Moran Wealth Management LLC Sells 3,007 Shares of Quanta Services, Inc. (NYSE:PWR)

Moran Wealth Management LLC trimmed its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 4.4% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 64,575 shares of the construction company's stock after selling 3,007 shares during the quarter. Moran Wealth Management LLC's holdings in Quanta Services were worth $16,414,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PWR. Vanguard Group Inc. boosted its position in Quanta Services by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 17,009,421 shares of the construction company's stock valued at $5,375,828,000 after buying an additional 161,277 shares during the period. Capital World Investors lifted its stake in shares of Quanta Services by 14.1% in the 4th quarter. Capital World Investors now owns 7,223,471 shares of the construction company's stock valued at $2,282,978,000 after acquiring an additional 891,977 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Quanta Services by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 3,558,827 shares of the construction company's stock valued at $1,121,830,000 after acquiring an additional 99,416 shares during the period. Invesco Ltd. grew its position in Quanta Services by 3.7% during the 4th quarter. Invesco Ltd. now owns 1,913,847 shares of the construction company's stock worth $604,871,000 after acquiring an additional 68,565 shares during the last quarter. Finally, Norges Bank purchased a new position in Quanta Services in the 4th quarter worth approximately $544,937,000. Hedge funds and other institutional investors own 90.49% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PWR. Citigroup dropped their price objective on Quanta Services from $366.00 to $342.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Truist Financial cut their price target on shares of Quanta Services from $398.00 to $324.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. TD Cowen boosted their price objective on shares of Quanta Services from $335.00 to $355.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Evercore ISI raised their target price on Quanta Services from $331.00 to $360.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Finally, BMO Capital Markets set a $352.00 price target on Quanta Services in a report on Friday, May 2nd. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $349.65.

Quanta Services Stock Up 1.6%

Shares of Quanta Services stock traded up $5.97 during trading on Thursday, hitting $380.04. The company's stock had a trading volume of 1,210,151 shares, compared to its average volume of 1,474,837. Quanta Services, Inc. has a 52 week low of $227.08 and a 52 week high of $381.12. The company has a market capitalization of $56.34 billion, a PE ratio of 61.30, a P/E/G ratio of 2.90 and a beta of 1.07. The company has a fifty day simple moving average of $332.22 and a two-hundred day simple moving average of $306.31. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.26 and a current ratio of 1.31.

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 for the quarter, beating analysts' consensus estimates of $1.72 by $0.06. Quanta Services had a net margin of 3.74% and a return on equity of 18.06%. The business had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.88 billion. During the same quarter last year, the firm earned $1.41 earnings per share. The business's revenue for the quarter was up 23.9% on a year-over-year basis. Equities research analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.11%. Quanta Services's payout ratio is presently 6.45%.

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.