Assenagon Asset Management SA has $1.23M position in Quanta Services, Inc. (NYSE:PWR)

Assenagon Asset Management SA reduced its holdings in shares of Quanta Services, Inc. (NYSE:PWR – Free Report) by 97.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 4,823 shares of the construction company’s stock after selling 157,117 shares during the period. Assenagon Asset Management SA’s holdings in Quanta Services were worth $1,225,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EntryPoint Capital LLC acquired a new stake in shares of Quanta Services in the first quarter worth $25,000. Private Ocean LLC bought a new position in shares of Quanta Services in the first quarter worth about $26,000. Salomon & Ludwin LLC purchased a new position in shares of Quanta Services in the 1st quarter valued at about $26,000. Cambridge Trust Co. bought a new stake in shares of Quanta Services in the first quarter valued at about $26,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Quanta Services during the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 90.49% of the company’s shares.

Insiders place their bets

In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the sale, the insider now directly owns 21,286 shares of the company’s stock, valued at $5,490,297.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other Quanta Services news, CEO Earl C. Jr. Austin sold 130,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the completion of the sale, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at approximately $155,595,938.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC’s website. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the completion of the transaction, the insider now directly owns 21,286 shares in the company, valued at approximately $5,490,297.98. The disclosure for this sale can be found here. Over the last three months, insiders have sold 179,000 shares of company stock worth $46,797,270. Insiders hold 1.10% of the company’s shares.

Analysts on Wall Street are forecasting an increase

A number of brokerages have commented on PWR. Argus boosted their price objective on Quanta Services from $285.00 to $310.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Evercore ISI raised their target price on shares of Quanta Services from $255.00 to $288.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 7th. B. Riley boosted their price objective on shares of Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Truist Financial reiterated a “buy” rating and set a $319.00 target price (up from $305.00) on shares of Quanta Services in a research report on Monday, August 5th. Finally, TD Cowen boosted their target price on shares of Quanta Services from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company has an average rating of “Moderate Buy” and an average price target of $287.09, according to MarketBeat.com.

Get the latest report on PWR

Quanta Services stock fell 0.6%

Shares of PWR stock opened at $267.80 on Friday. The company’s 50-day simple moving average is $260.90, and its 200-day simple moving average is $254.58. Quanta Services, Inc. it has a one year low of $153.74 and a one year high of $286.87. The company has a market cap of $39.45 billion, a P/E ratio of 51.90 and a beta of 1.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.30, and a quick ratio of 1.25.

Quanta Services (NYSE:PWR – Get Your Free Report ) last announced its earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, topping the consensus estimate of $1.75 by $0.15. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The company had revenue of $5.59 billion for the quarter, compared to analysts’ expectations of $5.51 billion. In the same quarter last year, the company earned $1.47 per share. The company’s revenue for the quarter was up 10.8% year over year. As a group, sell-side analysts predict that Quanta Services, Inc. will post 7.72 EPS for the current fiscal year.

Quanta Service Profile

(Free report)

Quanta Services, Inc provides infrastructure solutions for the electric and gas utilities, 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, acquisition, construction, modernization, repair and maintenance of electric power transmission and distribution infrastructure and substation facilities; installation, maintenance and modernization of electricity infrastructure projects; the installation of smart grid technologies on electricity grids; and the design, installation, maintenance and repair of commercial and industrial wiring.

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