Pinnacle Financial Partners Inc Buys 1,837 Shares of Quanta Services, Inc. (NYSE:PWR)

Pinnacle Financial Partners Inc grew its holdings in Quanta Services, Inc. (NYSE:PWR) by 3.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,637 shares of the construction company’s stock after acquiring an additional 1,837 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Quanta Services were worth $14,799,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Electron Capital Partners LLC boosted its stake in shares of Quanta Services by 395.1% during the 2nd quarter. Electron Capital Partners LLC now owns 2,622,142 shares of the construction company’s stock worth $666,260,000 after acquiring an additional 2,092,519 shares during the period. Swedbank AB acquired a new stake in shares of Quanta Services in the 1st quarter valued at approximately $227,218,000. Capital World Investors grew its position in Quanta Services by 10.7% during the 1st quarter. Capital World Investors now owns 6,643,733 shares of the construction company’s stock worth $1,726,042,000 after acquiring an additional 643,011 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Quanta Services by 1,445.3% during the second quarter. American Century Companies Inc. now owns 395,152 shares of the construction company’s stock worth $100,404,000 after purchasing an additional 369,581 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Quanta Services by 17.8% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,235,655 shares of the construction company’s stock worth $313,968,000 after acquiring an additional 186,306 shares during the period. 90.49% of the stock is currently owned by institutional investors.

Quanta Services Price Performance

Shares of NYSE PWR opened at $327.37 on Wednesday. The firm has a market capitalization of $48.32 billion, a PE ratio of 60.40 and a beta of 1.01. Quanta Services, Inc. has a fifty-two week low of $173.62 and a fifty-two week high of $335.00. The stock’s 50-day simple moving average is $297.41 and its 200-day simple moving average is $276.44. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23.

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

Quanta Services Dividend Announcement

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

Insider Transactions at Quanta Services

In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction that occurred 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 transaction, the insider now owns 10,631 shares in the company, valued at approximately $2,875,791.81. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. UBS Group upped their price objective on shares of Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. B. Riley raised their price objective on shares of Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Northland Securities restated an “outperform” rating and issued a $328.00 price objective (up from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. Truist Financial increased their price target on shares of Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Stifel Nicolaus lifted their price objective on Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Quanta Services currently has an average rating of “Moderate Buy” and a consensus target price of $314.27.

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.