Allspring Global Investments Holdings LLC Sells 7,036 Shares of Quanta Services, Inc. (NYSE:PWR)

Allspring Global Investments Holdings LLC decreased its holdings in Quanta Services, Inc. (NYSE:PWR) by 4.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 160,167 shares of the construction company’s stock after selling 7,036 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.11% of Quanta Services worth $34,564,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of PWR. Panagora Asset Management Inc. raised its position in Quanta Services by 79.1% in the 1st quarter. Panagora Asset Management Inc. now owns 11,464 shares of the construction company’s stock valued at $1,509,000 after purchasing an additional 5,063 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Quanta Services by 6.6% in 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 raised its position in shares of Quanta Services by 2.6% during the first quarter. Great West Life Assurance Co. Can now owns 26,648 shares of the construction company’s stock worth $3,655,000 after acquiring an additional 668 shares during the last quarter. Raymond James Trust N.A. raised its position in shares of Quanta Services by 8.3% during the first quarter. Raymond James Trust N.A. now owns 4,949 shares of the construction company’s stock worth $652,000 after acquiring an additional 379 shares during the last quarter. Finally, Blair William & Co. IL raised its position in shares of Quanta Services by 21.7% during the first quarter. Blair William & Co. IL now owns 16,156 shares of the construction company’s stock worth $2,126,000 after acquiring an additional 2,884 shares during the last quarter. Institutional investors own 90.49% of the company’s stock.

Insider Transactions at Quanta Services

In other news, EVP Derrick A. Jensen sold 18,500 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the completion of the transaction, the executive vice president now directly owns 263,725 shares of the company’s stock, valued at $62,476,452.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Derrick A. Jensen sold 18,500 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the sale, the executive vice president now owns 263,725 shares in the company, valued at $62,476,452.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Donald Wayne sold 595 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $239.61, for a total value of $142,567.95. Following the sale, the executive vice president now owns 41,954 shares in the company, valued at approximately $10,052,597.94. The disclosure for this sale can be found here. Insiders sold 47,125 shares of company stock valued at $11,270,215 over the last three months. Company insiders own 1.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group boosted their target price on Quanta Services from $227.00 to $259.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. Citigroup boosted their target price on Quanta Services from $234.00 to $237.00 and gave the stock a “buy” rating in a research report on Friday, January 26th. DA Davidson lifted their price objective on Quanta Services from $190.00 to $225.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 28th. Evercore ISI began coverage on Quanta Services in a research note on Tuesday, February 13th. They set an “outperform” rating and a $237.00 price objective for the company. Finally, Truist Financial began coverage on Quanta Services in a research note on Thursday, March 14th. They set a “buy” rating and a $301.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Quanta Services presently has an average rating of “Moderate Buy” and a consensus target price of $239.54.

Quanta Services Stock Down 1.3 %

NYSE:PWR opened at $254.70 on Friday. Quanta Services, Inc. has a 1 year low of $153.74 and a 1 year high of $265.82. The company has a current ratio of 1.47, a quick ratio of 1.44 and a debt-to-equity ratio of 0.58. The stock has a market cap of $37.12 billion, a price-to-earnings ratio of 50.84 and a beta of 1.11. The stock has a 50-day moving average price of $238.74 and a two-hundred day moving average price of $206.66.

Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.21. The firm had revenue of $5.78 billion during the quarter, compared to analysts’ expectations of $5.19 billion. Quanta Services had a return on equity of 16.46% and a net margin of 3.57%. The company’s revenue was up 31.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.54 earnings per share. As a group, equities analysts expect that Quanta Services, Inc. will post 7.63 earnings per share for the current year.

Quanta Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 17th. Stockholders of record on Tuesday, April 9th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Monday, April 8th. This represents a $0.36 annualized dividend and a dividend yield of 0.14%. Quanta Services’s dividend payout ratio is currently 7.19%.

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.