Axxcess Wealth Management LLC Cuts Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Axxcess Wealth Management LLC cut its holdings in Quanta Services, Inc. (NYSE:PWR) by 1.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,858 shares of the construction company’s stock after selling 34 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Quanta Services were worth $554,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of PWR. Legacy Capital Wealth Partners LLC purchased a new stake in Quanta Services during the third quarter valued at $749,000. Arrow Financial Corp increased its stake in shares of Quanta Services by 76.1% in the 3rd quarter. Arrow Financial Corp now owns 3,181 shares of the construction company’s stock worth $948,000 after purchasing an additional 1,375 shares in the last quarter. Assetmark Inc. raised its holdings in Quanta Services by 7.3% in the 3rd quarter. Assetmark Inc. now owns 5,781 shares of the construction company’s stock worth $1,723,000 after purchasing an additional 392 shares during the period. Leavell Investment Management Inc. raised its stake in Quanta Services by 10.4% during the 3rd quarter. Leavell Investment Management Inc. now owns 11,932 shares of the construction company’s stock worth $3,558,000 after acquiring an additional 1,128 shares during the period. Finally, Quantum Private Wealth LLC increased its stake in shares of Quanta Services by 113.5% in the third quarter. Quantum Private Wealth LLC now owns 3,693 shares of the construction company’s stock worth $1,101,000 after purchasing an additional 1,963 shares in the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. UBS Group raised their target price on shares of Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. TD Cowen lifted their price objective on Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Truist Financial increased their price objective on shares of Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Stifel Nicolaus raised their price objective on Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Finally, Citigroup boosted their price objective on shares of Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Quanta Services presently has a consensus rating of “Moderate Buy” and an average target price of $314.27.

Insider Activity at Quanta Services

In related news, 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 transaction of $6,318,302.07. Following the completion of the transaction, the insider now directly owns 10,631 shares of the company’s stock, valued at $2,875,791.81. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.10% of the company’s stock.

Quanta Services Price Performance

NYSE:PWR opened at $327.17 on Thursday. The stock has a market capitalization of $48.29 billion, a PE ratio of 60.36 and a beta of 1.01. The stock’s 50-day moving average price is $298.84 and its 200-day moving average price is $276.79. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. Quanta Services, Inc. has a 52 week low of $179.57 and a 52 week high of $335.00.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.26. The business had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.08 earnings per share. As a group, equities analysts expect that Quanta Services, Inc. will post 7.88 EPS for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.11%. The ex-dividend date was Tuesday, October 1st. Quanta Services’s dividend payout ratio (DPR) is presently 6.64%.

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.