Meeder Asset Management Inc. Takes Position in Quanta Services, Inc. (NYSE:PWR)

Meeder Asset Management Inc. acquired a new position in shares of Quanta Services, Inc. (NYSE:PWR) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,747 shares of the construction company’s stock, valued at approximately $714,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PWR. Nomura Holdings Inc. acquired a new position in Quanta Services in the fourth quarter worth approximately $631,000. Wellington Management Group LLP raised its holdings in shares of Quanta Services by 581.3% during the 4th quarter. Wellington Management Group LLP now owns 117,014 shares of the construction company’s stock valued at $25,252,000 after purchasing an additional 99,840 shares in the last quarter. Truist Financial Corp boosted its holdings in Quanta Services by 2.2% in the fourth quarter. Truist Financial Corp now owns 432,810 shares of the construction company’s stock worth $93,400,000 after purchasing an additional 9,421 shares in the last quarter. Carnegie Capital Asset Management LLC increased its position in Quanta Services by 24.5% during the fourth quarter. Carnegie Capital Asset Management LLC now owns 1,650 shares of the construction company’s stock worth $356,000 after buying an additional 325 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Quanta Services by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 16,235,875 shares of the construction company’s stock valued at $3,503,702,000 after buying an additional 191,334 shares in the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Quanta Services Price Performance

Shares of NYSE PWR traded up $0.32 during midday trading on Tuesday, reaching $257.56. 300,787 shares of the company traded hands, compared to its average volume of 925,194. Quanta Services, Inc. has a 12 month low of $153.74 and a 12 month high of $286.87. The firm has a market cap of $37.70 billion, a PE ratio of 49.61 and a beta of 1.03. The stock’s 50-day simple moving average is $268.58 and its 200-day simple moving average is $244.17. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.36.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, May 2nd. The construction company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. The company had revenue of $5.03 billion during the quarter, compared to the consensus estimate of $4.96 billion. As a group, equities analysts anticipate that Quanta Services, Inc. will post 7.69 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Monday, July 1st were given a dividend of $0.09 per share. The ex-dividend date was Monday, July 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.14%. Quanta Services’s payout ratio is currently 6.98%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Argus increased their price objective on Quanta Services from $285.00 to $310.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Citigroup lifted their target price on shares of Quanta Services from $275.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Truist Financial reiterated a “buy” rating and issued a $305.00 price objective (up from $301.00) on shares of Quanta Services in a research note on Monday, May 6th. Evercore ISI increased their price objective on Quanta Services from $255.00 to $288.00 and gave the company an “outperform” rating in a research report on Tuesday, May 7th. Finally, Robert W. Baird raised their price target on shares of Quanta Services from $265.00 to $287.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Quanta Services has an average rating of “Moderate Buy” and a consensus price target of $272.25.

About Quanta Services

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.