Bank of New York Mellon Corp Sells 12,669 Shares of Quanta Services, Inc. (NYSE:PWR)

Bank of New York Mellon Corp decreased its position in Quanta Services, Inc. (NYSE:PWR) by 1.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 994,933 shares of the construction company’s stock after selling 12,669 shares during the period. Bank of New York Mellon Corp owned 0.68% of Quanta Services worth $252,802,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC increased its stake in shares of Quanta Services by 28,538.4% during the fourth quarter. International Assets Investment Management LLC now owns 91,070 shares of the construction company’s stock valued at $19,653,000 after buying an additional 90,752 shares during the period. CWM LLC raised its holdings in shares of Quanta Services by 16.6% in the 4th quarter. CWM LLC now owns 4,843 shares of the construction company’s stock valued at $1,045,000 after purchasing an additional 690 shares in the last quarter. Kovack Advisors Inc. lifted its position in shares of Quanta Services by 1.1% in the 4th quarter. Kovack Advisors Inc. now owns 7,679 shares of the construction company’s stock worth $1,657,000 after purchasing an additional 86 shares during the period. Truist Financial Corp boosted its stake in shares of Quanta Services by 2.2% during the fourth quarter. Truist Financial Corp now owns 432,810 shares of the construction company’s stock valued at $93,400,000 after purchasing an additional 9,421 shares in the last quarter. Finally, Citizens Financial Group Inc. RI purchased a new position in Quanta Services during the fourth quarter valued at approximately $215,000. Institutional investors own 90.49% of the company’s stock.

Insider Activity

In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the sale, the insider now directly owns 10,631 shares of the company’s stock, valued at $2,875,791.81. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the transaction, the insider now directly owns 21,286 shares in the company, valued at $5,490,297.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the transaction, the insider now directly owns 10,631 shares in the company, valued at approximately $2,875,791.81. The disclosure for this sale can be found here. Insiders sold a total of 202,357 shares of company stock valued at $53,115,572 in the last three months. 1.10% of the stock is currently owned by corporate insiders.

Quanta Services Trading Down 0.8 %

Shares of NYSE:PWR opened at $271.01 on Tuesday. The business has a 50-day moving average price of $260.79 and a 200-day moving average price of $256.19. The stock has a market cap of $39.67 billion, a price-to-earnings ratio of 52.52 and a beta of 1.03. Quanta Services, Inc. has a 52-week low of $153.74 and a 52-week high of $286.87. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, beating the consensus estimate of $1.75 by $0.15. The business had revenue of $5.59 billion for the quarter, compared to the consensus estimate of $5.51 billion. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.47 EPS. Equities analysts predict that Quanta Services, Inc. will post 7.72 EPS for the current year.

Wall Street Analyst Weigh In

PWR has been the topic of several recent research reports. Northland Securities increased their target price on Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Evercore ISI lifted their target price on Quanta Services from $255.00 to $288.00 and gave the company an “outperform” rating in a research note on Tuesday, May 7th. Argus increased their price target on shares of Quanta Services from $285.00 to $310.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Citigroup lifted their price objective on shares of Quanta Services from $299.00 to $302.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, B. Riley raised their target price on shares of Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $287.09.

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.