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

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

Several other institutional investors have also recently bought and sold shares of PWR. Mutual Advisors LLC boosted its stake in shares of Quanta Services by 613.9% in the 3rd quarter. Mutual Advisors LLC now owns 5,383 shares of the construction company’s stock valued at $2,300,000 after purchasing an additional 4,629 shares in the last quarter. Hazlett Burt & Watson Inc. lifted its stake in Quanta Services by 28.9% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 553 shares of the construction company’s stock valued at $228,000 after purchasing an additional 124 shares during the last quarter. Independent Advisor Alliance boosted its position in Quanta Services by 5.4% in the third quarter. Independent Advisor Alliance now owns 13,375 shares of the construction company’s stock valued at $5,543,000 after buying an additional 680 shares in the last quarter. Centric Wealth Management bought a new stake in shares of Quanta Services during the third quarter worth $210,000. Finally, Everhart Financial Group Inc. increased its holdings in shares of Quanta Services by 8.7% during the third quarter. Everhart Financial Group Inc. now owns 4,998 shares of the construction company’s stock worth $2,071,000 after buying an additional 398 shares in the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PWR. Cantor Fitzgerald assumed coverage on Quanta Services in a research report on Friday, January 23rd. They set an “overweight” rating and a $520.00 price objective on the stock. Truist Financial boosted their price target on Quanta Services from $472.00 to $521.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. upgraded shares of Quanta Services from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $457.00 to $515.00 in a report on Monday, December 8th. Argus set a $540.00 target price on shares of Quanta Services in a report on Friday, October 31st. Finally, Jefferies Financial Group decreased their price target on shares of Quanta Services from $517.00 to $506.00 and set a “buy” rating for the company in a research report on Tuesday, January 13th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Quanta Services has an average rating of “Moderate Buy” and a consensus price target of $462.00.

Insider Activity

In related news, insider Gerald A. Ducey, Jr. sold 7,653 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $446.08, for a total transaction of $3,413,850.24. Following the completion of the sale, the insider owned 19,960 shares of the company’s stock, valued at $8,903,756.80. This trade represents a 27.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Donald Wayne sold 14,000 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $443.81, for a total value of $6,213,340.00. Following the completion of the transaction, the executive vice president directly owned 34,575 shares in the company, valued at approximately $15,344,730.75. This trade represents a 28.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.10% of the company’s stock.

Quanta Services Price Performance

Shares of NYSE PWR opened at $488.50 on Wednesday. The company has a market capitalization of $72.85 billion, a PE ratio of 72.37, a P/E/G ratio of 2.31 and a beta of 1.15. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 0.66. Quanta Services, Inc. has a twelve month low of $227.08 and a twelve month high of $490.47. The firm has a fifty day simple moving average of $449.62 and a 200 day simple moving average of $423.94.

About Quanta Services

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.