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

Allspring Global Investments Holdings LLC reduced its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 4.2% in the 4th quarter, Holdings Channel reports. The firm owned 160,167 shares of the construction company’s stock after selling 7,036 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Quanta Services were worth $34,564,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Gradient Investments LLC raised its position in Quanta Services by 669,187.5% during the 4th quarter. Gradient Investments LLC now owns 53,543 shares of the construction company’s stock worth $11,555,000 after purchasing an additional 53,535 shares during the last quarter. Saxon Interests Inc. bought a new position in shares of Quanta Services in the 4th quarter worth about $1,352,000. Nordea Investment Management AB raised its position in shares of Quanta Services by 8,297.7% in the 4th quarter. Nordea Investment Management AB now owns 912,413 shares of the construction company’s stock worth $196,205,000 after acquiring an additional 901,548 shares in the last quarter. Chicago Capital LLC bought a new position in shares of Quanta Services in the 4th quarter worth about $6,834,000. Finally, Marion Wealth Management bought a new position in shares of Quanta Services in the 4th quarter worth about $1,233,000. 90.49% of the stock is owned by institutional investors.

Quanta Services Price Performance

PWR stock opened at $254.70 on Friday. The company has a market capitalization of $37.12 billion, a P/E ratio of 50.84 and a beta of 1.11. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.44 and a current ratio of 1.47. Quanta Services, Inc. has a 52-week low of $153.74 and a 52-week high of $265.82. The business has a 50-day simple moving average of $238.74 and a two-hundred day simple moving average of $206.66.

Quanta Services (NYSE:PWR) last released its quarterly 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 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 16.46% 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 in the previous year, the business earned $1.54 EPS. Research analysts expect that Quanta Services, Inc. will post 7.63 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 17th. Shareholders of record on Tuesday, April 9th will be paid a dividend of $0.09 per share. The ex-dividend date is Monday, April 8th. This represents a $0.36 dividend on an annualized basis and a yield of 0.14%. Quanta Services’s dividend payout ratio (DPR) is currently 7.19%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PWR. Evercore ISI began coverage on Quanta Services in a research report on Tuesday, February 13th. They issued an “outperform” rating and a $237.00 price objective for the company. The Goldman Sachs Group lifted their price objective on Quanta Services from $227.00 to $259.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. Truist Financial began coverage on Quanta Services in a research report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price objective for the company. 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 report on Wednesday, February 28th. Finally, KeyCorp initiated coverage on Quanta Services in a research note on Wednesday, January 10th. They issued a “sector weight” rating for the company. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $239.54.

Insider Buying and Selling at Quanta Services

In other news, EVP Donald Wayne sold 1,101 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total value of $288,395.94. Following the transaction, the executive vice president now owns 40,065 shares in the company, valued at approximately $10,494,626.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Donald Wayne sold 1,101 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total value of $288,395.94. Following the transaction, the executive vice president now owns 40,065 shares in the company, valued at approximately $10,494,626.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Margaret B. Shannon sold 8,515 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $239.92, for a total value of $2,042,918.80. Following the completion of the transaction, the director now owns 34,063 shares in the company, valued at approximately $8,172,394.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,125 shares of company stock worth $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.