Quanta Services, Inc. (NYSE:PWR) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. decreased its stake in Quanta Services, Inc. by 12.4%, now owning 0.36% of the company valued at approximately $137.3 million.
• Several large investors have recently established new positions in Quanta Services, with institutional ownership now at 90.49%.
• Quanta Services recently reported earnings exceeding expectations, with a 23.9% year-over-year revenue increase and earnings per share at $1.78, surpassing the consensus estimate.

Federated Hermes Inc. lessened its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 12.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 540,328 shares of the construction company's stock after selling 76,555 shares during the quarter. Federated Hermes Inc. owned 0.36% of Quanta Services worth $137,341,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Banque Transatlantique SA purchased a new stake in shares of Quanta Services in the fourth quarter worth about $25,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Quanta Services during the first quarter worth approximately $25,000. Quarry LP purchased a new stake in shares of Quanta Services during the fourth quarter worth approximately $26,000. OLD Second National Bank of Aurora purchased a new stake in shares of Quanta Services in the first quarter valued at approximately $42,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Quanta Services in the first quarter valued at approximately $43,000. Hedge funds and other institutional investors own 90.49% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PWR. The Goldman Sachs Group reiterated a "buy" rating and issued a $414.00 price objective (up from $364.00) on shares of Quanta Services in a research report on Wednesday, June 4th. Piper Sandler restated an "overweight" rating and set a $370.00 price target (up from $360.00) on shares of Quanta Services in a research report on Tuesday, May 27th. Roth Capital reiterated a "buy" rating and issued a $450.00 price objective (up from $350.00) on shares of Quanta Services in a research note on Tuesday. Northland Securities cut Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 price objective on the stock. in a research note on Wednesday, July 2nd. Finally, Seaport Res Ptn upgraded Quanta Services to a "hold" rating in a research note on Thursday, July 10th. Eleven equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Quanta Services presently has a consensus rating of "Moderate Buy" and an average price target of $375.23.

Quanta Services Stock Performance

Shares of PWR traded down $11.64 during midday trading on Friday, reaching $394.49. 1,611,369 shares of the stock were exchanged, compared to its average volume of 1,443,796. The business's 50-day moving average price is $374.19 and its 200 day moving average price is $318.48. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.31 and a quick ratio of 1.26. Quanta Services, Inc. has a twelve month low of $227.08 and a twelve month high of $424.94. The company has a market capitalization of $58.49 billion, a price-to-earnings ratio of 63.63, a PEG ratio of 2.83 and a beta of 1.08.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.44 by $0.04. Quanta Services had a return on equity of 18.06% and a net margin of 3.74%. The firm had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.55 billion. During the same quarter last year, the company posted $1.90 earnings per share. The business's revenue was up 21.1% on a year-over-year basis. On average, sell-side analysts expect that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend was Tuesday, July 1st. Quanta Services's payout ratio is currently 6.45%.

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.