Federated Hermes Inc. Cuts Holdings in Quanta Services, Inc. (NYSE:PWR)

Federated Hermes Inc. decreased its position in Quanta Services, Inc. (NYSE:PWR) by 3.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 627,526 shares of the construction company’s stock after selling 22,326 shares during the period. Federated Hermes Inc. owned about 0.43% of Quanta Services worth $135,420,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Panagora Asset Management Inc. increased its stake in shares of Quanta Services by 79.1% during the first quarter. Panagora Asset Management Inc. now owns 11,464 shares of the construction company’s stock worth $1,509,000 after purchasing an additional 5,063 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Quanta Services by 6.6% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,067 shares of the construction company’s stock worth $2,509,000 after purchasing an additional 1,181 shares in the last quarter. Great West Life Assurance Co. Can increased its stake 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 purchasing an additional 668 shares in the last quarter. Raymond James Trust N.A. increased its stake 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 purchasing an additional 379 shares in the last quarter. Finally, Blair William & Co. IL increased its stake 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 purchasing an additional 2,884 shares in the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. DA Davidson boosted their target price on shares of Quanta Services from $190.00 to $225.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 28th. KeyCorp initiated coverage on shares of Quanta Services in a research note on Wednesday, January 10th. They set a “sector weight” rating for the company. The Goldman Sachs Group upped their price objective 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. Truist Financial initiated coverage on shares of Quanta Services in a research note on Thursday, March 14th. They set a “buy” rating and a $301.00 price objective for the company. Finally, Citigroup boosted their target price on shares of Quanta Services from $234.00 to $237.00 and gave the company a “buy” rating in a report on Friday, January 26th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $239.54.

Quanta Services Trading Up 1.6 %

Shares of PWR stock traded up $4.01 during trading hours on Thursday, hitting $249.97. The company had a trading volume of 381,081 shares, compared to its average volume of 914,346. The company’s fifty day moving average is $241.27 and its 200 day moving average is $208.05. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.47 and a quick ratio of 1.44. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $265.82. The stock has a market capitalization of $36.59 billion, a PE ratio of 49.10 and a beta of 1.11.

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

Quanta Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Shareholders of record on Tuesday, April 9th were given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date of this dividend was Monday, April 8th. Quanta Services’s dividend payout ratio is presently 7.19%.

Insider Buying and Selling at Quanta Services

In other Quanta Services news, EVP Donald Wayne sold 595 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $239.61, for a total value of $142,567.95. Following the sale, the executive vice president now directly owns 41,954 shares of the company’s stock, valued at approximately $10,052,597.94. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Donald Wayne sold 595 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $239.61, for a total value of $142,567.95. Following the transaction, the executive vice president now directly owns 41,954 shares of the company’s stock, valued at approximately $10,052,597.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Margaret B. Shannon sold 8,515 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $239.92, for a total transaction of $2,042,918.80. Following the sale, the director now owns 34,063 shares of the company’s stock, valued at approximately $8,172,394.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,125 shares of company stock valued at $11,270,215. Insiders own 1.20% of the company’s stock.

Quanta Services Company Profile

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.