Pinnacle Financial Partners Inc Has $14.80 Million Position in Quanta Services, Inc. (NYSE:PWR)

Pinnacle Financial Partners Inc increased its holdings in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 3.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 49,637 shares of the construction company's stock after purchasing an additional 1,837 shares during the period. Pinnacle Financial Partners Inc's holdings in Quanta Services were worth $14,799,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. EntryPoint Capital LLC purchased a new stake in Quanta Services during the 1st quarter worth $25,000. Cambridge Trust Co. acquired a new position in shares of Quanta Services in the first quarter worth about $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 acquired a new stake in Quanta Services during the 2nd quarter valued at approximately $35,000. Finally, CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Quanta Services during the 2nd quarter valued at approximately $38,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PWR has been the topic of several recent analyst reports. Citigroup upped their price target on shares of Quanta Services from $302.00 to $348.00 and gave the company a "buy" rating in a report on Friday, October 4th. Wolfe Research assumed coverage on shares of Quanta Services in a research note on Thursday, September 19th. They issued an "outperform" rating and a $313.00 target price on the stock. B. Riley lifted their price target on Quanta Services from $286.00 to $303.00 and gave the stock a "buy" rating in a research note on Friday, August 2nd. Truist Financial upped their price objective on Quanta Services from $319.00 to $358.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Finally, Jefferies Financial Group initiated coverage on Quanta Services in a research report on Wednesday, September 4th. They issued a "hold" rating and a $256.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $314.27.

Quanta Services Stock Performance

Quanta Services stock traded down $0.10 during midday trading on Wednesday, reaching $327.17. 941,705 shares of the stock traded hands, compared to its average volume of 896,897. The firm has a fifty day moving average price of $297.41 and a two-hundred day moving average price of $276.44. Quanta Services, Inc. has a fifty-two week low of $179.57 and a fifty-two week high of $335.00. The firm has a market cap of $48.29 billion, a price-to-earnings ratio of 61.27 and a beta of 1.01. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR - Get Free Report) last posted its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.46 by $0.26. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The firm had revenue of $6.49 billion for the quarter, compared to analysts' expectations of $6.56 billion. During the same period last year, the firm earned $2.08 EPS. The firm's revenue was up 15.5% compared to the same quarter last year. On average, equities research analysts forecast that Quanta Services, Inc. will post 7.88 earnings per share for the current year.

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were issued a $0.09 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.11%. Quanta Services's payout ratio is currently 6.64%.

Insider Activity at Quanta Services

In related news, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the transaction, the insider now directly owns 10,631 shares in the company, valued at $2,875,791.81. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.10% of the company's stock.

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.