Financial Partners Group Inc Cuts Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Financial Partners Group Inc lessened its holdings in Quanta Services, Inc. (NYSE:PWR) by 18.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,271 shares of the construction company’s stock after selling 509 shares during the period. Financial Partners Group Inc’s holdings in Quanta Services were worth $677,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. EntryPoint Capital LLC purchased a new position in shares of Quanta Services in the 1st quarter valued at $25,000. Cambridge Trust Co. purchased a new stake in shares of Quanta Services during the first quarter valued at about $26,000. Valley Wealth Managers Inc. bought a new stake in shares of Quanta Services in the 2nd quarter valued at about $33,000. Quest Partners LLC purchased a new position in shares of Quanta Services in the 2nd quarter worth approximately $35,000. Finally, Eastern Bank bought a new position in shares of Quanta Services during the 3rd quarter worth approximately $44,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Quanta Services Stock Performance

Shares of PWR stock opened at $314.62 on Wednesday. The stock has a market cap of $46.44 billion, a PE ratio of 58.05 and a beta of 1.01. Quanta Services, Inc. has a 52-week low of $163.93 and a 52-week high of $317.91. The business has a 50-day simple moving average of $291.95 and a 200-day simple moving average of $273.96. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.46 by $0.26. The business had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.08 EPS. On average, equities analysts expect that Quanta Services, Inc. will post 7.82 EPS for the current year.

Quanta Services Dividend Announcement

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

Analyst Ratings Changes

Several research firms have issued reports on PWR. Citigroup lifted their price target on shares of Quanta Services from $302.00 to $348.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Jefferies Financial Group began coverage on Quanta Services in a research note on Wednesday, September 4th. They set a “hold” rating and a $256.00 target price on the stock. Stifel Nicolaus raised their price target on Quanta Services from $283.00 to $342.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Truist Financial upped their price objective on shares of Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Wolfe Research initiated coverage on shares of Quanta Services in a research note on Thursday, September 19th. They issued an “outperform” rating and a $313.00 target price for the company. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $314.27.

Insiders Place Their Bets

In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the sale, the chief executive officer now directly owns 593,402 shares in the company, valued at $155,595,938.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO James Redgie Probst sold 34,000 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $260.03, for a total value of $8,841,020.00. Following the completion of the transaction, the chief operating officer now directly owns 29,002 shares of the company’s stock, valued at approximately $7,541,390.06. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the sale, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at approximately $155,595,938.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 202,357 shares of company stock worth $53,115,572. Company insiders own 1.10% of the company’s stock.

Quanta Services 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.