Truist Financial Corp has reduced its holdings in Quanta Services, Inc. by 8.4%. According to the 13F filing with the Securities & Exchange Commission, Truist Financial Corp sold 38,329 shares of the construction company’s stock during the second quarter. This reduction in holdings amounted to approximately 0.29% of Quanta Services’ total shares, valued at $82,480,000.
This move by Truist Financial Corp follows similar actions by other institutional investors and hedge funds. Vanguard Group Inc., FMR LLC, State Street Corp, Geode Capital Management LLC, and Morgan Stanley have all made changes to their positions in Quanta Services. Together, these institutions own 87.86% of the company’s stock.
Several brokerages have offered their analysis of Quanta Services’ stock. Citigroup raised its price target on the stock from $192.00 to $234.00, giving it a “buy” rating. StockNews.com initiated coverage of the company and gave it a “hold” rating. Northland Securities increased its target price from $190.00 to $210.00, while Credit Suisse Group raised its target price from $201.00 to $238.00 and gave the stock an “outperform” rating. DA Davidson increased its target price to $190.00 and gave the company a “neutral” rating. Overall, the stock has a consensus rating of “Moderate Buy” with an average price target of $205.27.
In other news, EVP Donald Wayne sold 5,000 shares of Quanta Services’ stock, valued at $1,054,600.00. The stock of Quanta Services is currently down 2.4%.
Quanta Services, Inc. provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries worldwide. The company specializes in the design, construction, repair, and maintenance of electric power transmission and distribution infrastructure, substation facilities, and other commercial and industrial wirings.
Sources:
– https://www.sec.gov/Archives/edgar/data/1133421/000104746921003968/a2241064z13fhr.txt
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2023-10-21 13:45:00
#Truist #Financial #Corp #Cuts #Stake #Quanta #Services
