Busey Bank Decreases Position in Quanta Services, Inc. (NYSE:PWR)

Busey Bank cut its stake in Quanta Services, Inc. (NYSE:PWR) by 3.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,348 shares of the construction company’s stock after selling 95 shares during the quarter. Busey Bank’s holdings in Quanta Services were worth $700,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Brookstone Capital Management raised its holdings in Quanta Services by 13.4% in the 1st quarter. Brookstone Capital Management now owns 12,672 shares of the construction company’s stock valued at $3,292,000 after acquiring an additional 1,501 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Quanta Services by 11.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 34,881 shares of the construction company’s stock valued at $9,062,000 after acquiring an additional 3,640 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in Quanta Services by 44.4% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 10,848 shares of the construction company’s stock valued at $2,818,000 after acquiring an additional 3,334 shares during the last quarter. Private Ocean LLC acquired a new stake in Quanta Services in the 1st quarter valued at about $26,000. Finally, Diversified Trust Co acquired a new stake in Quanta Services in the 1st quarter valued at about $328,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Quanta Services

In other news, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the completion of the sale, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at approximately $155,595,938.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of Quanta Services stock in a transaction on 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 sale, the insider now directly owns 21,286 shares of the company’s stock, valued at approximately $5,490,297.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the completion of the sale, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at approximately $155,595,938.42. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 202,357 shares of company stock valued at $53,115,572. Insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of Quanta Services in a report on Monday, October 7th. They set a “neutral” rating and a $297.00 price target for the company. Citigroup raised their price target on shares of Quanta Services from $302.00 to $348.00 and gave the stock a “buy” rating in a report on Friday, October 4th. UBS Group raised their price target on shares of Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a report on Wednesday. Jefferies Financial Group assumed coverage on shares of Quanta Services in a report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price target for the company. Finally, Stifel Nicolaus raised their price target on shares of Quanta Services from $283.00 to $342.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $308.07.

Quanta Services Stock Performance

Shares of PWR stock opened at $308.17 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45. Quanta Services, Inc. has a 52 week low of $153.74 and a 52 week high of $317.91. The stock has a market capitalization of $45.40 billion, a PE ratio of 58.15 and a beta of 1.01. The firm has a 50 day moving average of $286.43 and a two-hundred day moving average of $270.80.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, beating 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 company had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter last year, the company posted $1.47 EPS. The firm’s revenue was up 10.8% compared to the same quarter last year. On average, research analysts predict that Quanta Services, Inc. will post 7.82 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were given a $0.09 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $0.36 annualized dividend and a yield of 0.12%. Quanta Services’s dividend payout ratio is presently 6.79%.

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.