Robeco Schweiz AG has decreased its holdings in Quanta Services, Inc. (NYSE: PWR) by 4.9% during the second quarter of 2023. According to the company’s recent disclosure with the Securities and Exchange Commission (SEC), Robeco now owns 333,217 shares of the construction firm after selling 17,279 shares during this period. Quanta Services now constitutes approximately 2.9% of Robeco’s investment portfolio, making it the fund’s fourth largest holding.
As of the latest filing, Robeco Schweiz AG valued its holdings in Quanta Services at $125,983,000. The company is not alone in adjusting its investment strategy; several other large investors have also modified their positions in Quanta Services. For example, Old Port Advisors increased its stake by 0.7% to own 3,944 shares worth $1,491,000 after purchasing an additional 26 shares in the second quarter.
Additional Stake Changes by Institutional Investors
Ashton Thomas Private Wealth LLC raised its stake in Quanta Services by 1.2%, now owning 2,250 shares valued at $851,000 after acquiring 26 shares in the last quarter. Similarly, Pinnacle Wealth Planning Services Inc. boosted its holdings by 3.5%, owning 951 shares worth $242,000 after buying 32 shares during the first quarter. Frank Rimerman Advisors LLC also increased its holdings by 1.1%, currently holding 3,114 shares valued at $792,000 after purchasing 34 shares.
Moreover, Eastern Bank significantly lifted its position by 23.5% in the second quarter, owning 184 shares worth $70,000 after acquiring 35 shares in the last quarter. Institutional investors collectively own approximately 90.49% of Quanta Services stock.
Current Stock Performance and Dividend Announcements
As of today, shares of Quanta Services opened at $450.23. The company boasts a market capitalization of $67.14 billion and has a price-to-earnings ratio of 69.70. Quanta Services also has a PEG ratio of 2.66 and a beta of 1.10. Its financial stability is reflected in its debt-to-equity ratio of 0.59, a quick ratio of 1.32, and a current ratio of 1.37. The stock has seen a twelve-month low of $227.08 and a high of $469.43.
In a recent announcement, Quanta Services disclosed a quarterly dividend of $0.10, which was paid on October 10, 2023. Stockholders of record as of October 1, 2023 received this dividend. The ex-dividend date was also set for October 1, making the annualized dividend $0.40 with a yield of 0.1%. Quanta Services currently maintains a payout ratio of 5.93%.
In related news, Donald Wayne, Executive Vice President of Quanta Services, sold 14,000 shares on November 6, 2023, at an average price of $443.81, totaling $6,213,340. Following this sale, Wayne retained 34,575 shares valued at approximately $15,344,730.75, marking a 28.82% decline in his holding. Similarly, insider Gerald A. Ducey, Jr. sold 7,653 shares on the same day for an average price of $446.08, amounting to $3,413,850.24. After this transaction, Ducey held 19,960 shares valued at around $8,903,756.80, which represents a 27.72% reduction in his ownership.
Over the last quarter, insiders have sold a total of 32,002 shares worth $14,295,857, with company insiders owning 1.10% of the stock at present.
Analyst Ratings and Market Outlook
Market analysts continue to evaluate Quanta Services, with several revisions in ratings. Evercore ISI raised its price target from $410.00 to $480.00, rating the company as “outperform” in a note dated October 31, 2023. In contrast, Wall Street Zen downgraded the rating from “buy” to “hold” on August 30, 2023. Stifel Nicolaus set a price target of $495.00 on November 3, 2023, while Jefferies Financial Group boosted its target from $469.00 to $517.00, maintaining a “buy” rating.
According to MarketBeat, twelve research analysts currently rate Quanta Services as a “Buy,” while thirteen have assigned a “Hold” rating. The consensus rating is “Hold,” with an average price target of $438.64.
Quanta Services, Inc. specializes in providing infrastructure solutions for various sectors, including electric and gas utilities, renewable energy, communications, and pipelines. The company operates in the United States, Canada, Australia, and internationally, offering comprehensive services ranging from design and construction to maintenance of infrastructure projects.
