Allspring Global Investments Holdings LLC Sells 7,036 Shares of Quanta Services, Inc. (NYSE:PWR)

Allspring Global Investments Holdings LLC lowered its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 4.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 160,167 shares of the construction company's stock after selling 7,036 shares during the period. Allspring Global Investments Holdings LLC owned 0.11% of Quanta Services worth $34,564,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. ICA Group Wealth Management LLC acquired a new position in shares of Quanta Services during the 4th quarter worth approximately $26,000. Coppell Advisory Solutions Corp. acquired a new position in Quanta Services in the 4th quarter valued at $28,000. Perkins Coie Trust Co bought a new stake in shares of Quanta Services during the 3rd quarter valued at $30,000. Grove Bank & Trust grew its holdings in shares of Quanta Services by 75.6% during the 3rd quarter. Grove Bank & Trust now owns 158 shares of the construction company's stock worth $30,000 after purchasing an additional 68 shares in the last quarter. Finally, VisionPoint Advisory Group LLC bought a new position in shares of Quanta Services in the second quarter worth $33,000. 90.49% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Quanta Services news, EVP Donald Wayne sold 1,101 shares of the firm's stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total value of $288,395.94. Following the completion of the sale, the executive vice president now directly owns 40,065 shares in the company, valued at $10,494,626.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Quanta Services news, EVP Donald Wayne sold 1,101 shares of the stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total value of $288,395.94. Following the transaction, the executive vice president now owns 40,065 shares in the company, valued at $10,494,626.10. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Worthing Jackman sold 9,572 shares of the business'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 value of $2,271,531.32. Following the sale, the director now owns 7,486 shares of the company's stock, valued at approximately $1,776,502.66. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,125 shares of company stock worth $11,270,215. Corporate insiders own 1.20% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PWR. Citigroup increased their price objective on shares of Quanta Services from $234.00 to $237.00 and gave the stock a "buy" rating in a research note on Friday, January 26th. Stifel Nicolaus boosted their price objective on shares of Quanta Services from $237.00 to $252.00 and gave the company a "buy" rating in a research report on Friday, February 23rd. KeyCorp began coverage on Quanta Services in a report on Wednesday, January 10th. They issued a "sector weight" rating on the stock. The Goldman Sachs Group boosted their price target on Quanta Services from $227.00 to $259.00 and gave the stock a "buy" rating in a report on Monday, February 26th. Finally, DA Davidson raised their price objective on Quanta Services from $190.00 to $225.00 and gave the company a "neutral" rating in a research note on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Quanta Services has an average rating of "Moderate Buy" and an average price target of $239.54.

Quanta Services Trading Down 1.3 %

NYSE PWR traded down $3.31 on Friday, hitting $254.69. The company's stock had a trading volume of 632,500 shares, compared to its average volume of 756,216. The firm has a market cap of $37.12 billion, a PE ratio of 50.84 and a beta of 1.11. The company's 50-day moving average is $238.74 and its 200 day moving average is $206.81. The company has a quick ratio of 1.44, a current ratio of 1.47 and a debt-to-equity ratio of 0.58. Quanta Services, Inc. has a 1-year low of $153.74 and a 1-year high of $265.82.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.19 billion. During the same quarter in the previous year, the company earned $1.54 EPS. The company's revenue for the quarter was up 31.0% on a year-over-year basis. As a group, analysts predict that Quanta Services, Inc. will post 7.63 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 17th. Shareholders of record on Tuesday, April 9th will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.14%. The ex-dividend date of this dividend is Monday, April 8th. Quanta Services's dividend payout ratio (DPR) is presently 7.19%.

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.