Quanta Services, Inc. (NYSE:PWR) Shares Acquired by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC increased its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 98.3% in the second quarter, Holdings Channel reports. The firm owned 1,892 shares of the construction company’s stock after acquiring an additional 938 shares during the period. Axxcess Wealth Management LLC’s holdings in Quanta Services were worth $481,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Tower Wealth Partners Inc. boosted its position in Quanta Services by 4.6% during the 2nd quarter. Tower Wealth Partners Inc. now owns 1,088 shares of the construction company’s stock worth $276,000 after purchasing an additional 48 shares during the period. Monetta Financial Services Inc. purchased a new stake in Quanta Services during the 2nd quarter worth $762,000. Virtu Financial LLC purchased a new position in Quanta Services in the 2nd quarter valued at about $1,675,000. Peregrine Asset Advisers Inc. boosted its position in Quanta Services by 114.0% in the 2nd quarter. Peregrine Asset Advisers Inc. now owns 15,839 shares of the construction company’s stock valued at $4,025,000 after buying an additional 8,439 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new position in Quanta Services in the 2nd quarter valued at about $6,354,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Quanta Services Price Performance

PWR opened at $290.89 on Friday. The firm has a market cap of $42.58 billion, a price-to-earnings ratio of 56.37 and a beta of 1.01. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $293.80. The company’s 50-day moving average price is $262.17 and its 200 day moving average price is $261.42. 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 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.15. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The firm had revenue of $5.59 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the prior year, the business earned $1.47 earnings per share. Quanta Services’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, sell-side analysts expect that Quanta Services, Inc. will post 7.82 earnings per share for the current year.

Quanta Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a $0.09 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.36 annualized dividend and a dividend yield of 0.12%. Quanta Services’s payout ratio is currently 6.98%.

Analysts Set New Price Targets

PWR has been the subject of a number of analyst reports. Jefferies Financial Group initiated coverage on shares of Quanta Services in a research report on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price objective for the company. Robert W. Baird upped their price objective on shares of Quanta Services from $287.00 to $288.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. TD Cowen upped their price objective on shares of Quanta Services from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. The Goldman Sachs Group upped their price objective on shares of Quanta Services from $259.00 to $286.00 and gave the company a “buy” rating in a research report on Tuesday, May 28th. Finally, B. Riley upped 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. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $286.69.

Insider Buying and Selling at Quanta Services

In other Quanta Services news, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total value of $34,087,300.00. Following the sale, the chief executive officer now owns 593,402 shares in the company, valued at $155,595,938.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO James Redgie Probst sold 34,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $260.03, for a total value of $8,841,020.00. Following the completion of the transaction, the chief operating officer now directly owns 29,002 shares in the company, valued at $7,541,390.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the completion of the transaction, the chief executive officer now owns 593,402 shares of the company’s stock, valued at $155,595,938.42. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 202,357 shares of company stock worth $53,115,572. 1.10% of the stock is owned by company insiders.

About Quanta Services

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.