Perigon Wealth Management LLC Cuts Stock Position in Quanta Services, Inc. (NYSE:PWR)

Perigon Wealth Management LLC lessened its stake in Quanta Services, Inc. (NYSE:PWR) by 12.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,134 shares of the construction company’s stock after selling 155 shares during the quarter. Perigon Wealth Management LLC’s holdings in Quanta Services were worth $245,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PWR. Norges Bank purchased a new stake in shares of Quanta Services during the fourth quarter worth $180,853,000. Nordea Investment Management AB grew its holdings in shares of Quanta Services by 8,297.7% during the fourth quarter. Nordea Investment Management AB now owns 912,413 shares of the construction company’s stock worth $196,205,000 after buying an additional 901,548 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Quanta Services by 52.2% during the first quarter. Royal Bank of Canada now owns 1,492,323 shares of the construction company’s stock worth $196,405,000 after buying an additional 511,508 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of Quanta Services by 113.7% during the first quarter. Deutsche Bank AG now owns 643,054 shares of the construction company’s stock worth $107,159,000 after buying an additional 342,100 shares in the last quarter. Finally, CI Private Wealth LLC purchased a new stake in shares of Quanta Services during the fourth quarter worth $42,168,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. KeyCorp initiated coverage on shares of Quanta Services in a report on Wednesday, January 10th. They set a “sector weight” rating for the company. The Goldman Sachs Group boosted their price target on shares of Quanta Services from $227.00 to $259.00 and gave the company a “buy” rating in a research report on Monday, February 26th. TD Cowen boosted their price target on shares of Quanta Services from $205.00 to $270.00 and gave the company an “outperform” rating in a research report on Tuesday, February 27th. Citigroup boosted their price target on shares of Quanta Services from $234.00 to $237.00 and gave the company a “buy” rating in a research report on Friday, January 26th. Finally, DA Davidson boosted their price target on shares of Quanta Services from $190.00 to $225.00 and gave the company a “neutral” rating in a research report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Quanta Services presently has an average rating of “Moderate Buy” and an average target price of $239.54.

Insiders Place Their Bets

In other Quanta Services news, EVP Derrick A. Jensen sold 18,500 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the sale, the executive vice president now directly owns 263,725 shares in the company, valued at $62,476,452.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Donald Wayne sold 1,101 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total transaction of $288,395.94. Following the sale, the executive vice president now directly owns 40,065 shares in the company, valued at $10,494,626.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Derrick A. Jensen sold 18,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the sale, the executive vice president now owns 263,725 shares in the company, valued at $62,476,452.50. The disclosure for this sale can be found here. Insiders have sold 47,125 shares of company stock worth $11,270,215 over the last three months. Company insiders own 1.20% of the company’s stock.

Quanta Services Trading Down 1.1 %

NYSE PWR opened at $245.97 on Thursday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.47 and a quick ratio of 1.44. The stock has a market capitalization of $36.01 billion, a P/E ratio of 49.10 and a beta of 1.11. The firm’s 50-day moving average is $241.27 and its two-hundred day moving average is $208.05. Quanta Services, Inc. has a 12 month low of $153.74 and a 12 month high of $265.82.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. The company had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.19 billion. Quanta Services had a net margin of 3.57% and a return on equity of 16.46%. The business’s revenue for the quarter was up 31.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.54 earnings per share. On average, sell-side analysts anticipate that Quanta Services, Inc. will post 7.63 earnings per share for the current year.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Shareholders of record on Tuesday, April 9th were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Monday, April 8th. This represents a $0.36 dividend on an annualized basis and a yield of 0.15%. Quanta Services’s dividend payout ratio (DPR) is presently 7.19%.

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.