Sumitomo Mitsui Trust Group Inc. Raises Stock Position in Quanta Services, Inc. (NYSE:PWR)

Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Quanta Services, Inc. (NYSE:PWR) by 0.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 347,643 shares of the construction company’s stock after purchasing an additional 2,014 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.24% of Quanta Services worth $103,650,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. EntryPoint Capital LLC purchased a new stake in shares of Quanta Services in the 1st quarter valued at approximately $25,000. Cambridge Trust Co. purchased a new stake in shares of Quanta Services in the 1st quarter valued at approximately $26,000. Valley Wealth Managers Inc. purchased a new stake in shares of Quanta Services in the 2nd quarter valued at approximately $33,000. Quest Partners LLC purchased a new stake in shares of Quanta Services in the 2nd quarter valued at approximately $35,000. Finally, CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Quanta Services in the 2nd quarter valued at approximately $38,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Karl W. Studer sold 23,357 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the completion of the sale, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

PWR has been the topic of a number of research analyst reports. Wolfe Research started coverage on shares of Quanta Services in a research note on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price target on the stock. Citigroup upped their target price on shares of Quanta Services from $302.00 to $348.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Robert W. Baird upped their target price on shares of Quanta Services from $320.00 to $333.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. started coverage on shares of Quanta Services in a research note on Monday, October 7th. They set a “neutral” rating and a $297.00 target price on the stock. Finally, TD Cowen upped their target price on shares of Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Quanta Services presently has a consensus rating of “Moderate Buy” and an average price target of $314.27.

Quanta Services Trading Down 0.0 %

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

Quanta Services (NYSE:PWR) last issued 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. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The business had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.56 billion. During the same quarter in the prior year, the business posted $2.08 EPS. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. As a group, research analysts expect that Quanta Services, Inc. will post 7.88 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were issued 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 payout ratio is 6.64%.

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.