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

Bank of New York Mellon Corp cut its holdings in Quanta Services, Inc. (NYSE:PWR) by 9.9% during the third quarter, Holdings Channel reports. The institutional investor owned 910,505 shares of the construction company’s stock after selling 100,207 shares during the quarter. Bank of New York Mellon Corp’s holdings in Quanta Services were worth $377,332,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC purchased a new position in shares of Quanta Services in the 4th quarter valued at about $298,000. Woodline Partners LP increased its holdings in Quanta Services by 40.7% in the first quarter. Woodline Partners LP now owns 12,471 shares of the construction company’s stock valued at $3,170,000 after buying an additional 3,606 shares in the last quarter. Capital Investment Advisors LLC acquired a new stake in shares of Quanta Services during the 2nd quarter valued at approximately $217,000. Cooper Financial Group purchased a new stake in shares of Quanta Services during the 2nd quarter worth approximately $428,000. Finally, Institute for Wealth Management LLC. grew its holdings in shares of Quanta Services by 5.5% in the 2nd quarter. Institute for Wealth Management LLC. now owns 2,284 shares of the construction company’s stock worth $864,000 after acquiring an additional 120 shares during the period. Institutional investors and hedge funds own 90.49% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Donald Wayne sold 14,000 shares of the firm’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $443.81, for a total transaction of $6,213,340.00. Following the sale, the executive vice president owned 34,575 shares in the company, valued at $15,344,730.75. This trade represents a 28.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Worthing Jackman sold 6,349 shares of Quanta Services stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $450.45, for a total value of $2,859,907.05. Following the completion of the sale, the director directly owned 2,730 shares of the company’s stock, valued at approximately $1,229,728.50. This represents a 69.93% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 32,002 shares of company stock worth $14,295,857. 1.10% of the stock is owned by company insiders.

Quanta Services Stock Performance

Shares of NYSE PWR opened at $482.74 on Friday. The company has a 50-day simple moving average of $447.27 and a 200-day simple moving average of $421.70. 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 company has a market cap of $71.99 billion, a PE ratio of 71.52, a price-to-earnings-growth ratio of 2.34 and a beta of 1.16. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $489.06.

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PWR shares. Jefferies Financial Group reduced their price objective on Quanta Services from $517.00 to $506.00 and set a “buy” rating for the company in a report on Tuesday, January 13th. Evercore ISI lifted their price target on Quanta Services from $410.00 to $480.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Citigroup increased their price objective on shares of Quanta Services from $526.00 to $540.00 and gave the company a “buy” rating in a research note on Monday. Robert W. Baird set a $490.00 price target on shares of Quanta Services in a report on Friday, October 31st. Finally, Mizuho set a $415.00 price objective on shares of Quanta Services in a research note on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Quanta Services currently has a consensus rating of “Moderate Buy” and a consensus price target of $462.00.

Quanta Services 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.