Institute for Wealth Management LLC. Sells 75 Shares of Quanta Services, Inc. (NYSE:PWR)

Institute for Wealth Management LLC. cut its position in Quanta Services, Inc. (NYSE:PWR) by 3.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,236 shares of the construction company’s stock after selling 75 shares during the period. Institute for Wealth Management LLC.’s holdings in Quanta Services were worth $568,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Nomura Holdings Inc. bought a new stake in shares of Quanta Services during the fourth quarter worth $631,000. Wellington Management Group LLP lifted its holdings in Quanta Services by 581.3% in the fourth quarter. Wellington Management Group LLP now owns 117,014 shares of the construction company’s stock valued at $25,252,000 after buying an additional 99,840 shares during the period. Truist Financial Corp boosted its stake in Quanta Services by 2.2% in the fourth quarter. Truist Financial Corp now owns 432,810 shares of the construction company’s stock valued at $93,400,000 after acquiring an additional 9,421 shares during the last quarter. Vanguard Group Inc. grew its holdings in Quanta Services by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 16,235,875 shares of the construction company’s stock worth $3,503,702,000 after acquiring an additional 191,334 shares during the period. Finally, Allen Investment Management LLC raised its position in shares of Quanta Services by 1,418.0% during the 1st quarter. Allen Investment Management LLC now owns 33,396 shares of the construction company’s stock valued at $8,676,000 after acquiring an additional 31,196 shares during the last quarter. 90.49% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total value of $34,087,300.00. Following the completion of the transaction, the chief executive officer now owns 593,402 shares in the company, valued at approximately $155,595,938.42. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Quanta Services news, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 593,402 shares of the company’s stock, valued at $155,595,938.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction 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 completion of the sale, 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. In the last ninety days, insiders sold 202,357 shares of company stock worth $53,115,572. 1.10% of the stock is currently owned by corporate insiders.

Quanta Services Price Performance

PWR stock traded up $5.37 during mid-day trading on Friday, hitting $273.17. 504,110 shares of the stock were exchanged, compared to its average volume of 945,343. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.30 and a quick ratio of 1.25. The stock has a market capitalization of $39.99 billion, a price-to-earnings ratio of 52.94 and a beta of 1.03. The business has a fifty day moving average price of $260.90 and a 200 day moving average price of $255.42. Quanta Services, Inc. has a 12 month low of $153.74 and a 12 month high of $286.87.

Quanta Services (NYSE:PWR) last released its quarterly earnings data 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 return on equity of 16.29% and a net margin of 3.59%. The firm had revenue of $5.59 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter in the previous year, the business earned $1.47 earnings per share. The company’s quarterly revenue was up 10.8% on a year-over-year basis. On average, sell-side analysts anticipate that Quanta Services, Inc. will post 7.72 EPS for the current year.

Wall Street Analysts Forecast Growth

PWR has been the topic of several analyst reports. Northland Securities increased their target price on Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. The Goldman Sachs Group boosted their price objective on shares of Quanta Services from $259.00 to $286.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Robert W. Baird lifted their price target on shares of Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Argus raised their price objective on Quanta Services from $285.00 to $310.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Finally, DA Davidson boosted their target price on Quanta Services from $225.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $287.09.

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.