Legacy Wealth Asset Management LLC lessened its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 2.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,596 shares of the construction company’s stock after selling 237 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Quanta Services were worth $756,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Sigma Planning Corp bought a new stake in Quanta Services in the fourth quarter valued at approximately $10,541,000. Hill City Capital LP bought a new stake in Quanta Services in the fourth quarter valued at approximately $7,202,000. Bahl & Gaynor Inc. raised its stake in Quanta Services by 2.3% in the fourth quarter. Bahl & Gaynor Inc. now owns 77,804 shares of the construction company’s stock valued at $5,604,000 after buying an additional 1,756 shares during the period. Silverleafe Capital Partners LLC bought a new stake in Quanta Services in the first quarter valued at approximately $1,816,000. Finally, LMR Partners LLP bought a new stake in Quanta Services in the fourth quarter valued at approximately $710,000. Institutional investors and hedge funds own 86.51% of the company’s stock.
Several analysts have issued reports on PWR shares. KeyCorp upped their price objective on Quanta Services from $90.00 to $115.00 and gave the company an “overweight” rating in a research note on Monday. Credit Suisse Group increased their target price on Quanta Services from $89.00 to $99.00 and gave the stock an “outperform” rating in a research note on Thursday, March 4th. Finally, Citigroup increased their price target on Quanta Services from $75.00 to $89.00 in a research report on Tuesday, January 19th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $72.55.
Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, February 25th. The construction company reported $1.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.23. Quanta Services had a return on equity of 11.61% and a net margin of 3.45%. The firm had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter last year, the business posted $0.93 EPS. The company’s revenue was down 6.4% compared to the same quarter last year. On average, equities analysts predict that Quanta Services, Inc. will post 3.2 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, April 15th. Stockholders of record on Tuesday, April 6th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.25%. The ex-dividend date of this dividend was Monday, April 5th. Quanta Services’s payout ratio is 7.87%.
In other news, EVP Donald Wayne sold 3,257 shares of the stock in a transaction on Tuesday, March 2nd. The stock was sold at an average price of $85.35, for a total value of $277,984.95. Also, VP Dorothy Upperman sold 738 shares of the stock in a transaction on Monday, March 29th. The shares were sold at an average price of $86.56, for a total value of $63,881.28. Following the completion of the transaction, the vice president now owns 11,802 shares of the company’s stock, valued at $1,021,581.12. The disclosure for this sale can be found here. Insiders sold a total of 158,930 shares of company stock valued at $13,155,010 over the last quarter. 1.40% of the stock is owned by corporate insiders.
Quanta Services Company Profile
Quanta Services, Inc provides specialty contracting services worldwide. The Electric Power Infrastructure Solutions segment engages in the design, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; energized installation, maintenance, and upgrade of electric power infrastructure; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings.
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