Principal Financial Group Inc. Sells 3,461 Shares of Quanta Services, Inc. $PWR

Principal Financial Group Inc. lessened its position in Quanta Services, Inc. (NYSE:PWR) by 1.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 195,904 shares of the construction company’s stock after selling 3,461 shares during the period. Principal Financial Group Inc. owned about 0.13% of Quanta Services worth $81,187,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank acquired a new position in Quanta Services during the second quarter worth approximately $675,802,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of Quanta Services by 57.2% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,425,436 shares of the construction company’s stock worth $917,009,000 after acquiring an additional 882,209 shares during the period. Select Equity Group L.P. increased its holdings in shares of Quanta Services by 69.3% during the 2nd quarter. Select Equity Group L.P. now owns 1,017,123 shares of the construction company’s stock worth $384,554,000 after acquiring an additional 416,395 shares during the last quarter. Vanguard Group Inc. raised its stake in Quanta Services by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 17,756,682 shares of the construction company’s stock valued at $6,713,446,000 after acquiring an additional 339,383 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Quanta Services by 150.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 419,098 shares of the construction company’s stock valued at $156,026,000 after purchasing an additional 251,845 shares during the last quarter. 90.49% of the stock is owned by institutional investors.

Insider Activity

In other Quanta Services news, EVP Donald Wayne sold 14,000 shares of the stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $443.81, for a total transaction of $6,213,340.00. Following the sale, the executive vice president directly owned 34,575 shares in the company, valued at $15,344,730.75. This represents a 28.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Gerald A. Ducey, Jr. sold 7,653 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the insider owned 19,960 shares of the company’s stock, valued at $8,903,756.80. The trade was a 27.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.10% of the company’s stock.

Quanta Services Price Performance

Quanta Services stock opened at $488.50 on Wednesday. The firm has a market cap of $72.85 billion, a PE ratio of 72.37, a price-to-earnings-growth ratio of 2.31 and a beta of 1.15. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.34 and a quick ratio of 1.30. The stock’s fifty day moving average price is $449.62 and its two-hundred day moving average price is $423.94. Quanta Services, Inc. has a one year low of $227.08 and a one year high of $490.47.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PWR shares. JPMorgan Chase & Co. upgraded shares of Quanta Services from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $457.00 to $515.00 in a report on Monday, December 8th. Roth Mkm set a $500.00 price target on shares of Quanta Services and gave the company a “buy” rating in a research note on Friday, October 31st. Weiss Ratings raised shares of Quanta Services from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. Truist Financial boosted their price objective on Quanta Services from $472.00 to $521.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Finally, The Goldman Sachs Group set a $495.00 target price on Quanta Services in a research report on Monday, November 24th. Thirteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Quanta Services has a consensus rating of “Moderate Buy” and an average price target of $462.00.

Quanta Services Company Profile

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.