Tower Wealth Partners Inc. Increases Holdings in Quanta Services, Inc. (NYSE:PWR)

by · The Markets Daily

Tower Wealth Partners Inc. boosted its position in Quanta Services, Inc. (NYSE:PWR – Free Report) by 3.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,122 shares of the construction company’s stock after purchasing an additional 34 shares during the period. Tower Wealth Partners Inc.’s holdings in Quanta Services were worth $335,000 as of its most recent SEC filing.

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

Quanta Services Trading Up 0.6 %

NYSE:PWR opened at $303.50 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.30 and a quick ratio of 1.25. Quanta Services, Inc. has a 12 month low of $163.93 and a 12 month high of $317.91. The firm has a market capitalization of $44.71 billion, a PE ratio of 57.26 and a beta of 1.01. The business’s 50-day moving average is $289.79 and its two-hundred day moving average is $272.31.

Quanta Services (NYSE:PWR – Get Free Report) last announced 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. The business had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.56 billion. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.08 earnings per share. Research analysts predict that Quanta Services, Inc. will post 7.82 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 0.12%. The ex-dividend date was Tuesday, October 1st. Quanta Services’s dividend payout ratio is currently 6.79%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PWR shares. JPMorgan Chase & Co. initiated coverage on shares of Quanta Services in a research note on Monday, October 7th. They set a “neutral” rating and a $297.00 price target on the stock. Northland Securities reaffirmed an “outperform” rating and issued a $328.00 target price (up from $280.00) on shares of Quanta Services in a research note on Friday. TD Cowen increased their price target on Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. B. Riley lifted their price objective on Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Finally, Truist Financial increased their target price on Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $314.27.

Get Our Latest Stock Analysis on Quanta Services

Insider Buying and Selling at Quanta Services

In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the completion of the transaction, the insider now directly owns 21,286 shares in the company, valued at approximately $5,490,297.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the completion of the transaction, the insider now directly owns 10,631 shares in the company, valued at $2,875,791.81. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the completion of the sale, the insider now directly owns 21,286 shares in the company, valued at approximately $5,490,297.98. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 202,357 shares of company stock worth $53,115,572 in the last 90 days. 1.10% of the stock is owned by corporate insiders.

About Quanta Services

(Free Report)

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.

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