Bank of New York Mellon Corp Cuts Stock Holdings in Quanta Services, Inc. $PWR

Bank of New York Mellon Corp reduced its stake in Quanta Services, Inc. (NYSE:PWR) by 9.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 910,505 shares of the construction company’s stock after selling 100,207 shares during the period. Bank of New York Mellon Corp owned approximately 0.61% of Quanta Services worth $377,332,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Petros Family Wealth LLC grew its position in shares of Quanta Services by 2.2% during the third quarter. Petros Family Wealth LLC now owns 1,101 shares of the construction company’s stock worth $456,000 after buying an additional 24 shares in the last quarter. Ashton Thomas Private Wealth LLC grew its holdings in Quanta Services by 1.2% during the 2nd quarter. Ashton Thomas Private Wealth LLC now owns 2,250 shares of the construction company’s stock worth $851,000 after acquiring an additional 26 shares in the last quarter. Carr Financial Group Corp increased its position in shares of Quanta Services by 1.8% in the 3rd quarter. Carr Financial Group Corp now owns 1,471 shares of the construction company’s stock valued at $610,000 after purchasing an additional 26 shares during the last quarter. Kathmere Capital Management LLC raised its holdings in shares of Quanta Services by 2.8% in the 3rd quarter. Kathmere Capital Management LLC now owns 961 shares of the construction company’s stock valued at $398,000 after purchasing an additional 26 shares in the last quarter. Finally, Archford Capital Strategies LLC lifted its position in shares of Quanta Services by 1.0% during the 3rd quarter. Archford Capital Strategies LLC now owns 2,748 shares of the construction company’s stock worth $1,139,000 after purchasing an additional 28 shares during the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Insider Buying and Selling

In other news, Director Worthing Jackman sold 6,349 shares of the business’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $450.45, for a total value of $2,859,907.05. Following the transaction, the director owned 2,730 shares of the company’s stock, valued at approximately $1,229,728.50. The trade was a 69.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Donald Wayne sold 14,000 shares of the stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $443.81, for a total value of $6,213,340.00. Following the sale, the executive vice president directly owned 34,575 shares of the company’s stock, valued at approximately $15,344,730.75. This represents a 28.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 32,002 shares of company stock valued at $14,295,857. Company insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PWR shares. JPMorgan Chase & Co. raised Quanta Services from a “neutral” rating to an “overweight” rating and increased their target price for the company from $457.00 to $515.00 in a report on Monday, December 8th. Sanford C. Bernstein dropped their price objective on Quanta Services from $432.00 to $428.00 and set a “market perform” rating on the stock in a report on Friday, December 19th. Stifel Nicolaus boosted their target price on Quanta Services from $495.00 to $517.00 and gave the stock a “buy” rating in a research note on Monday. Mizuho set a $415.00 price target on Quanta Services in a report on Tuesday, October 28th. Finally, Robert W. Baird set a $490.00 price objective on shares of Quanta Services in a report on Friday, October 31st. Thirteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, Quanta Services presently has a consensus rating of “Moderate Buy” and an average target price of $462.00.

Quanta Services Price Performance

PWR stock opened at $482.74 on Friday. The business has a 50 day simple moving average of $447.27 and a 200-day simple moving average of $421.70. The company has a market capitalization of $71.99 billion, a P/E ratio of 71.52, a PEG ratio of 2.34 and a beta of 1.16. Quanta Services, Inc. has a twelve month low of $227.08 and a twelve month high of $489.06. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 0.66.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, October 30th. The construction company reported $3.33 EPS for the quarter, beating the consensus estimate of $3.24 by $0.09. Quanta Services had a net margin of 3.74% and a return on equity of 18.74%. The firm had revenue of $7.63 billion during the quarter, compared to the consensus estimate of $7.41 billion. During the same quarter in the prior year, the firm earned $2.72 EPS. Quanta Services’s revenue for the quarter was up 17.5% on a year-over-year basis. As a group, equities analysts anticipate that Quanta Services, Inc. will post 9.34 EPS for the current 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.