Axxcess Wealth Management LLC Sells 990 Shares of Quanta Services, Inc. (NYSE:PWR)

Axxcess Wealth Management LLC lessened its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 50.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 954 shares of the construction company’s stock after selling 990 shares during the period. Axxcess Wealth Management LLC’s holdings in Quanta Services were worth $248,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nomura Holdings Inc. bought a new position in Quanta Services in the fourth quarter worth approximately $631,000. Wellington Management Group LLP raised its stake in Quanta Services by 581.3% in the fourth quarter. Wellington Management Group LLP now owns 117,014 shares of the construction company’s stock worth $25,252,000 after buying an additional 99,840 shares in the last quarter. Truist Financial Corp raised its stake in Quanta Services by 2.2% in the fourth quarter. Truist Financial Corp now owns 432,810 shares of the construction company’s stock worth $93,400,000 after buying an additional 9,421 shares in the last quarter. Carnegie Capital Asset Management LLC raised its stake in Quanta Services by 24.5% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 1,650 shares of the construction company’s stock worth $356,000 after buying an additional 325 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Quanta Services by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 16,235,875 shares of the construction company’s stock worth $3,503,702,000 after buying an additional 191,334 shares in the last quarter. Institutional investors own 90.49% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Argus boosted their price objective on shares of Quanta Services from $285.00 to $310.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Truist Financial reaffirmed a “buy” rating and set a $305.00 price target (up from $301.00) on shares of Quanta Services in a research report on Monday, May 6th. Evercore ISI upped their price target on Quanta Services from $255.00 to $288.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 7th. Robert W. Baird upped their price target on Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Finally, B. Riley upped their price target on Quanta Services from $246.00 to $286.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Quanta Services has a consensus rating of “Moderate Buy” and an average price target of $273.75.

Quanta Services Price Performance

Shares of PWR opened at $256.73 on Friday. The business’s 50-day moving average is $266.89 and its two-hundred day moving average is $246.82. The company has a market capitalization of $37.58 billion, a P/E ratio of 49.75 and a beta of 1.03. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.36. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $286.87.

Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, May 2nd. The construction company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Quanta Services had a return on equity of 16.25% and a net margin of 3.57%. The firm had revenue of $5.03 billion for the quarter, compared to analysts’ expectations of $4.96 billion. Research analysts predict that Quanta Services, Inc. will post 7.69 earnings per share for the current year.

Quanta Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Monday, July 1st were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.14%. The ex-dividend date of this dividend was Monday, July 1st. Quanta Services’s payout ratio is presently 6.98%.

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.