Quanta Services, Inc. (NYSE:PWR) Shares Bought by First Business Financial Services Inc.

First Business Financial Services Inc. increased its position in shares of Quanta Services, Inc. (NYSE:PWR) by 3.6% in the third quarter, HoldingsChannel.com reports. The firm owned 11,746 shares of the construction company’s stock after acquiring an additional 403 shares during the quarter. Quanta Services comprises 0.4% of First Business Financial Services Inc.’s holdings, making the stock its 23rd largest position. First Business Financial Services Inc.’s holdings in Quanta Services were worth $3,502,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. CIBC Asset Management Inc increased its holdings in shares of Quanta Services by 8.9% in the 3rd quarter. CIBC Asset Management Inc now owns 21,412 shares of the construction company’s stock valued at $6,384,000 after acquiring an additional 1,742 shares during the period. Sycomore Asset Management lifted its position in Quanta Services by 10.9% during the 3rd quarter. Sycomore Asset Management now owns 19,455 shares of the construction company’s stock worth $5,766,000 after acquiring an additional 1,910 shares during the period. ING Groep NV raised its stake in shares of Quanta Services by 31.7% during the third quarter. ING Groep NV now owns 73,354 shares of the construction company’s stock worth $21,870,000 after purchasing an additional 17,656 shares during the last quarter. Nicola Wealth Management LTD. grew its position in Quanta Services by 20.0% in the 3rd quarter. Nicola Wealth Management LTD. now owns 9,000 shares of the construction company’s stock valued at $2,683,000 after buying an additional 1,500 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. increased its stake in Quanta Services by 3.3% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,693 shares of the construction company’s stock valued at $1,399,000 after buying an additional 152 shares during the period. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PWR shares. Citigroup raised 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. Robert W. Baird boosted their target price on shares of Quanta Services from $320.00 to $333.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Northland Securities reissued an “outperform” rating and set a $328.00 price objective (up previously from $280.00) on shares of Quanta Services in a report on Friday, November 1st. Truist Financial lifted their price target 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. Finally, Jefferies Financial Group initiated coverage on Quanta Services in a research note on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Quanta Services has a consensus rating of “Moderate Buy” and a consensus price target of $314.27.

Quanta Services Price Performance

PWR stock opened at $323.87 on Friday. The stock has a 50-day moving average price of $300.29 and a two-hundred day moving average price of $277.12. The company has a market cap of $47.81 billion, a PE ratio of 59.75 and a beta of 1.01. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58. Quanta Services, Inc. has a 12-month low of $180.97 and a 12-month high of $335.00.

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

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.11%. The ex-dividend date of this dividend was Tuesday, October 1st. Quanta Services’s dividend payout ratio is presently 6.64%.

Insiders Place Their Bets

In other news, insider Karl W. Studer sold 23,357 shares of the stock in a transaction dated 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 transaction, the insider now owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. This trade represents a 68.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.10% of the stock is owned by company insiders.

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.