Comerica Bank Has $9.06 Million Stake in Quanta Services, Inc. $PWR

Key Points

• Comerica Bank has reduced its stake in Quanta Services, Inc. by 5.8%, selling 2,180 shares and holding a total of 35,652 shares worth approximately $9.06 million.
• Quanta Services reported earnings of $2.48 EPS, exceeding estimates, with a revenue of $6.77 billion for the last quarter, reflecting a year-over-year growth of 21.1%.
• Analysts have set a consensus rating of "Moderate Buy" for Quanta Services with an average target price of $392.45, indicating optimism for the company’s stock performance.

Comerica Bank cut its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 5.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,652 shares of the construction company's stock after selling 2,180 shares during the period. Comerica Bank's holdings in Quanta Services were worth $9,062,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Quanta Services by 2.4% during the first quarter. Vanguard Group Inc. now owns 17,417,299 shares of the construction company's stock worth $4,427,129,000 after acquiring an additional 407,878 shares during the last quarter. Bank of America Corp DE raised its position in shares of Quanta Services by 42.8% in the fourth quarter. Bank of America Corp DE now owns 1,691,652 shares of the construction company's stock valued at $534,647,000 after buying an additional 506,722 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Quanta Services in the first quarter valued at approximately $404,288,000. Northern Trust Corp raised its position in shares of Quanta Services by 3.8% in the first quarter. Northern Trust Corp now owns 1,545,514 shares of the construction company's stock valued at $392,839,000 after buying an additional 56,081 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Quanta Services by 7.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,143,033 shares of the construction company's stock valued at $361,256,000 after buying an additional 82,981 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PWR shares. Daiwa America downgraded shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 1st. Roth Capital reiterated a "buy" rating and issued a $450.00 price target (up from $350.00) on shares of Quanta Services in a research report on Tuesday, July 29th. Citigroup lifted their price target on shares of Quanta Services from $432.00 to $492.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Sanford C. Bernstein cut shares of Quanta Services from an "outperform" rating to a "market perform" rating and set a $410.00 price objective on the stock. in a research note on Monday, July 28th. Finally, BMO Capital Markets cut shares of Quanta Services from an "outperform" rating to a "market perform" rating and lifted their price objective for the company from $352.00 to $400.00 in a research note on Thursday, July 17th. Thirteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $392.45.

Quanta Services Price Performance

Shares of NYSE PWR traded down $7.72 during midday trading on Friday, reaching $378.24. 774,371 shares of the company were exchanged, compared to its average volume of 1,012,933. The stock's 50-day moving average price is $387.37 and its 200-day moving average price is $327.85. The stock has a market cap of $56.36 billion, a P/E ratio of 58.55, a PEG ratio of 2.24 and a beta of 1.10. 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 posted its earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share for the quarter, topping analysts' consensus estimates of $2.44 by $0.04. The firm 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 company's revenue was up 21.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.90 earnings per share. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. On average, sell-side analysts anticipate that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

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

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.