Robeco Schweiz AG has reduced its holdings in Quanta Services, Inc. (NYSE: PWR) by 4.9% during the second quarter of 2023, as disclosed in a recent filing with the Securities and Exchange Commission (SEC). The investment firm now possesses 333,217 shares of the construction company after selling 17,279 shares during the quarter, representing approximately 2.9% of its total investment portfolio. As of the latest filing, these holdings are valued at around $125.98 million.
Several other institutional investors have also adjusted their positions in Quanta Services. Old Port Advisors increased its stake by 0.7% during the same quarter, now owning 3,944 shares valued at $1.49 million after acquiring an additional 26 shares. Ashton Thomas Private Wealth LLC raised its holdings by 1.2%, bringing its total to 2,250 shares worth $851,000 following a similar purchase.
Additionally, Pinnacle Wealth Planning Services Inc. lifted its position by 3.5% in the first quarter, now holding 951 shares valued at $242,000. Frank Rimerman Advisors LLC also increased its stake by 1.1%, now owning 3,114 shares valued at $792,000. Notably, Eastern Bank made a significant move, increasing its position by 23.5% during the second quarter, now owning 184 shares worth $70,000. Overall, institutional investors hold approximately 90.49% of Quanta Services’ stock.
Quanta Services Stock Performance and Dividends
On Tuesday, shares of Quanta Services opened at $450.23. The company, which has a market capitalization of $67.14 billion, features a price-to-earnings ratio of 69.70, and a PEG ratio of 2.66. The stock has shown resilience, with a twelve-month low of $227.08 and a high of $469.43.
On October 10, 2023, Quanta Services announced a quarterly dividend of $0.10 per share, which was paid to stockholders of record as of October 1, 2023. This annualizes to $0.40 per share, representing a dividend yield of 0.1%. The company’s payout ratio currently stands at 5.93%.
Insider Transactions and Analyst Ratings
In related developments, several key executives have sold shares of Quanta Services. Executive Vice President Donald Wayne sold 14,000 shares on November 6, 2023, at an average price of $443.81, totaling approximately $6.21 million. Following this transaction, Wayne holds 34,575 shares valued at around $15.34 million, marking a 28.82% decrease in his position.
Similarly, insider Gerald A. Ducey, Jr. sold 7,653 shares on the same day for a total of $3.41 million. After this sale, Ducey retains ownership of 19,960 shares valued at approximately $8.90 million, reflecting a 27.72% decrease in ownership. Over the last quarter, insiders have sold a total of 32,002 shares worth $14.30 million, with insiders currently holding 1.10% of the company’s stocks.
Analysts have provided varied opinions on Quanta Services. Evercore ISI raised its price target for the stock from $410.00 to $480.00 and rated it as “outperform” in a note released on October 31, 2023. In contrast, Wall Street Zen downgraded the stock from “buy” to “hold” on August 30, 2023. Stifel Nicolaus set a target price of $495.00, while Jefferies Financial Group increased its target from $469.00 to $517.00 on November 3, 2023.
MarketBeat data indicates that Quanta Services holds a consensus rating of “Hold” with an average price target of $438.64.
Quanta Services, Inc. specializes in providing infrastructure solutions across various sectors, including electric and gas utilities, renewable energy, communications, and pipeline industries in the United States and internationally. The company is engaged in multiple areas, including design, construction, maintenance, and upgrading of power transmission and distribution infrastructure.
For further insights into Quanta Services and updates on institutional holdings, investors are encouraged to access resources such as HoldingsChannel.com for the latest filings and trades.
