PNC Financial Services Group Inc. Lowers Stock Position in Quanta Services, Inc. (NYSE:PWR)

Key Points

• PNC Financial Services Group Inc. reduced its holdings in Quanta Services, Inc. by 0.5%, now owning 600,744 shares worth approximately $152.70 million.
• Quanta Services recently reported an earnings per share of $2.48 for the last quarter, exceeding analysts' expectations and showcasing a year-over-year revenue growth of 21.1%.
• JPMorgan Chase & Co. increased their price target for Quanta Services from $345.00 to $392.00, with an overall average target price of $379.32 among 26 equity research analysts.

PNC Financial Services Group Inc. lessened its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 0.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 600,744 shares of the construction company's stock after selling 3,142 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.41% of Quanta Services worth $152,697,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PWR. Capital World Investors lifted its position in Quanta Services by 14.1% during the fourth quarter. Capital World Investors now owns 7,223,471 shares of the construction company's stock valued at $2,282,978,000 after buying an additional 891,977 shares during the period. GAMMA Investing LLC lifted its position in Quanta Services by 22,475.0% during the first quarter. GAMMA Investing LLC now owns 815,409 shares of the construction company's stock valued at $207,261,000 after buying an additional 811,797 shares during the period. Bank of America Corp DE lifted its position in Quanta Services by 42.8% during 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 during the period. Jennison Associates LLC lifted its position in Quanta Services by 433.3% during the first quarter. Jennison Associates LLC now owns 620,973 shares of the construction company's stock valued at $157,839,000 after buying an additional 504,540 shares during the period. Finally, Voya Investment Management LLC lifted its position in Quanta Services by 210.8% during the fourth quarter. Voya Investment Management LLC now owns 550,598 shares of the construction company's stock valued at $174,016,000 after buying an additional 373,429 shares during the period. Hedge funds and other institutional investors own 90.49% of the company's stock.

Wall Street Analyst Weigh In

PWR has been the subject of several analyst reports. Seaport Res Ptn upgraded Quanta Services to a "hold" rating in a report on Thursday, July 10th. TD Cowen raised their price target on Quanta Services from $355.00 to $425.00 and gave the company a "buy" rating in a report on Tuesday. Truist Financial raised their price target on Quanta Services from $375.00 to $472.00 and gave the company a "buy" rating in a report on Monday. Wall Street Zen upgraded Quanta Services from a "hold" rating to a "buy" rating in a report on Friday, June 27th. Finally, The Goldman Sachs Group restated a "buy" rating and set a $414.00 price target (up from $364.00) on shares of Quanta Services in a report on Wednesday, June 4th. Twelve equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Quanta Services has an average rating of "Moderate Buy" and an average price target of $390.18.

Quanta Services Stock Performance

Shares of Quanta Services stock traded down $3.10 during trading hours on Tuesday, reaching $390.52. 147,328 shares of the stock traded hands, compared to its average volume of 1,438,611. The company has a 50 day moving average price of $376.54 and a 200 day moving average price of $319.21. The firm has a market capitalization of $57.90 billion, a price-to-earnings ratio of 60.45, a P/E/G ratio of 2.71 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 released its quarterly earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.44 by $0.04. The business had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.55 billion. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%. The business's quarterly revenue was up 21.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.90 EPS. On average, equities research analysts expect that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were 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 was Tuesday, July 1st. Quanta Services's payout ratio is currently 6.19%.

Quanta Services 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.