Robeco Schweiz AG has decreased its holdings in Quanta Services, Inc. (NYSE: PWR) by 4.9% during the second quarter of 2023, as detailed in a recent filing with the Securities and Exchange Commission (SEC). After selling 17,279 shares, the investment firm now holds 333,217 shares of the construction company, which represents approximately 2.9% of Robeco’s investment portfolio, making it the fund’s fourth-largest position. As of the latest filing, Robeco’s holdings in Quanta Services are valued at $125,983,000.
Several other institutional investors have also made adjustments to their positions in Quanta Services. Old Port Advisors increased its stake by 0.7% in the same quarter, bringing its total to 3,944 shares worth $1,491,000 after acquiring an additional 26 shares. Similarly, Ashton Thomas Private Wealth LLC raised its stake by 1.2%, resulting in ownership of 2,250 shares valued at $851,000. Pinnacle Wealth Planning Services Inc. and Frank Rimerman Advisors LLC also made minor adjustments to their holdings during the first quarter. Notably, Eastern Bank lifted its position by 23.5% in the second quarter, now owning 184 shares worth $70,000. Currently, approximately 90.49% of Quanta Services stock is held by institutional investors.
Quanta Services Stock Performance and Dividends
On Tuesday, shares of Quanta Services opened at $450.23. The company boasts a market capitalization of $67.14 billion, a price-to-earnings (P/E) ratio of 69.70, and a beta of 1.10. Its financial ratios indicate a debt-to-equity ratio of 0.59, a quick ratio of 1.32, and a current ratio of 1.37. The stock has experienced fluctuations over the past year, with a low of $227.08 and a high of $469.43.
In addition to changes in holdings, Quanta Services recently announced a quarterly dividend. Stockholders of record as of October 1, 2023, received a dividend of $0.10 per share on October 10, 2023. This dividend represents an annualized payout of $0.40, resulting in a dividend yield of 0.1%. The company’s current payout ratio stands at 5.93%.
Insider Transactions and Analyst Ratings
In related news, executive vice president Donald Wayne sold 14,000 shares of Quanta Services on November 6, 2023, at an average price of $443.81, amounting to a total transaction value of $6,213,340. Following this sale, Wayne’s remaining shares are valued at approximately $15,344,730.75, marking a 28.82% reduction in his position. Another insider, Gerald A. Ducey, Jr., sold 7,653 shares on the same day for $3,413,850.24, decreasing his ownership by 27.72%.
Research analysts have provided varied assessments of Quanta Services’ stock. On October 31, 2023, Evercore ISI raised its price target from $410.00 to $480.00, maintaining an “outperform” rating. Conversely, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating on August 30, 2023. Other analysts, including Stifel Nicolaus and Jefferies Financial Group, have set price targets of $495.00 and $517.00 respectively. Currently, there are twelve “buy” ratings and thirteen “hold” ratings for Quanta Services, resulting in a consensus rating of “hold” with an average price target of $438.64.
Quanta Services, Inc. provides essential infrastructure solutions across multiple sectors, including electric and gas utilities, renewable energy, and communications in the United States, Canada, Australia, and other international markets. Its services encompass the design, construction, maintenance, and upgrading of electric power transmission and distribution infrastructure.
