Quanta Services, Inc. (NYSE:PWR) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 2.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 195,827 shares of the construction company's stock after selling 5,852 shares during the period. Principal Financial Group Inc. owned approximately 0.13% of Quanta Services worth $49,775,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Larson Financial Group LLC grew its position in Quanta Services by 7.8% in the fourth quarter. Larson Financial Group LLC now owns 456 shares of the construction company's stock worth $144,000 after acquiring an additional 33 shares in the last quarter. Knights of Columbus Asset Advisors LLC boosted its position in shares of Quanta Services by 0.3% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 13,467 shares of the construction company's stock valued at $4,256,000 after buying an additional 41 shares during the period. Quent Capital LLC boosted its position in shares of Quanta Services by 3.2% during the first quarter. Quent Capital LLC now owns 1,362 shares of the construction company's stock valued at $346,000 after buying an additional 42 shares during the period. Tower Wealth Partners Inc. raised its holdings in shares of Quanta Services by 3.8% in the fourth quarter. Tower Wealth Partners Inc. now owns 1,165 shares of the construction company's stock worth $368,000 after buying an additional 43 shares during the period. Finally, AlTi Global Inc. lifted its stake in shares of Quanta Services by 1.4% during the 4th quarter. AlTi Global Inc. now owns 3,300 shares of the construction company's stock worth $1,112,000 after acquiring an additional 44 shares during the last quarter. 90.49% of the stock is owned by hedge funds and other institutional investors.

Quanta Services Stock Down 2.1%

NYSE:PWR traded down $7.96 during midday trading on Tuesday, reaching $377.84. 1,154,614 shares of the stock traded hands, compared to its average volume of 1,476,226. The stock has a market capitalization of $56.02 billion, a PE ratio of 60.94, a price-to-earnings-growth ratio of 3.01 and a beta of 1.08. Quanta Services, Inc. has a 12-month low of $227.08 and a 12-month high of $388.00. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.26 and a current ratio of 1.31. The business has a 50-day moving average of $349.35 and a two-hundred day moving average of $308.81.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The construction company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.72 by $0.06. Quanta Services had a return on equity of 18.06% and a net margin of 3.74%. The firm had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.88 billion. During the same quarter in the prior year, the business posted $1.41 EPS. The business's revenue for the quarter was up 23.9% compared to the same quarter last year. On average, equities analysts forecast that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

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

Analyst Upgrades and Downgrades

PWR has been the topic of a number of recent analyst reports. Evercore ISI increased 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. B. Riley lifted their price objective on shares of Quanta Services from $300.00 to $355.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Truist Financial dropped their target price on shares of Quanta Services from $398.00 to $324.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. UBS Group set a $413.00 price target on shares of Quanta Services and gave the company a "buy" rating in a research note on Thursday, June 12th. Finally, TD Cowen boosted their price target on Quanta Services from $335.00 to $355.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Eight equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $350.95.

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.