Ronald Blue Trust Inc. Raises Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Posted by Defense World Staff on Jul 1st, 2023

Ronald Blue Trust Inc. grew its holdings in shares of Quanta Services, Inc. (NYSE:PWR – Free Report) by 95.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,811 shares of the construction company’s stock after buying an additional 886 shares during the quarter. Ronald Blue Trust Inc.’s holdings in Quanta Services were worth $258,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in PWR. Panagora Asset Management Inc. raised its position in shares of Quanta Services by 79.1% during the 1st quarter. Panagora Asset Management Inc. now owns 11,464 shares of the construction company’s stock valued at $1,509,000 after buying an additional 5,063 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Quanta Services by 6.6% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,067 shares of the construction company’s stock valued at $2,509,000 after purchasing an additional 1,181 shares during the last quarter. Great West Life Assurance Co. Can increased its position in shares of Quanta Services by 2.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 26,648 shares of the construction company’s stock valued at $3,655,000 after purchasing an additional 668 shares during the last quarter. Raymond James Trust N.A. increased its position in shares of Quanta Services by 8.3% during the 1st quarter. Raymond James Trust N.A. now owns 4,949 shares of the construction company’s stock valued at $652,000 after purchasing an additional 379 shares during the last quarter. Finally, Blair William & Co. IL increased its position in shares of Quanta Services by 21.7% during the 1st quarter. Blair William & Co. IL now owns 16,156 shares of the construction company’s stock valued at $2,126,000 after purchasing an additional 2,884 shares during the last quarter. 88.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Quanta Services

In related news, VP Dorothy Upperman sold 4,074 shares of the firm’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $183.87, for a total transaction of $749,086.38. Following the sale, the vice president now owns 13,078 shares of the company’s stock, valued at $2,404,651.86. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Quanta Services news, VP Dorothy Upperman sold 4,074 shares of the firm’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $183.87, for a total value of $749,086.38. Following the completion of the sale, the vice president now directly owns 13,078 shares in the company, valued at $2,404,651.86. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Derrick A. Jensen sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $169.36, for a total transaction of $16,936,000.00. Following the completion of the sale, the executive vice president now owns 282,225 shares of the company’s stock, valued at $47,797,626. The disclosure for this sale can be found here. Insiders have sold a total of 247,074 shares of company stock valued at $42,242,506 over the last quarter. 1.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on PWR. Robert W. Baird lifted their price target on shares of Quanta Services from $173.00 to $186.00 in a research note on Friday, May 5th. StockNews.com began coverage on Quanta Services in a report on Thursday, May 18th. They issued a “hold” rating on the stock. KeyCorp increased their price target on Quanta Services from $174.00 to $190.00 in a report on Monday, April 24th. 92 Resources reiterated a “maintains” rating on shares of Quanta Services in a report on Thursday, May 18th. Finally, The Goldman Sachs Group increased their price target on Quanta Services from $150.00 to $171.00 and gave the stock a “neutral” rating in a report on Monday, April 17th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Quanta Services currently has a consensus rating of “Moderate Buy” and a consensus price target of $177.91.

Quanta Services Stock Up 0.9 %

NYSE:PWR opened at $196.45 on Friday. Quanta Services, Inc. has a 1-year low of $120.39 and a 1-year high of $197.01. The company has a 50-day moving average of $177.02 and a 200 day moving average of $161.80. The firm has a market cap of $28.52 billion, a PE ratio of 57.95 and a beta of 1.07. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.63 and a quick ratio of 1.58.

Quanta Services (NYSE:PWR – Free Report) last released its quarterly earnings data on Thursday, May 4th. The construction company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.15. The company had revenue of $4.43 billion during the quarter, compared to analyst estimates of $4.08 billion. Quanta Services had a net margin of 2.86% and a return on equity of 15.72%. As a group, research analysts anticipate that Quanta Services, Inc. will post 6.42 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Monday, July 3rd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.16%. The ex-dividend date is Friday, June 30th. Quanta Services’s payout ratio is 9.44%.

About Quanta Services

(Free Report)

Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries worldwide. 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.