Raymond James & Associates Has $54.17 Million Position in Quanta Services, Inc. (NYSE:PWR)

Raymond James & Associates cut its holdings in Quanta Services, Inc. (NYSE:PWR) by 12.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 181,672 shares of the construction company’s stock after selling 26,855 shares during the quarter. Raymond James & Associates owned approximately 0.12% of Quanta Services worth $54,165,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in PWR. Schubert & Co bought a new position in shares of Quanta Services in the third quarter worth about $238,000. Blue Trust Inc. raised its position in Quanta Services by 46.8% in the 3rd quarter. Blue Trust Inc. now owns 1,235 shares of the construction company’s stock worth $368,000 after purchasing an additional 394 shares during the last quarter. Meridian Financial Partners LLC acquired a new position in Quanta Services during the 3rd quarter worth $793,000. Stratos Wealth Advisors LLC increased its stake in shares of Quanta Services by 8.5% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 3,645 shares of the construction company’s stock valued at $1,087,000 after buying an additional 285 shares during the period. Finally, Stratos Wealth Partners LTD. raised its position in shares of Quanta Services by 2.7% during the third quarter. Stratos Wealth Partners LTD. now owns 27,720 shares of the construction company’s stock worth $8,265,000 after acquiring an additional 721 shares during the last quarter. 90.49% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Karl W. Studer sold 23,357 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the completion of the transaction, the insider now owns 10,631 shares in the company, valued at approximately $2,875,791.81. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the sale, the insider now owns 21,286 shares in the company, valued at approximately $5,490,297.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Karl W. Studer sold 23,357 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the completion of the transaction, the insider now owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. This represents a 0.00 % decrease in their ownership of the stock. 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 quarter. 1.10% of the stock is currently owned by insiders.

Quanta Services Stock Up 1.1 %

Quanta Services stock opened at $317.64 on Tuesday. Quanta Services, Inc. has a twelve month low of $153.74 and a twelve month high of $317.91. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average of $282.87 and a 200-day moving average of $269.60. The stock has a market capitalization of $46.50 billion, a PE ratio of 61.56 and a beta of 1.01.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The firm had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. The company’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.47 EPS. On average, equities research analysts anticipate that Quanta Services, Inc. will post 7.83 EPS for the current fiscal year.

Quanta Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.11%. The ex-dividend date was Tuesday, October 1st. Quanta Services’s payout ratio is 6.98%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Truist Financial lifted their price objective on Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. TD Cowen boosted their price target on shares of Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Northland Securities raised their price objective on shares of Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. began coverage on shares of Quanta Services in a research report on Monday, October 7th. They set a “neutral” rating and a $297.00 target price for the company. Finally, Wolfe Research started coverage on Quanta Services in a research report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price target on the stock. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Quanta Services currently has an average rating of “Moderate Buy” and an average price target of $303.86.

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.