Picton Mahoney Asset Management Boosts Position in Quanta Services, Inc. (NYSE:PWR)

Picton Mahoney Asset Management grew its stake in Quanta Services, Inc. (NYSE:PWR) by 24.1% during the 4th quarter, Holdings Channel reports. The fund owned 70,092 shares of the construction company’s stock after acquiring an additional 13,630 shares during the period. Picton Mahoney Asset Management’s holdings in Quanta Services were worth $15,124,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of PWR. Truist Financial Corp increased its stake in Quanta Services by 2.2% during the fourth quarter. Truist Financial Corp now owns 432,810 shares of the construction company’s stock worth $93,400,000 after acquiring an additional 9,421 shares during the last quarter. Carnegie Capital Asset Management LLC lifted its holdings in Quanta Services by 24.5% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 1,650 shares of the construction company’s stock worth $356,000 after acquiring an additional 325 shares during the last quarter. Gradient Investments LLC lifted its stake in Quanta Services by 669,187.5% in the fourth quarter. Gradient Investments LLC now owns 53,543 shares of the construction company’s stock valued at $11,555,000 after buying an additional 53,535 shares during the last quarter. Saxon Interests Inc. bought a new position in Quanta Services in the 4th quarter worth about $1,352,000. Finally, Nordea Investment Management AB boosted its position in Quanta Services by 8,297.7% during the 4th quarter. Nordea Investment Management AB now owns 912,413 shares of the construction company’s stock worth $196,205,000 after acquiring an additional 901,548 shares during the period. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on PWR. TD Cowen lifted their target price on Quanta Services from $205.00 to $270.00 and gave the stock an “outperform” rating in a report on Tuesday, February 27th. Stifel Nicolaus raised their target price on Quanta Services from $237.00 to $252.00 and gave the company a “buy” rating in a report on Friday, February 23rd. Citigroup increased their target price on Quanta Services from $275.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Evercore ISI raised their price objective on Quanta Services from $255.00 to $288.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, KeyCorp initiated coverage on Quanta Services in a report on Wednesday, January 10th. They issued a “sector weight” rating for the company. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $262.00.

Quanta Services Trading Down 1.0 %

Shares of NYSE:PWR traded down $2.64 during trading on Tuesday, hitting $266.86. 1,116,639 shares of the company’s stock were exchanged, compared to its average volume of 941,909. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.50. Quanta Services, Inc. has a 1-year low of $153.74 and a 1-year high of $271.96. The firm has a 50-day moving average price of $251.91 and a two-hundred day moving average price of $216.41. The firm has a market cap of $39.07 billion, a P/E ratio of 51.72 and a beta of 1.10.

Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.21. Quanta Services had a return on equity of 16.25% and a net margin of 3.57%. The firm had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same period in the previous year, the company posted $1.54 earnings per share. The company’s revenue for the quarter was up 31.0% on a year-over-year basis. Equities analysts predict that Quanta Services, Inc. will post 7.63 earnings per share for the current year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Investors of record on Tuesday, April 9th were given a dividend of $0.09 per share. The ex-dividend date was Monday, April 8th. This represents a $0.36 annualized dividend and a yield of 0.13%. Quanta Services’s dividend payout ratio (DPR) is presently 6.98%.

Insider Activity

In other news, Director Worthing Jackman sold 9,572 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total transaction of $2,271,531.32. Following the completion of the sale, the director now owns 7,486 shares in the company, valued at approximately $1,776,502.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Quanta Services news, Director Worthing Jackman sold 9,572 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total value of $2,271,531.32. Following the completion of the sale, the director now owns 7,486 shares of the company’s stock, valued at approximately $1,776,502.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Donald Wayne sold 1,101 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total value of $288,395.94. Following the sale, the executive vice president now directly owns 40,065 shares in the company, valued at $10,494,626.10. The disclosure for this sale can be found here. Insiders sold a total of 47,125 shares of company stock valued at $11,270,215 in the last quarter. Company insiders own 1.10% of the company’s stock.

About Quanta Services

Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries in the United States, Canada, Australia, and internationally. 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.