GRIMES & Co WEALTH MANAGEMENT LLC Sells 1,018 Shares of Quanta Services, Inc. $PWR

GRIMES & Co WEALTH MANAGEMENT LLC reduced its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 34.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,976 shares of the construction company’s stock after selling 1,018 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Quanta Services were worth $1,269,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PWR. State Street Corp boosted its holdings in Quanta Services by 4.7% in the 2nd quarter. State Street Corp now owns 6,581,807 shares of the construction company’s stock worth $4,739,164,000 after acquiring an additional 296,893 shares during the period. Bank of America Corp DE raised its stake in shares of Quanta Services by 5.4% during the first quarter. Bank of America Corp DE now owns 3,444,711 shares of the construction company’s stock valued at $1,891,215,000 after purchasing an additional 175,184 shares during the period. Royal Bank of Canada raised its stake in shares of Quanta Services by 7.1% during the first quarter. Royal Bank of Canada now owns 1,264,827 shares of the construction company’s stock valued at $694,415,000 after purchasing an additional 83,363 shares during the period. First Trust Advisors LP lifted its position in shares of Quanta Services by 18.3% during the first quarter. First Trust Advisors LP now owns 1,003,917 shares of the construction company’s stock worth $551,170,000 after purchasing an additional 155,529 shares in the last quarter. Finally, Amundi lifted its position in shares of Quanta Services by 10.3% during the first quarter. Amundi now owns 580,718 shares of the construction company’s stock worth $318,826,000 after purchasing an additional 54,237 shares in the last quarter. 90.49% of the stock is owned by institutional investors and hedge funds.

Quanta Services Stock Up 5.6%

PWR stock opened at $656.13 on Wednesday. The company has a current ratio of 1.16, a quick ratio of 1.13 and a debt-to-equity ratio of 0.60. The firm has a 50 day simple moving average of $633.15 and a 200-day simple moving average of $625.14. The company has a market capitalization of $98.87 billion, a P/E ratio of 59.43, a PEG ratio of 1.62 and a beta of 1.29. Quanta Services, Inc. has a twelve month low of $408.36 and a twelve month high of $788.75.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, October 29th. The construction company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.02 by $1.04. Quanta Services had a net margin of 4.51% and a return on equity of 23.56%. The firm had revenue of $12.01 billion for the quarter, compared to analysts’ expectations of $11.03 billion. During the same period in the prior year, the company posted $3.33 earnings per share. The firm’s quarterly revenue was up 57.4% on a year-over-year basis. On average, equities research analysts predict that Quanta Services, Inc. will post 16.25 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were given a $0.11 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.44 annualized dividend and a dividend yield of 0.1%. Quanta Services’s payout ratio is presently 3.99%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PWR shares. Jefferies Financial Group restated a “buy” rating and issued a $760.00 target price on shares of Quanta Services in a research note on Monday. UBS Group reiterated a “buy” rating on shares of Quanta Services in a report on Monday, August 17th. Argus set a $800.00 price objective on shares of Quanta Services in a research report on Wednesday, August 5th. Raymond James Financial set a $830.00 target price on Quanta Services in a research note on Thursday, October 29th. Finally, Sanford C. Bernstein raised Quanta Services from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $748.00 to $775.00 in a research report on Thursday, September 24th. Twenty-three analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $763.81.

Quanta Services Company Profile

Quanta Services, Inc is an infrastructure solutions provider headquartered in Houston, Texas. The company designs, installs, repairs, maintains and upgrades essential infrastructure for the electric power, communications, pipeline, industrial and energy industries.

Its services include electric transmission and distribution construction, substation and renewable-energy infrastructure, storm restoration, fiber-optic and wireless communications networks, natural gas and pipeline construction, and related engineering and maintenance work.