Principal Street Partners LLC Sells 1,688 Shares of Quanta Services, Inc. (NYSE:PWR)

Principal Street Partners LLC reduced its holdings in Quanta Services, Inc. (NYSE:PWR) by 53.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,457 shares of the construction company’s stock after selling 1,688 shares during the quarter. Principal Street Partners LLC’s holdings in Quanta Services were worth $314,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Nordea Investment Management AB raised its holdings in Quanta Services by 8,297.7% during the 4th quarter. Nordea Investment Management AB now owns 912,413 shares of the construction company’s stock worth $196,205,000 after buying an additional 901,548 shares during the period. Qube Research & Technologies Ltd raised its holdings in shares of Quanta Services by 1,494.0% during the third quarter. Qube Research & Technologies Ltd now owns 304,126 shares of the construction company’s stock worth $56,893,000 after acquiring an additional 285,047 shares during the period. Scout Investments Inc. lifted its position in Quanta Services by 20.3% in the 3rd quarter. Scout Investments Inc. now owns 921,186 shares of the construction company’s stock valued at $162,718,000 after acquiring an additional 155,586 shares in the last quarter. Ceredex Value Advisors LLC acquired a new position in Quanta Services in the 4th quarter worth $31,730,000. Finally, Trust Point Inc. acquired a new stake in shares of Quanta Services in the 4th quarter valued at about $28,072,000. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Stock Performance

PWR opened at $271.48 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.50. Quanta Services, Inc. has a 12-month low of $153.74 and a 12-month high of $272.87. The business has a 50 day moving average of $253.63 and a 200-day moving average of $218.21. The stock has a market cap of $39.74 billion, a price-to-earnings ratio of 52.61 and a beta of 1.10.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.21. The business had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.19 billion. Quanta Services had a return on equity of 16.25% and a net margin of 3.57%. The company’s quarterly revenue was up 31.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.54 EPS. On average, equities research analysts expect that Quanta Services, Inc. will post 7.68 earnings per share for the current year.

Quanta Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Tuesday, April 9th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.13%. The ex-dividend date was Monday, April 8th. Quanta Services’s dividend payout ratio is presently 6.98%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PWR shares. TD Cowen upped their price objective on Quanta Services from $205.00 to $270.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 27th. Robert W. Baird raised their price target on shares of Quanta Services from $265.00 to $287.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. Truist Financial reissued a “buy” rating and issued a $305.00 price objective (up previously from $301.00) on shares of Quanta Services in a research report on Monday, May 6th. The Goldman Sachs Group lifted their price target on shares of Quanta Services from $227.00 to $259.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Finally, DA Davidson increased their price objective on shares of Quanta Services from $225.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $262.00.

Insider Activity

In related news, EVP Donald Wayne sold 1,101 shares of Quanta Services stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total transaction of $288,395.94. Following the completion of the sale, the executive vice president now directly owns 40,065 shares of the company’s stock, valued at approximately $10,494,626.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Worthing Jackman sold 9,572 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total transaction of $2,271,531.32. Following the transaction, the director now directly owns 7,486 shares of the company’s stock, valued at $1,776,502.66. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Donald Wayne sold 1,101 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total transaction of $288,395.94. Following the completion of the sale, the executive vice president now directly owns 40,065 shares of the company’s stock, valued at approximately $10,494,626.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,125 shares of company stock valued at $11,270,215. 1.10% of the stock is owned by insiders.

About Quanta Services

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.