Chase Investment Counsel Corp Cuts Holdings in Quanta Services, Inc. (NYSE:PWR)

Chase Investment Counsel Corp lessened its position in shares of Quanta Services, Inc. (NYSE:PWR) by 32.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,034 shares of the construction company’s stock after selling 6,777 shares during the period. Chase Investment Counsel Corp’s holdings in Quanta Services were worth $4,184,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. EntryPoint Capital LLC acquired a new position in Quanta Services during the first quarter valued at approximately $25,000. Cambridge Trust Co. acquired a new stake in Quanta Services in the 1st quarter valued at $26,000. Valley Wealth Managers Inc. purchased a new position in Quanta Services in the second quarter valued at about $33,000. Quest Partners LLC purchased a new stake in shares of Quanta Services in the second quarter worth about $35,000. Finally, CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Quanta Services in the second quarter valued at about $38,000. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Quanta Services

In other news, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the transaction, the insider now owns 10,631 shares of the company’s stock, valued at $2,875,791.81. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PWR shares. Jefferies Financial Group started coverage on Quanta Services in a report on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price target for the company. Truist Financial increased their price objective on shares of Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Northland Securities reissued an “outperform” rating and issued a $328.00 target price (up previously from $280.00) on shares of Quanta Services in a research report on Friday, November 1st. Stifel Nicolaus lifted their price objective 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. Finally, 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 research report on Wednesday, October 23rd. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Quanta Services Stock Performance

Shares of PWR opened at $327.37 on Wednesday. The firm has a market capitalization of $48.32 billion, a PE ratio of 60.40 and a beta of 1.01. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. The firm has a 50-day moving average price of $297.41 and a 200 day moving average price of $276.44. Quanta Services, Inc. has a 52-week low of $173.62 and a 52-week high of $335.00.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.46 by $0.26. The firm had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.08 earnings per share. On average, sell-side analysts anticipate that Quanta Services, Inc. will post 7.88 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

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. This represents a $0.36 annualized dividend and a yield of 0.11%. The ex-dividend date was Tuesday, October 1st. Quanta Services’s dividend payout ratio (DPR) is presently 6.64%.

Quanta Services 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.