Resona Asset Management Co. Ltd. Lowers Position in Quanta Services, Inc. $PWR

Resona Asset Management Co. Ltd. decreased its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 6.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,700 shares of the construction company’s stock after selling 3,220 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Quanta Services were worth $19,724,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PWR. UniSuper Management Pty Ltd lifted its position in Quanta Services by 20.2% during the third quarter. UniSuper Management Pty Ltd now owns 51,206 shares of the construction company’s stock valued at $21,221,000 after purchasing an additional 8,618 shares during the last quarter. Parkside Financial Bank & Trust raised its position in shares of Quanta Services by 29.6% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,443 shares of the construction company’s stock valued at $598,000 after buying an additional 330 shares in the last quarter. Gouws Capital LLC lifted its holdings in shares of Quanta Services by 3.3% during the 3rd quarter. Gouws Capital LLC now owns 1,136 shares of the construction company’s stock worth $471,000 after acquiring an additional 36 shares during the last quarter. New Wave Wealth Advisors LLC purchased a new position in Quanta Services in the third quarter worth $400,000. Finally, Simplicity Wealth LLC increased its stake in Quanta Services by 2.5% in the third quarter. Simplicity Wealth LLC now owns 1,411 shares of the construction company’s stock valued at $585,000 after acquiring an additional 34 shares during the last quarter. 90.49% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Donald Wayne sold 14,000 shares of Quanta Services stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $443.81, for a total value of $6,213,340.00. Following the sale, the executive vice president directly owned 34,575 shares in the company, valued at approximately $15,344,730.75. This trade represents a 28.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gerald A. Ducey, Jr. sold 7,653 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $446.08, for a total value of $3,413,850.24. Following the transaction, the insider directly owned 19,960 shares in the company, valued at $8,903,756.80. This trade represents a 27.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 32,002 shares of company stock worth $14,295,857. Corporate insiders own 1.10% of the company’s stock.

Quanta Services Stock Performance

NYSE:PWR opened at $468.75 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.30 and a current ratio of 1.34. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $483.29. The firm has a market cap of $69.90 billion, a PE ratio of 69.44, a price-to-earnings-growth ratio of 2.27 and a beta of 1.16. The business has a 50 day moving average price of $443.81 and a 200-day moving average price of $419.27.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, October 30th. The construction company reported $3.33 EPS for the quarter, topping the consensus estimate of $3.24 by $0.09. The company had revenue of $7.63 billion for the quarter, compared to the consensus estimate of $7.41 billion. Quanta Services had a net margin of 3.74% and a return on equity of 18.74%. The firm’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period in the previous year, the firm earned $2.72 earnings per share. Quanta Services has set its FY 2025 guidance at 10.330-10.830 EPS. Equities research analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PWR. Mizuho set a $415.00 price objective on Quanta Services in a report on Tuesday, October 28th. JPMorgan Chase & Co. upgraded Quanta Services from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $457.00 to $515.00 in a research report on Monday, December 8th. Sanford C. Bernstein cut their target price on Quanta Services from $432.00 to $428.00 and set a “market perform” rating for the company in a research note on Friday, December 19th. Truist Financial lifted their price target on shares of Quanta Services from $472.00 to $521.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Finally, Citigroup boosted their price objective on shares of Quanta Services from $517.00 to $526.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $460.20.

About Quanta Services

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.