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

Allspring Global Investments Holdings LLC raised its position in Quanta Services, Inc. (NYSE:PWR) by 9.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 458,298 shares of the construction company’s stock after purchasing an additional 39,200 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Quanta Services were worth $192,783,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Petros Family Wealth LLC raised its holdings in shares of Quanta Services by 2.2% in 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 during the period. Old Port Advisors grew its position in Quanta Services by 0.7% in the 2nd quarter. Old Port Advisors now owns 3,944 shares of the construction company’s stock valued at $1,491,000 after acquiring an additional 26 shares during the last quarter. Ashton Thomas Private Wealth LLC increased its stake in Quanta Services by 1.2% in the second quarter. Ashton Thomas Private Wealth LLC now owns 2,250 shares of the construction company’s stock worth $851,000 after purchasing an additional 26 shares during the period. Carr Financial Group Corp lifted its position in shares of Quanta Services by 1.8% during the third quarter. Carr Financial Group Corp now owns 1,471 shares of the construction company’s stock worth $610,000 after purchasing an additional 26 shares during the last quarter. Finally, Archford Capital Strategies LLC boosted its stake in shares of Quanta Services by 1.0% during the third quarter. Archford Capital Strategies LLC now owns 2,748 shares of the construction company’s stock valued at $1,139,000 after purchasing an additional 28 shares during the period. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Insider Activity at Quanta Services

In other news, EVP Donald Wayne sold 14,000 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at $15,344,730.75. The trade was a 28.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Worthing Jackman sold 6,349 shares of the firm’s stock in a transaction 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 completion of the transaction, the director owned 2,730 shares of the company’s stock, valued at $1,229,728.50. This trade represents a 69.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 32,002 shares of company stock valued at $14,295,857. 1.10% of the stock is currently owned by corporate insiders.

Quanta Services Price Performance

NYSE PWR opened at $428.76 on Wednesday. The firm’s fifty day simple moving average is $442.81 and its two-hundred day simple moving average is $410.52. The firm has a market capitalization of $63.94 billion, a P/E ratio of 63.52, a P/E/G ratio of 2.44 and a beta of 1.14. 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, Inc. has a 12-month low of $227.08 and a 12-month high of $473.99.

Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, October 30th. The construction company reported $3.33 earnings per share for the quarter, topping analysts’ consensus estimates of $3.24 by $0.09. Quanta Services had a return on equity of 18.74% and a net margin of 3.74%.The firm had revenue of $7.63 billion during the quarter, compared to analysts’ expectations of $7.41 billion. During the same quarter last year, the firm earned $2.72 EPS. The business’s quarterly revenue 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 forecast that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on PWR. Citigroup upped their target price on shares of Quanta Services from $517.00 to $526.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Stifel Nicolaus set a $495.00 price target on Quanta Services in a report on Monday, November 3rd. Jefferies Financial Group raised their price objective on Quanta Services from $469.00 to $517.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. JPMorgan Chase & Co. raised Quanta Services from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $457.00 to $515.00 in a research report on Monday, December 8th. Finally, Robert W. Baird set a $490.00 price target on Quanta Services in a research report on Friday, October 31st. Thirteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, Quanta Services has a consensus rating of “Moderate Buy” and a consensus target price of $450.10.

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.