Busey Bank Trims Holdings in Quanta Services, Inc. $PWR

Key Points

• Busey Bank reduced its stake in Quanta Services, Inc. by 30.2% in Q2, holding 1,590 shares valued at approximately $601,000 after selling 688 shares.
• The company's latest earnings report revealed a quarterly EPS of $2.48, exceeding analysts' expectations, with revenue increasing by 21.1% year-over-year to $6.77 billion.
• Quanta Services announced a quarterly dividend of $0.10 per share, highlighting its ongoing commitment to returning value to shareholders.

Busey Bank lowered its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 30.2% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,590 shares of the construction company's stock after selling 688 shares during the period. Busey Bank's holdings in Quanta Services were worth $601,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Pinnacle Wealth Planning Services Inc. increased its stake in shares of Quanta Services by 3.5% in the first quarter. Pinnacle Wealth Planning Services Inc. now owns 951 shares of the construction company's stock valued at $242,000 after purchasing an additional 32 shares during the period. Frank Rimerman Advisors LLC increased its stake in shares of Quanta Services by 1.1% during the first quarter. Frank Rimerman Advisors LLC now owns 3,114 shares of the construction company's stock valued at $792,000 after acquiring an additional 34 shares during the period. Legacy Capital Wealth Partners LLC increased its stake in shares of Quanta Services by 3.4% during the first quarter. Legacy Capital Wealth Partners LLC now owns 1,089 shares of the construction company's stock valued at $277,000 after acquiring an additional 36 shares during the period. Commerzbank Aktiengesellschaft FI increased its stake in shares of Quanta Services by 2.6% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 1,436 shares of the construction company's stock valued at $365,000 after acquiring an additional 37 shares during the period. Finally, Cary Street Partners Investment Advisory LLC increased its stake in shares of Quanta Services by 15.6% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 282 shares of the construction company's stock valued at $72,000 after acquiring an additional 38 shares during the period. Institutional investors and hedge funds own 90.49% of the company's stock.

Quanta Services Trading Down 1.7%

Shares of Quanta Services stock traded down $6.61 on Tuesday, hitting $389.41. The stock had a trading volume of 404,561 shares, compared to its average volume of 1,344,215. The stock has a market cap of $58.03 billion, a price-to-earnings ratio of 60.28, a PEG ratio of 2.31 and a beta of 1.01. The stock's 50-day simple moving average is $388.08 and its two-hundred day simple moving average is $341.07. Quanta Services, Inc. has a one year low of $227.08 and a one year high of $424.94. The company has a quick ratio of 1.32, a current ratio of 1.37 and a debt-to-equity ratio of 0.59.

Quanta Services (NYSE:PWR - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share for the quarter, beating the consensus estimate of $2.44 by $0.04. The business had revenue of $6.77 billion for the quarter, compared to analysts' expectations of $6.55 billion. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. The firm's revenue for the quarter was up 21.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.90 earnings per share. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. As a group, sell-side analysts predict that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend is Wednesday, October 1st. Quanta Services's dividend payout ratio is 6.19%.

Analysts Set New Price Targets

Several research analysts have issued reports on PWR shares. Truist Financial lifted their price target on shares of Quanta Services from $375.00 to $472.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. The Goldman Sachs Group restated a "buy" rating and set a $414.00 price target (up previously from $364.00) on shares of Quanta Services in a report on Wednesday, June 4th. Roth Capital reiterated a "buy" rating and set a $450.00 target price (up from $350.00) on shares of Quanta Services in a research report on Tuesday, July 29th. Citigroup upped their target price on shares of Quanta Services from $432.00 to $492.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Finally, Sanford C. Bernstein downgraded shares of Quanta Services from an "outperform" rating to a "market perform" rating and set a $410.00 target price for the company. in a research note on Monday, July 28th. Twelve analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, Quanta Services has an average rating of "Moderate Buy" and an average price target of $401.19.

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.