Perigon Wealth Management LLC Trims Stock Position in Quanta Services, Inc. (NYSE:PWR)

Perigon Wealth Management LLC reduced its stake in Quanta Services, Inc. (NYSE:PWR) by 6.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,782 shares of the construction company’s stock after selling 118 shares during the quarter. Perigon Wealth Management LLC’s holdings in Quanta Services were worth $599,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Webster Bank N. A. increased its stake in Quanta Services by 4,050.0% in the 4th quarter. Webster Bank N. A. now owns 83 shares of the construction company’s stock valued at $26,000 after buying an additional 81 shares during the period. Prestige Wealth Management Group LLC purchased a new stake in shares of Quanta Services in the third quarter valued at about $30,000. Legacy Investment Solutions LLC acquired a new position in shares of Quanta Services during the third quarter worth about $31,000. Sound Income Strategies LLC raised its holdings in Quanta Services by 700.0% during the fourth quarter. Sound Income Strategies LLC now owns 104 shares of the construction company’s stock worth $33,000 after purchasing an additional 91 shares in the last quarter. Finally, Versant Capital Management Inc lifted its position in Quanta Services by 62.5% in the fourth quarter. Versant Capital Management Inc now owns 117 shares of the construction company’s stock valued at $37,000 after purchasing an additional 45 shares during the period. Institutional investors and hedge funds own 90.49% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PWR shares. Truist Financial cut their target price on Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Daiwa Capital Markets initiated coverage on shares of Quanta Services in a research report on Friday, December 6th. They set an “outperform” rating and a $355.00 target price on the stock. JPMorgan Chase & Co. upped their price target on shares of Quanta Services from $297.00 to $323.00 and gave the stock a “neutral” rating in a research note on Tuesday. Bank of America started coverage on shares of Quanta Services in a report on Friday, January 24th. They set a “buy” rating and a $407.00 price objective on the stock. Finally, Guggenheim initiated coverage on shares of Quanta Services in a report on Wednesday, January 8th. They issued a “neutral” rating for the company. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Quanta Services currently has an average rating of “Moderate Buy” and a consensus target price of $330.06.

Quanta Services Stock Down 0.4 %

Shares of NYSE:PWR opened at $308.10 on Friday. 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 company has a market capitalization of $45.48 billion, a P/E ratio of 56.85, a P/E/G ratio of 1.49 and a beta of 1.06. Quanta Services, Inc. has a 52-week low of $193.52 and a 52-week high of $365.88. The stock’s fifty day simple moving average is $328.59 and its 200-day simple moving average is $301.01.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. The company had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.08 EPS. As a group, equities research analysts forecast that Quanta Services, Inc. will post 7.9 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.13%. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. Quanta Services’s dividend payout ratio (DPR) is 7.38%.

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.