Sumitomo Mitsui Trust Holdings Inc. Decreases Holdings in Quanta Services, Inc. (NYSE:PWR)

Sumitomo Mitsui Trust Holdings Inc. trimmed its stake in Quanta Services, Inc. (NYSE:PWR) by 2.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 377,955 shares of the construction company’s stock after selling 7,645 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.26% of Quanta Services worth $81,563,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Grove Bank & Trust boosted its stake in Quanta Services by 75.6% in the third quarter. Grove Bank & Trust now owns 158 shares of the construction company’s stock valued at $30,000 after acquiring an additional 68 shares during the last quarter. Perkins Coie Trust Co purchased a new position in Quanta Services in the third quarter valued at about $30,000. Hazlett Burt & Watson Inc. boosted its stake in Quanta Services by 47.3% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 162 shares of the construction company’s stock valued at $34,000 after acquiring an additional 52 shares during the last quarter. ICA Group Wealth Management LLC purchased a new position in Quanta Services in the fourth quarter valued at about $26,000. Finally, Geneos Wealth Management Inc. boosted its stake in Quanta Services by 1,730.0% in the third quarter. Geneos Wealth Management Inc. now owns 183 shares of the construction company’s stock valued at $34,000 after acquiring an additional 173 shares during the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Quanta Services news, EVP Donald Wayne sold 1,101 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total value of $288,395.94. Following the completion of the transaction, the executive vice president now owns 40,065 shares of the company’s stock, valued at approximately $10,494,626.10. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director Margaret B. Shannon sold 8,515 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $239.92, for a total value of $2,042,918.80. Following the completion of the sale, the director now owns 34,063 shares of the company’s stock, valued at approximately $8,172,394.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Donald Wayne sold 1,101 shares of the company’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total transaction of $288,395.94. Following the completion of the sale, the executive vice president now directly owns 40,065 shares of the company’s stock, valued at approximately $10,494,626.10. The disclosure for this sale can be found here. Insiders sold a total of 47,125 shares of company stock valued at $11,270,215 in the last quarter. Corporate insiders own 1.20% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on PWR. TD Cowen boosted their price target on shares of Quanta Services from $205.00 to $270.00 and gave the company an “outperform” rating in a research report on Tuesday, February 27th. Stifel Nicolaus boosted their price target on shares of Quanta Services from $237.00 to $252.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Evercore ISI began coverage on shares of Quanta Services in a research report on Tuesday, February 13th. They issued an “outperform” rating and a $237.00 price target on the stock. Truist Financial began coverage on shares of Quanta Services in a research report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price target on the stock. Finally, KeyCorp began coverage on shares of Quanta Services in a research report on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $239.54.

Quanta Services Stock Performance

Quanta Services stock opened at $245.97 on Thursday. The firm’s 50 day simple moving average is $241.27 and its 200 day simple moving average is $208.05. The company has a current ratio of 1.47, a quick ratio of 1.44 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $36.01 billion, a PE ratio of 49.10 and a beta of 1.11. Quanta Services, Inc. has a 1-year low of $153.74 and a 1-year high of $265.82.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, February 22nd. The construction company reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. Quanta Services had a net margin of 3.57% and a return on equity of 16.46%. The business had revenue of $5.78 billion during the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter in the previous year, the company earned $1.54 EPS. The business’s quarterly revenue was up 31.0% compared to the same quarter last year. As a group, analysts expect that Quanta Services, Inc. will post 7.63 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Shareholders of record on Tuesday, April 9th were paid a $0.09 dividend. The ex-dividend date was Monday, April 8th. This represents a $0.36 dividend on an annualized basis and a yield of 0.15%. Quanta Services’s dividend payout ratio is presently 7.19%.

Quanta Services Company 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.