Citizens Business Bank reduced its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 29.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 35,147 shares of the construction company's stock after selling 14,991 shares during the period. Quanta Services makes up 1.7% of Citizens Business Bank's portfolio, making the stock its 12th largest holding. Citizens Business Bank's holdings in Quanta Services were worth $7,585,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in PWR. FMR LLC grew its holdings in shares of Quanta Services by 1.1% in the third quarter. FMR LLC now owns 4,229,280 shares of the construction company's stock valued at $791,171,000 after purchasing an additional 44,141 shares in the last quarter. Morgan Stanley increased its holdings in shares of Quanta Services by 3.3% in the 3rd quarter. Morgan Stanley now owns 1,539,987 shares of the construction company's stock worth $288,086,000 after buying an additional 49,602 shares during the last quarter. Northern Trust Corp raised its position in shares of Quanta Services by 3.9% during the 3rd quarter. Northern Trust Corp now owns 1,452,347 shares of the construction company's stock valued at $271,691,000 after buying an additional 54,268 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Quanta Services by 2.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,412,589 shares of the construction company's stock valued at $264,253,000 after acquiring an additional 40,233 shares during the last quarter. Finally, UBS Group AG grew its position in Quanta Services by 0.5% in the third quarter. UBS Group AG now owns 947,689 shares of the construction company's stock worth $177,284,000 after acquiring an additional 4,800 shares in the last quarter. Institutional investors own 90.49% of the company's stock.
Quanta Services Trading Down 1.4 %
Shares of NYSE PWR traded down $3.80 during trading hours on Tuesday, reaching $258.54. The stock had a trading volume of 1,066,476 shares, compared to its average volume of 925,198. The business's fifty day moving average price is $247.93 and its two-hundred day moving average price is $212.69. The firm has a market cap of $37.85 billion, a price-to-earnings ratio of 52.36 and a beta of 1.11. Quanta Services, Inc. has a 52-week low of $153.74 and a 52-week high of $265.82. The company has a current ratio of 1.47, a quick ratio of 1.44 and a debt-to-equity ratio of 0.58.
Quanta Services (NYSE:PWR - Get Free Report) last announced its quarterly earnings results on Thursday, February 22nd. The construction company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.83 by $0.21. Quanta Services had a return on equity of 16.46% and a net margin of 3.57%. The firm had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same quarter last year, the firm posted $1.54 earnings per share. The business's revenue for the quarter was up 31.0% on a year-over-year basis. Analysts expect that Quanta Services, Inc. will post 7.63 EPS for the current fiscal year.
Quanta Services Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Tuesday, April 9th were paid a dividend of $0.09 per share. The ex-dividend date was Monday, April 8th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.14%. Quanta Services's dividend payout ratio is presently 7.19%.
Insider Activity at Quanta Services
In other news, Director Worthing Jackman sold 9,572 shares of the business's stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $237.31, for a total value of $2,271,531.32. Following the completion of the transaction, the director now directly owns 7,486 shares of the company's stock, valued at approximately $1,776,502.66. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP Derrick A. Jensen sold 18,500 shares of the company's stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the transaction, the executive vice president now directly owns 263,725 shares of the company's stock, valued at $62,476,452.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Worthing Jackman sold 9,572 shares of the firm's stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $237.31, for a total value of $2,271,531.32. Following the completion of the sale, the director now directly 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. Insiders have sold a total of 47,125 shares of company stock valued at $11,270,215 over the last ninety days. 1.10% of the stock is owned by company insiders.
Analyst Ratings Changes
PWR has been the subject of several analyst reports. KeyCorp assumed coverage on Quanta Services in a research note on Wednesday, January 10th. They issued a "sector weight" rating for the company. TD Cowen lifted their price objective on shares of Quanta Services from $205.00 to $270.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 27th. Citigroup increased their target price on shares of Quanta Services from $275.00 to $285.00 and gave the company a "buy" rating in a research note on Monday, April 22nd. Evercore ISI began coverage on shares of Quanta Services in a research note on Tuesday, February 13th. They set an "outperform" rating and a $237.00 price target for the company. Finally, The Goldman Sachs Group increased their price objective on shares of Quanta Services from $227.00 to $259.00 and gave the stock a "buy" rating in a research report on Monday, February 26th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $247.67.
Read Our Latest Analysis on PWR
Quanta Services Company Profile
(
Free Report)
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.
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