Freedom Investment Management Inc. Sells 991 Shares of Quanta Services, Inc. $PWR

Freedom Investment Management Inc. decreased its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 22.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,451 shares of the construction company’s stock after selling 991 shares during the quarter. Freedom Investment Management Inc.’s holdings in Quanta Services were worth $1,305,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Old Port Advisors boosted its stake in Quanta Services by 0.7% during the 2nd quarter. Old Port Advisors now owns 3,944 shares of the construction company’s stock valued at $1,491,000 after purchasing an additional 26 shares during the period. Pinnacle Wealth Planning Services Inc. lifted its position in shares of Quanta Services by 3.5% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 951 shares of the construction company’s stock worth $242,000 after acquiring an additional 32 shares during the period. Frank Rimerman Advisors LLC lifted its position in shares of Quanta Services by 1.1% in the 1st quarter. Frank Rimerman Advisors LLC now owns 3,114 shares of the construction company’s stock worth $792,000 after acquiring an additional 34 shares during the period. Eastern Bank lifted its position in shares of Quanta Services by 23.5% in the 2nd quarter. Eastern Bank now owns 184 shares of the construction company’s stock worth $70,000 after acquiring an additional 35 shares during the period. Finally, Legacy Capital Wealth Partners LLC lifted its position in shares of Quanta Services by 3.4% in the 1st quarter. Legacy Capital Wealth Partners LLC now owns 1,089 shares of the construction company’s stock worth $277,000 after acquiring an additional 36 shares during the period. Institutional investors own 90.49% of the company’s stock.

Quanta Services Stock Up 3.7%

Shares of PWR opened at $427.32 on Friday. The firm has a market capitalization of $63.67 billion, a price-to-earnings ratio of 66.15, a PEG ratio of 2.44 and a beta of 1.04. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.32 and a current ratio of 1.37. The business’s fifty day moving average price is $400.13 and its two-hundred day moving average price is $365.99. Quanta Services, Inc. has a 52 week low of $227.08 and a 52 week high of $446.60.

Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $2.48 EPS for the quarter, beating analysts’ consensus estimates of $2.44 by $0.04. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%.The firm had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.55 billion. During the same period last year, the company earned $1.90 EPS. The business’s quarterly revenue was up 21.1% compared to the same quarter last year. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. On average, analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Wednesday, October 1st were issued a dividend of $0.10 per share. The ex-dividend date was Wednesday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.1%. Quanta Services’s payout ratio is currently 6.19%.

Analysts Set New Price Targets

A number of brokerages have commented on PWR. UBS Group raised their price objective on Quanta Services from $413.00 to $474.00 and gave the stock a “buy” rating in a research report on Friday, July 25th. Daiwa America cut Quanta Services from a “strong-buy” rating to a “hold” rating in a report on Friday, August 1st. TD Cowen increased their target price on Quanta Services from $355.00 to $425.00 and gave the stock a “buy” rating in a report on Tuesday, August 5th. BMO Capital Markets cut Quanta Services from an “outperform” rating to a “market perform” rating and raised their price target for the company from $352.00 to $400.00 in a report on Thursday, July 17th. Finally, DA Davidson raised their price target on Quanta Services from $305.00 to $395.00 and gave the company a “neutral” rating in a report on Friday, August 1st. Fourteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $411.59.

Quanta Services 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.