Signet Financial Management LLC Reduces Position in Quanta Services, Inc. (NYSE:PWR)

Signet Financial Management LLC decreased its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 15.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,508 shares of the construction company’s stock after selling 2,891 shares during the period. Signet Financial Management LLC’s holdings in Quanta Services were worth $4,029,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Nomura Holdings Inc. acquired a new stake in shares of Quanta Services during the fourth quarter worth $631,000. Truist Financial Corp boosted its holdings in Quanta Services by 2.2% in the fourth quarter. Truist Financial Corp now owns 432,810 shares of the construction company’s stock valued at $93,400,000 after acquiring an additional 9,421 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Quanta Services by 581.3% in the fourth quarter. Wellington Management Group LLP now owns 117,014 shares of the construction company’s stock valued at $25,252,000 after acquiring an additional 99,840 shares during the last quarter. Carnegie Capital Asset Management LLC boosted its holdings in Quanta Services by 24.5% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 1,650 shares of the construction company’s stock valued at $356,000 after acquiring an additional 325 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Quanta Services by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 16,235,875 shares of the construction company’s stock valued at $3,503,702,000 after acquiring an additional 191,334 shares during the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Quanta Services Stock Performance

PWR stock traded down $0.96 during midday trading on Thursday, reaching $265.61. The company had a trading volume of 251,384 shares, compared to its average volume of 925,332. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.50. The stock has a 50 day moving average price of $268.15 and a 200 day moving average price of $239.98. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $286.87. The firm has a market capitalization of $38.88 billion, a PE ratio of 51.64 and a beta of 1.05.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. The business had revenue of $5.03 billion during the quarter, compared to the consensus estimate of $4.96 billion. Quanta Services had a return on equity of 16.25% and a net margin of 3.57%. Analysts anticipate that Quanta Services, Inc. will post 7.69 earnings per share for the current year.

Quanta Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Monday, July 1st will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Monday, July 1st. This represents a $0.36 annualized dividend and a dividend yield of 0.14%. Quanta Services’s dividend payout ratio is presently 6.98%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PWR shares. Citigroup lifted their target price on Quanta Services from $275.00 to $285.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Robert W. Baird raised their price objective on Quanta Services from $265.00 to $287.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. DA Davidson lifted their target price on Quanta Services from $225.00 to $250.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Argus lifted their target price on Quanta Services from $285.00 to $310.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, B. Riley boosted their price objective on Quanta Services from $246.00 to $286.00 and gave the company a “buy” rating in a report on Friday, May 3rd. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $268.85.

Quanta Services Company Profile

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.