RPG Investment Advisory LLC lowered its stake in shares of Quanta Services, Inc. (NYSE:PWR – Free Report) by 2.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,809 shares of the construction company’s stock after selling 2,450 shares during the quarter. Quanta Services comprises approximately 3.1% of RPG Investment Advisory LLC’s investment portfolio, making the stock its 5th biggest position. RPG Investment Advisory LLC’s holdings in Quanta Services were worth $18,036,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Quanta Services in the fourth quarter valued at approximately $180,853,000. FMR LLC raised its holdings in shares of Quanta Services by 19.7% during the 1st quarter. FMR LLC now owns 4,905,283 shares of the construction company’s stock worth $817,416,000 after buying an additional 806,157 shares in the last quarter. Great Lakes Advisors LLC bought a new stake in shares of Quanta Services during the 1st quarter worth $118,223,000. Royal Bank of Canada grew its position in Quanta Services by 52.2% in the first quarter. Royal Bank of Canada now owns 1,492,323 shares of the construction company’s stock valued at $196,405,000 after acquiring an additional 511,508 shares during the last quarter. Finally, Bank of Montreal Can acquired a new position in Quanta Services during the second quarter worth about $92,251,000. 87.86% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Quanta Services
In other news, EVP Donald Wayne sold 5,000 shares of Quanta Services stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $210.92, for a total transaction of $1,054,600.00. Following the completion of the transaction, the executive vice president now directly owns 41,323 shares in the company, valued at $8,715,847.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.20% of the stock is currently owned by insiders.
Quanta Services Stock Up 0.5 %
Quanta Services Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Monday, October 2nd were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.17%. The ex-dividend date of this dividend was Friday, September 29th. Quanta Services’s dividend payout ratio (DPR) is currently 6.82%.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on PWR shares. StockNews.com started coverage on shares of Quanta Services in a report on Thursday, October 5th. They set a “hold” rating on the stock. Citigroup raised their price objective on Quanta Services from $192.00 to $234.00 and gave the company a “buy” rating in a report on Monday, July 24th. The Goldman Sachs Group raised Quanta Services from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $214.00 to $211.00 in a report on Wednesday, November 8th. Robert W. Baird restated an “outperform” rating and set a $219.00 price target on shares of Quanta Services in a report on Thursday, September 14th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $212.00 target price on shares of Quanta Services in a report on Thursday. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $209.17.
About Quanta Services
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.
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