.7% in the 2nd quarter. Solstein Capital LLC now owns 80 shares of the construction company’s stock valued at $30,000 after purchasing an additional 52 shares in the last quarter. Cornerstone Planning Group LLC raised its holdings in Quanta Services by 213.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 72 shares of the construction company’s stock worth $30,000 after purchasing an additional 49 shares during the period. Finally, Legacy Investment Solutions LLC purchased a new position in Quanta Services during the second quarter worth approximately $37,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. The Goldman Sachs Group set a $495.00 price objective on Quanta Services in a research report on Monday, November 24th. Argus set a $540.00 price target on shares of Quanta Services in a report on Friday, October 31st. Mizuho set a $415.00 price objective on shares of Quanta Services in a research report on Tuesday, October 28th. JPMorgan Chase & Co. upgraded shares of Quanta Services from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $457.00 to $515.00 in a research report on Monday, December 8th. Finally, Cantor Fitzgerald assumed coverage on shares of Quanta Services in a research report on Friday, January 23rd. They set an “overweight” rating and a $520.00 price target for the company. Thirteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, Quanta Services currently has a consensus rating of “Moderate Buy” and a consensus price target of $464.15.

Quanta Services Stock Up 1.5%

PWR stock opened at $523.75 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 0.66. The firm has a 50-day moving average of $456.82 and a two-hundred day moving average of $429.26. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $543.28. The company has a market cap of $78.10 billion, a price-to-earnings ratio of 77.59, a PEG ratio of 2.54 and a beta of 1.15.

About Quanta Services

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.