Trust Point Inc. Acquires New Holdings in Quanta Services, Inc. (NYSE:PWR)

Trust Point Inc. purchased a new position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 130,084 shares of the construction company's stock, valued at approximately $28,072,000. Quanta Services accounts for about 2.3% of Trust Point Inc.'s investment portfolio, making the stock its 6th largest holding. Trust Point Inc. owned approximately 0.09% of Quanta Services at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Gradient Investments LLC grew its position in shares of Quanta Services by 669,187.5% during the 4th quarter. Gradient Investments LLC now owns 53,543 shares of the construction company's stock valued at $11,555,000 after acquiring an additional 53,535 shares during the period. Saxon Interests Inc. acquired a new stake in shares of Quanta Services during the 4th quarter valued at about $1,352,000. Nordea Investment Management AB grew its position in shares of Quanta Services by 8,297.7% during the 4th quarter. Nordea Investment Management AB now owns 912,413 shares of the construction company's stock valued at $196,205,000 after acquiring an additional 901,548 shares during the period. Chicago Capital LLC acquired a new stake in shares of Quanta Services during the 4th quarter valued at about $6,834,000. Finally, Marion Wealth Management purchased a new position in Quanta Services in the 4th quarter valued at about $1,233,000. 90.49% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Worthing Jackman sold 9,572 shares of the firm's stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total transaction of $2,271,531.32. Following the sale, the director now owns 7,486 shares in the company, valued at $1,776,502.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Worthing Jackman sold 9,572 shares of Quanta Services stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total transaction of $2,271,531.32. Following the transaction, the director now owns 7,486 shares in the company, valued at approximately $1,776,502.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Donald Wayne sold 1,101 shares of Quanta Services stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total transaction of $288,395.94. Following the transaction, the executive vice president now owns 40,065 shares in the company, valued at approximately $10,494,626.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,125 shares of company stock worth $11,270,215. 1.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Stifel Nicolaus raised their price target on shares of Quanta Services from $237.00 to $252.00 and gave the company a "buy" rating in a research note on Friday, February 23rd. TD Cowen raised their price target on shares of Quanta Services from $205.00 to $270.00 and gave the company an "outperform" rating in a research note on Tuesday, February 27th. DA Davidson raised their price target on shares of Quanta Services from $190.00 to $225.00 and gave the company a "neutral" rating in a research note on Wednesday, February 28th. Truist Financial assumed coverage on shares of Quanta Services in a research note on Thursday, March 14th. They issued a "buy" rating and a $301.00 target price on the stock. Finally, Evercore ISI assumed coverage on Quanta Services in a report on Tuesday, February 13th. They set an "outperform" rating and a $237.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, Quanta Services presently has a consensus rating of "Moderate Buy" and an average price target of $239.54.

Quanta Services Stock Performance

NYSE PWR traded up $6.28 during trading hours on Wednesday, hitting $262.38. The company had a trading volume of 862,228 shares, compared to its average volume of 946,519. Quanta Services, Inc. has a 1-year low of $153.74 and a 1-year high of $263.11. The company has a market cap of $38.24 billion, a PE ratio of 52.01 and a beta of 1.11. The business has a 50 day moving average of $228.97 and a 200-day moving average of $203.10. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.44 and a current ratio of 1.47.

Quanta Services (NYSE:PWR - Get Free Report) last issued its earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.83 by $0.21. Quanta Services had a net margin of 3.57% and a return on equity of 16.46%. The company had revenue of $5.78 billion during the quarter, compared to analysts' expectations of $5.19 billion. During the same period last year, the company posted $1.54 earnings per share. The firm's quarterly revenue was up 31.0% compared to the same quarter last year. As a group, equities research analysts expect that Quanta Services, Inc. will post 7.63 EPS for the current year.

Quanta Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 17th. Investors of record on Tuesday, April 9th will be given a dividend of $0.09 per share. The ex-dividend date is Monday, April 8th. This represents a $0.36 dividend on an annualized basis and a yield of 0.14%. Quanta Services's dividend payout ratio (DPR) is currently 7.19%.

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.