Pinnacle Wealth Management LLC Purchases Shares of 6,500 Quanta Services, Inc. (NYSE:PWR)

Pinnacle Wealth Management LLC acquired a new stake in Quanta Services, Inc. (NYSE:PWR - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,500 shares of the construction company's stock, valued at approximately $2,054,000. Quanta Services makes up about 2.3% of Pinnacle Wealth Management LLC's portfolio, making the stock its 22nd largest position.

Several other large investors also recently bought and sold shares of PWR. Kestra Private Wealth Services LLC raised its holdings in shares of Quanta Services by 85.0% in the fourth quarter. Kestra Private Wealth Services LLC now owns 4,752 shares of the construction company's stock valued at $1,502,000 after buying an additional 2,184 shares during the last quarter. Allstate Corp purchased a new stake in shares of Quanta Services in the fourth quarter valued at about $1,357,000. SeaBridge Investment Advisors LLC purchased a new stake in shares of Quanta Services in the fourth quarter valued at about $1,754,000. Lebenthal Global Advisors LLC raised its holdings in Quanta Services by 10.7% during the fourth quarter. Lebenthal Global Advisors LLC now owns 8,627 shares of the construction company's stock worth $2,727,000 after purchasing an additional 832 shares in the last quarter. Finally, Brighton Jones LLC purchased a new position in Quanta Services during the fourth quarter worth about $298,000. Institutional investors and hedge funds own 90.49% of the company's stock.

Analyst Upgrades and Downgrades

PWR has been the subject of several analyst reports. Daiwa America raised shares of Quanta Services from a "hold" rating to a "strong-buy" rating in a report on Friday, April 11th. Piper Sandler increased their price target on shares of Quanta Services from $360.00 to $370.00 and gave the stock an "overweight" rating in a report on Tuesday. Stifel Nicolaus increased their target price on shares of Quanta Services from $306.00 to $363.00 and gave the company a "buy" rating in a report on Monday, May 5th. Truist Financial dropped their target price on shares of Quanta Services from $398.00 to $324.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. increased their target price on shares of Quanta Services from $297.00 to $323.00 and gave the company a "neutral" rating in a report on Tuesday, January 28th. Six analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Quanta Services has an average rating of "Moderate Buy" and a consensus price target of $344.85.

Quanta Services Trading Down 0.8%

NYSE PWR traded down $2.72 during mid-day trading on Wednesday, reaching $339.63. 176,452 shares of the stock were exchanged, compared to its average volume of 1,564,471. Quanta Services, Inc. has a 1-year low of $227.08 and a 1-year high of $365.88. The business's fifty day simple moving average is $292.02 and its 200 day simple moving average is $302.98. The stock has a market capitalization of $50.35 billion, a PE ratio of 56.32, a PEG ratio of 1.41 and a beta of 1.02. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.19 and a current ratio of 1.30.

Quanta Services (NYSE:PWR - Get Free Report) last announced its earnings results on Thursday, May 1st. The construction company reported $1.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.72 by $0.06. The firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.88 billion. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. Quanta Services's revenue was up 23.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.41 earnings per share. On average, research 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 declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be issued a $0.10 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $0.40 annualized dividend and a yield of 0.12%. Quanta Services's dividend payout ratio is currently 6.45%.

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.