Federated Hermes Inc. Trims Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Federated Hermes Inc. reduced its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 0.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 622,212 shares of the construction company’s stock after selling 880 shares during the period. Federated Hermes Inc. owned 0.43% of Quanta Services worth $158,098,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Westside Investment Management Inc. boosted its holdings in shares of Quanta Services by 20.5% in the 2nd quarter. Westside Investment Management Inc. now owns 241 shares of the construction company’s stock worth $61,000 after purchasing an additional 41 shares during the period. Ameritas Advisory Services LLC boosted its stake in Quanta Services by 5.0% during the second quarter. Ameritas Advisory Services LLC now owns 876 shares of the construction company’s stock worth $223,000 after buying an additional 42 shares during the period. Aspen Investment Management Inc increased its position in Quanta Services by 3.7% during the second quarter. Aspen Investment Management Inc now owns 1,254 shares of the construction company’s stock valued at $319,000 after acquiring an additional 45 shares during the last quarter. Terra Nova Asset Management LLC increased its position in Quanta Services by 0.4% during the second quarter. Terra Nova Asset Management LLC now owns 12,741 shares of the construction company’s stock valued at $3,237,000 after acquiring an additional 46 shares during the last quarter. Finally, Wedmont Private Capital raised its stake in shares of Quanta Services by 1.0% in the first quarter. Wedmont Private Capital now owns 4,674 shares of the construction company’s stock valued at $1,198,000 after acquiring an additional 47 shares during the period. 90.49% of the stock is currently owned by institutional investors.

Quanta Services Stock Up 2.1 %

NYSE:PWR opened at $268.50 on Friday. 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 firm has a market cap of $39.56 billion, a PE ratio of 52.03 and a beta of 1.01. The company has a 50-day moving average of $259.87 and a 200 day moving average of $259.84. Quanta Services, Inc. has a 1-year low of $153.74 and a 1-year high of $286.87.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The business had revenue of $5.59 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the previous year, the company posted $1.47 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. As a group, research analysts anticipate that Quanta Services, Inc. will post 7.82 EPS for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.13%. The ex-dividend date is Tuesday, October 1st. Quanta Services’s dividend payout ratio (DPR) is presently 6.98%.

Insider Activity 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 in the company, valued at $155,595,938.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, COO James Redgie Probst sold 34,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $260.03, for a total value of $8,841,020.00. Following the transaction, the chief operating officer now owns 29,002 shares in the company, valued at approximately $7,541,390.06. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 transaction of $34,087,300.00. Following the transaction, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at $155,595,938.42. The disclosure for this sale can be found here. Insiders sold 202,357 shares of company stock valued at $53,115,572 in the last three months. 1.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PWR. The Goldman Sachs Group upped their price target 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. Argus upped their target price on Quanta Services from $285.00 to $310.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. TD Cowen raised their price target on Quanta Services from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Truist Financial reaffirmed a “buy” rating and issued a $319.00 price objective (up previously from $305.00) on shares of Quanta Services in a research report on Monday, August 5th. Finally, B. Riley lifted their target price on Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $284.50.

About Quanta Services

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.