Allspring Global Investments Holdings LLC Grows Position in Quanta Services, Inc. $PWR

Allspring Global Investments Holdings LLC lifted its stake in Quanta Services, Inc. (NYSE:PWR) by 9.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 458,298 shares of the construction company’s stock after acquiring an additional 39,200 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.31% of Quanta Services worth $192,783,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PWR. Copia Wealth Management raised its stake in Quanta Services by 509.1% during the 2nd quarter. Copia Wealth Management now owns 67 shares of the construction company’s stock valued at $25,000 after buying an additional 56 shares during the last quarter. Darwin Wealth Management LLC purchased a new stake in Quanta Services during the second quarter valued at $26,000. SOA Wealth Advisors LLC. lifted its holdings in Quanta Services by 159.3% in the second quarter. SOA Wealth Advisors LLC. now owns 70 shares of the construction company’s stock valued at $26,000 after acquiring an additional 43 shares during the period. Solstein Capital LLC boosted its position in Quanta Services by 185.7% in the second quarter. Solstein Capital LLC now owns 80 shares of the construction company’s stock worth $30,000 after purchasing an additional 52 shares during the last quarter. Finally, Ameriflex Group Inc. grew its stake in shares of Quanta Services by 93.0% during the 2nd quarter. Ameriflex Group Inc. now owns 83 shares of the construction company’s stock valued at $32,000 after purchasing an additional 40 shares during the period. Institutional investors own 90.49% of the company’s stock.

Insider Buying and Selling at Quanta Services

In other Quanta Services news, EVP Donald Wayne sold 14,000 shares of Quanta Services stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $443.81, for a total value of $6,213,340.00. Following the completion of the transaction, the executive vice president directly owned 34,575 shares of the company’s stock, valued at $15,344,730.75. This trade represents a 28.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Gerald A. Ducey, Jr. sold 7,653 shares of the company’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $446.08, for a total transaction of $3,413,850.24. Following the sale, the insider owned 19,960 shares in the company, valued at $8,903,756.80. This represents a 27.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 32,002 shares of company stock worth $14,295,857 over the last three months. 1.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PWR. JPMorgan Chase & Co. upgraded shares of Quanta Services from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $457.00 to $515.00 in a research note on Monday, December 8th. Jefferies Financial Group upped their target price on shares of Quanta Services from $469.00 to $517.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Quanta Services in a research note on Monday. Stifel Nicolaus set a $495.00 price objective on Quanta Services in a research note on Monday, November 3rd. Finally, Evercore ISI raised their target price on Quanta Services from $410.00 to $480.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. Thirteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, Quanta Services currently has an average rating of “Moderate Buy” and a consensus price target of $450.10.

Quanta Services Stock Down 0.5%

Shares of PWR stock opened at $428.76 on Wednesday. The company’s fifty day simple moving average is $442.81 and its two-hundred day simple moving average is $410.52. Quanta Services, Inc. has a 52 week low of $227.08 and a 52 week high of $473.99. The stock has a market cap of $63.94 billion, a P/E ratio of 63.52, a PEG ratio of 2.44 and a beta of 1.14. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 0.66.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, October 30th. The construction company reported $3.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.24 by $0.09. Quanta Services had a return on equity of 18.74% and a net margin of 3.74%.The business had revenue of $7.63 billion for the quarter, compared to analysts’ expectations of $7.41 billion. During the same period in the prior year, the firm earned $2.72 EPS. The company’s revenue for the quarter was up 17.5% on a year-over-year basis. Quanta Services has set its FY 2025 guidance at 10.330-10.830 EPS. Analysts predict that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

About Quanta Services

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.