Carnegie Investment Counsel Has $495,000 Stake in Quanta Services, Inc. (NYSE:PWR)

Carnegie Investment Counsel increased its stake in Quanta Services, Inc. (NYSE:PWR) by 5.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,950 shares of the construction company’s stock after purchasing an additional 100 shares during the quarter. Carnegie Investment Counsel’s holdings in Quanta Services were worth $495,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PWR. Pallas Capital Advisors LLC lifted its holdings in shares of Quanta Services by 2.2% during the second quarter. Pallas Capital Advisors LLC now owns 13,245 shares of the construction company’s stock worth $3,506,000 after buying an additional 289 shares during the last quarter. Essex Private Wealth Management LLC boosted its holdings in Quanta Services by 30.7% in the 2nd quarter. Essex Private Wealth Management LLC now owns 1,051 shares of the construction company’s stock valued at $267,000 after purchasing an additional 247 shares during the period. Dakota Wealth Management increased its holdings in shares of Quanta Services by 37.9% during the 2nd quarter. Dakota Wealth Management now owns 31,542 shares of the construction company’s stock worth $8,015,000 after purchasing an additional 8,669 shares during the period. First Citizens Bank & Trust Co. bought a new stake in Quanta Services in the second quarter valued at $1,989,000. Finally, Raymond James Financial Services Advisors Inc. raised its stake in Quanta Services by 9.2% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 83,018 shares of the construction company’s stock worth $21,094,000 after acquiring an additional 6,994 shares in the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PWR shares. Truist Financial reaffirmed a “buy” rating and issued a $319.00 target price (up previously from $305.00) on shares of Quanta Services in a report on Monday, August 5th. Northland Securities raised their price objective on shares of Quanta Services from $264.00 to $280.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Argus lifted their price objective on Quanta Services from $285.00 to $310.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. The Goldman Sachs Group increased their price objective on Quanta Services from $259.00 to $286.00 and gave the company a “buy” rating in a research report on Tuesday, May 28th. Finally, Evercore ISI lifted their price objective on Quanta Services from $255.00 to $288.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 7th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $287.09.

Quanta Services Trading Up 1.6 %

NYSE:PWR traded up $4.25 on Wednesday, reaching $271.11. The company’s stock had a trading volume of 222,743 shares, compared to its average volume of 946,431. The firm has a market cap of $39.69 billion, a PE ratio of 51.72 and a beta of 1.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.25 and a current ratio of 1.30. The business’s 50-day moving average price is $261.23 and its two-hundred day moving average price is $254.38. Quanta Services, Inc. has a 1-year low of $153.74 and a 1-year high of $286.87.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, topping the consensus estimate of $1.75 by $0.15. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The firm had revenue of $5.59 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same period last year, the company posted $1.47 EPS. The business’s quarterly revenue was up 10.8% on a year-over-year basis. Equities research analysts anticipate that Quanta Services, Inc. will post 7.72 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Monday, July 1st were issued a $0.09 dividend. The ex-dividend date was Monday, July 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.13%. Quanta Services’s dividend payout ratio (DPR) is 6.98%.

Insider Transactions at Quanta Services

In other Quanta Services news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the sale, the insider now owns 21,286 shares in the company, valued at approximately $5,490,297.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO James Redgie Probst sold 34,000 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $260.03, for a total value of $8,841,020.00. Following the sale, the chief operating officer now directly owns 29,002 shares of the company’s stock, valued at approximately $7,541,390.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the completion of the transaction, the insider now directly owns 21,286 shares in the company, valued at $5,490,297.98. The disclosure for this sale can be found here. Insiders sold 179,000 shares of company stock valued at $46,797,270 over the last three months. Company insiders own 1.10% of the company’s stock.

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.