NorthCrest Asset Manangement LLC Sells 395 Shares of Quanta Services, Inc. (NYSE:PWR)

Posted by Defense World Staff on Jul 10th, 2023

NorthCrest Asset Manangement LLC trimmed its holdings in Quanta Services, Inc. (NYSE:PWR – Free Report) by 0.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 41,835 shares of the construction company’s stock after selling 395 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Quanta Services were worth $6,971,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. ICA Group Wealth Management LLC purchased a new stake in Quanta Services in the 4th quarter valued at about $26,000. MinichMacGregor Wealth Management LLC bought a new position in Quanta Services in the fourth quarter worth approximately $27,000. West Oak Capital LLC increased its holdings in Quanta Services by 100.0% during the 1st quarter. West Oak Capital LLC now owns 200 shares of the construction company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Coppell Advisory Solutions Corp. purchased a new position in Quanta Services in the fourth quarter valued at about $28,000. Finally, Your Advocates Ltd. LLP bought a new position in Quanta Services in the fourth quarter worth about $29,000. 88.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PWR has been the topic of a number of analyst reports. 92 Resources reaffirmed a “maintains” rating on shares of Quanta Services in a research report on Thursday, May 18th. Northland Securities boosted their target price on Quanta Services from $171.00 to $190.00 in a research note on Thursday, May 18th. StockNews.com initiated coverage on Quanta Services in a report on Thursday, May 18th. They issued a “hold” rating for the company. DA Davidson upped their price objective on shares of Quanta Services from $160.00 to $170.00 in a report on Tuesday, May 9th. Finally, The Goldman Sachs Group increased their price objective on shares of Quanta Services from $150.00 to $171.00 and gave the stock a “neutral” rating in a research note on Monday, April 17th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $177.91.

Insiders Place Their Bets

In related news, EVP Derrick A. Jensen sold 100,000 shares of the company’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $169.36, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Quanta Services news, COO James Redgie Probst sold 50,000 shares of Quanta Services stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $171.13, for a total transaction of $8,556,500.00. Following the completion of the sale, the chief operating officer now directly owns 50,036 shares in the company, valued at $8,562,660.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Derrick A. Jensen sold 100,000 shares of Quanta Services stock in a transaction on Monday, May 8th. The shares were sold at an average price of $169.36, for a total value of $16,936,000.00. Following the completion of the sale, the executive vice president now directly owns 282,225 shares of the company’s stock, valued at $47,797,626. The disclosure for this sale can be found here. Insiders sold 247,074 shares of company stock valued at $42,242,506 in the last three months. 1.30% of the stock is currently owned by insiders.

Quanta Services Stock Up 0.6 %

Quanta Services stock opened at $193.60 on Monday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.63 and a quick ratio of 1.58. The stock has a market capitalization of $28.11 billion, a PE ratio of 57.11 and a beta of 1.07. The business has a 50 day simple moving average of $180.32 and a 200-day simple moving average of $164.06. Quanta Services, Inc. has a 12 month low of $120.39 and a 12 month high of $197.01.

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

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Monday, July 3rd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.17%. The ex-dividend date is Friday, June 30th. Quanta Services’s payout ratio is currently 9.44%.

Quanta Services Profile

(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.