Truist Financial Corp Buys 6,576 Shares of Quanta Services, Inc. $PWR

Truist Financial Corp raised its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 1.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 478,781 shares of the construction company’s stock after purchasing an additional 6,576 shares during the quarter. Truist Financial Corp’s holdings in Quanta Services were worth $198,417,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Freedom Day Solutions LLC bought a new position in shares of Quanta Services during the 2nd quarter worth about $2,465,000. Mediolanum International Funds Ltd increased its position in shares of Quanta Services by 15.5% during the second quarter. Mediolanum International Funds Ltd now owns 33,158 shares of the construction company’s stock valued at $12,642,000 after purchasing an additional 4,451 shares during the period. Calamos Advisors LLC raised its stake in shares of Quanta Services by 17.1% in the third quarter. Calamos Advisors LLC now owns 105,401 shares of the construction company’s stock valued at $43,680,000 after purchasing an additional 15,388 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in Quanta Services by 59.9% in the third quarter. Exchange Traded Concepts LLC now owns 44,392 shares of the construction company’s stock worth $18,397,000 after purchasing an additional 16,637 shares during the period. Finally, Choreo LLC boosted its stake in Quanta Services by 4.1% during the second quarter. Choreo LLC now owns 7,734 shares of the construction company’s stock worth $2,924,000 after buying an additional 303 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Quanta Services

In other Quanta Services news, EVP Donald Wayne sold 14,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $443.81, for a total value of $6,213,340.00. Following the transaction, the executive vice president directly owned 34,575 shares of the company’s stock, valued at approximately $15,344,730.75. This trade represents a 28.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gerald A. Ducey, Jr. sold 7,653 shares of Quanta Services stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $446.08, for a total value of $3,413,850.24. Following the sale, the insider directly owned 19,960 shares of the company’s stock, valued at approximately $8,903,756.80. This trade represents a 27.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 32,002 shares of company stock worth $14,295,857. 1.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on PWR shares. Stifel Nicolaus lifted their target price on shares of Quanta Services from $495.00 to $517.00 and gave the company a “buy” rating in a research report on Monday. Roth Mkm set a $500.00 target price on Quanta Services and gave the stock a “buy” rating in a research report on Friday, October 31st. Weiss Ratings upgraded Quanta Services from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. Cantor Fitzgerald started coverage on Quanta Services in a report on Friday. They set an “overweight” rating and a $520.00 price objective for the company. Finally, Robert W. Baird set a $490.00 target price on shares of Quanta Services in a research note on Friday, October 31st. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $462.00.

Quanta Services Stock Up 1.8%

Shares of NYSE:PWR opened at $479.27 on Wednesday. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 0.66. The firm has a market cap of $71.47 billion, a P/E ratio of 71.00, a P/E/G ratio of 2.28 and a beta of 1.16. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $483.75. The company’s 50-day moving average price is $445.49 and its two-hundred day moving average price is $420.84.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, October 30th. The construction company reported $3.33 earnings per share for the quarter, topping analysts’ consensus estimates of $3.24 by $0.09. Quanta Services had a net margin of 3.74% and a return on equity of 18.74%. The company had revenue of $7.63 billion during the quarter, compared to the consensus estimate of $7.41 billion. During the same period in the previous year, the firm posted $2.72 earnings per share. The company’s revenue was up 17.5% on a year-over-year basis. Quanta Services has set its FY 2025 guidance at 10.330-10.830 EPS. As a group, research analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

About Quanta Services

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.