Allspring Global Investments Holdings LLC Has $199.64 Million Position in Quanta Services, Inc. $PWR

Key Points

• Allspring Global Investments reduced its Quanta Services stake by 15.8% in Q1, but still held 356,418 shares worth about $199.6 million at the time of filing.
• Quanta Services posted a strong quarter, with EPS of $2.68 topping estimates and revenue of $7.87 billion also beating expectations, while revenue rose 26.3% year over year.
• The company approved a $1 billion share buyback and recently paid a quarterly dividend of $0.11 per share, while analysts remain largely bullish with a consensus rating of Moderate Buy and a price target of $751.86.

Allspring Global Investments Holdings LLC lowered its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 15.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 356,418 shares of the construction company's stock after selling 66,824 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.24% of Quanta Services worth $199,637,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Cedar Mountain Advisors LLC lifted its stake in Quanta Services by 321.4% in the 4th quarter. Cedar Mountain Advisors LLC now owns 59 shares of the construction company's stock worth $25,000 after acquiring an additional 45 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in Quanta Services during the 4th quarter valued at about $28,000. Darwin Wealth Management LLC purchased a new stake in shares of Quanta Services in the second quarter worth approximately $26,000. MV Capital Management Inc. acquired a new stake in shares of Quanta Services during the fourth quarter worth approximately $30,000. Finally, Brown Lisle Cummings Inc. boosted its holdings in shares of Quanta Services by 825.0% during the first quarter. Brown Lisle Cummings Inc. now owns 74 shares of the construction company's stock worth $41,000 after purchasing an additional 66 shares during the period. Hedge funds and other institutional investors own 90.49% of the company's stock.

Quanta Services Price Performance

Shares of NYSE:PWR opened at $630.09 on Friday. The firm has a market capitalization of $94.55 billion, a PE ratio of 86.43, a PEG ratio of 2.55 and a beta of 1.21. The company has a current ratio of 1.14, a quick ratio of 1.09 and a debt-to-equity ratio of 0.57. Quanta Services, Inc. has a 1-year low of $363.01 and a 1-year high of $788.75. The business's 50 day moving average is $705.81 and its 200-day moving average is $598.03.

Quanta Services (NYSE:PWR - Get Free Report) last issued its earnings results on Thursday, April 30th. The construction company reported $2.68 EPS for the quarter, beating analysts' consensus estimates of $2.04 by $0.64. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The business had revenue of $7.87 billion during the quarter, compared to analyst estimates of $7 billion. During the same period in the prior year, the company posted $1.78 earnings per share. Quanta Services's revenue was up 26.3% on a year-over-year basis. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. Sell-side analysts predict that Quanta Services, Inc. will post 12.8 earnings per share for the current year.

Quanta Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 0.1%. The ex-dividend date was Wednesday, July 1st. Quanta Services's payout ratio is 6.04%.

Quanta Services announced that its Board of Directors has approved a stock buyback plan on Friday, May 22nd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the construction company to reacquire up to 0.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

PWR has been the topic of several research reports. UBS Group upped their price objective on shares of Quanta Services from $646.00 to $900.00 and gave the company a "buy" rating in a research note on Monday, May 4th. B. Riley Financial restated a "neutral" rating on shares of Quanta Services in a research note on Friday, May 1st. Cantor Fitzgerald lifted their price target on Quanta Services from $630.00 to $901.00 and gave the company an "overweight" rating in a report on Monday, May 11th. Zacks Research lowered shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. Finally, Evercore boosted their target price on shares of Quanta Services from $635.00 to $800.00 and gave the stock an "outperform" rating in a research report on Friday, May 1st. Nineteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $751.86.

Insider Activity

In related news, CAO Paul Nobel sold 4,000 shares of the company's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $756.98, for a total value of $3,027,920.00. Following the sale, the chief accounting officer owned 8,080 shares of the company's stock, valued at $6,116,398.40. The trade was a 33.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Earl C. Jr. Austin sold 25,992 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $770.71, for a total transaction of $20,032,294.32. Following the completion of the transaction, the chief executive officer directly owned 16,508 shares of the company's stock, valued at $12,722,880.68. This trade represents a 61.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 159,992 shares of company stock worth $123,244,714. 0.60% of the stock is owned by company insiders.

Quanta Services Company Profile

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.

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