Perpetual Ltd Takes Position in Quanta Services, Inc. (NYSE:PWR)

Posted by Defense World Staff on Aug 10th, 2023

Perpetual Ltd acquired a new stake in Quanta Services, Inc. (NYSE:PWR – Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 1,242 shares of the construction company’s stock, valued at approximately $207,000.

A number of other institutional investors also recently made changes to their positions in PWR. Panagora Asset Management Inc. boosted its position in 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 during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in 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 buying an additional 1,181 shares during the period. Great West Life Assurance Co. Can boosted its position in 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 buying an additional 668 shares during the period. Raymond James Trust N.A. boosted its position in 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 buying an additional 379 shares during the period. Finally, Blair William & Co. IL boosted its position in 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 buying an additional 2,884 shares during the period. Hedge funds and other institutional investors own 88.80% of the company’s stock.

Insider Activity

In other news, Director Bernard Fried sold 8,000 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $179.84, for a total transaction of $1,438,720.00. Following the sale, the director now owns 9,372 shares of the company’s stock, valued at approximately $1,685,460.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related 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 transaction, the vice president now owns 13,078 shares of the company’s stock, valued at $2,404,651.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Bernard Fried sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $179.84, for a total transaction of $1,438,720.00. Following the completion of the transaction, the director now directly owns 9,372 shares in the company, valued at approximately $1,685,460.48. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Robert W. Baird upped their price objective on shares of Quanta Services from $186.00 to $219.00 and gave the stock an “outperform” rating in a report on Friday, August 4th. Citigroup upped their price objective on shares of Quanta Services from $192.00 to $234.00 and gave the stock a “buy” rating in a report on Monday, July 24th. DA Davidson increased their price target on shares of Quanta Services from $170.00 to $190.00 and gave the stock a “neutral” rating in a research note on Monday. The Goldman Sachs Group increased their price target 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. Finally, UBS Group increased their price target on shares of Quanta Services from $195.00 to $228.00 in a research note on Monday, July 10th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $199.91.

Read Our Latest Report on Quanta Services

Quanta Services Stock Up 0.4 %

NYSE:PWR opened at $203.44 on Thursday. The firm has a market cap of $29.54 billion, a P/E ratio of 51.90 and a beta of 1.08. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.64 and a current ratio of 1.68. Quanta Services, Inc. has a fifty-two week low of $123.25 and a fifty-two week high of $206.43. The firm has a 50-day simple moving average of $194.02 and a two-hundred day simple moving average of $173.27.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Monday, July 3rd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date was Friday, June 30th. Quanta Services’s payout ratio is presently 8.16%.

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.