TrinityPoint Wealth LLC Lowers Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

TrinityPoint Wealth LLC cut its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 8.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,901 shares of the construction company’s stock after selling 649 shares during the quarter. TrinityPoint Wealth LLC’s holdings in Quanta Services were worth $2,058,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Versor Investments LP bought a new stake in Quanta Services during the 3rd quarter valued at $406,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Quanta Services by 5.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 36,862 shares of the construction company’s stock valued at $9,366,000 after acquiring an additional 1,981 shares in the last quarter. Cetera Investment Advisers lifted its stake in Quanta Services by 115.0% in the first quarter. Cetera Investment Advisers now owns 39,274 shares of the construction company’s stock worth $10,203,000 after acquiring an additional 21,003 shares during the period. Czech National Bank grew its holdings in Quanta Services by 8.9% during the 2nd quarter. Czech National Bank now owns 27,827 shares of the construction company’s stock worth $7,071,000 after acquiring an additional 2,264 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Quanta Services by 892.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the construction company’s stock valued at $262,000 after purchasing an additional 910 shares during the period. Institutional investors own 90.49% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PWR shares. B. Riley upped their price target on shares of Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Truist Financial increased their target price on Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. TD Cowen boosted their price target on Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Jefferies Financial Group started coverage on Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price objective on the stock. Finally, Wolfe Research assumed coverage on shares of Quanta Services in a report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 target price for the company. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $314.27.

Quanta Services Trading Down 0.2 %

Shares of Quanta Services stock opened at $323.33 on Monday. The firm’s 50 day simple moving average is $301.80 and its two-hundred day simple moving average is $277.83. The firm has a market capitalization of $47.73 billion, a price-to-earnings ratio of 59.65 and a beta of 1.01. Quanta Services, Inc. has a 12-month low of $180.97 and a 12-month high of $335.00. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.46 by $0.26. The company had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business posted $2.08 EPS. Analysts predict that Quanta Services, Inc. will post 7.88 EPS for the current year.

Quanta Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.11%. The ex-dividend date of this dividend was Tuesday, October 1st. Quanta Services’s payout ratio is 6.64%.

Insider Activity

In related news, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the completion of the transaction, the insider now directly owns 10,631 shares in the company, valued at $2,875,791.81. The trade was a 68.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.10% 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 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.