Covestor Ltd Acquires 98 Shares of Quanta Services, Inc. (NYSE:PWR)

Covestor Ltd lifted its holdings in Quanta Services, Inc. (NYSE:PWR) by 25.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 487 shares of the construction company’s stock after acquiring an additional 98 shares during the period. Covestor Ltd’s holdings in Quanta Services were worth $127,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Nomura Holdings Inc. bought a new stake in Quanta Services in the 4th quarter valued at $631,000. Wellington Management Group LLP increased its holdings in shares of Quanta Services by 581.3% in the fourth quarter. Wellington Management Group LLP now owns 117,014 shares of the construction company’s stock worth $25,252,000 after purchasing an additional 99,840 shares during the last quarter. Truist Financial Corp lifted its position in shares of 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 buying an additional 9,421 shares in the last quarter. Carnegie Capital Asset Management LLC boosted its stake 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 valued at $356,000 after buying an additional 325 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Quanta Services by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 16,235,875 shares of the construction company’s stock worth $3,503,702,000 after acquiring an additional 191,334 shares during the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Quanta Services Stock Down 3.4 %

PWR stock traded down $8.99 during trading on Wednesday, hitting $255.47. 236,575 shares of the company’s stock traded hands, compared to its average volume of 943,364. The business has a fifty day simple moving average of $267.73 and a two-hundred day simple moving average of $246.41. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $37.40 billion, a P/E ratio of 51.24 and a beta of 1.03. Quanta Services, Inc. has a 1 year low of $153.74 and a 1 year high of $286.87.

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

Quanta Services Announces Dividend

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

Analyst Ratings Changes

PWR has been the subject of a number of recent research reports. Truist Financial reissued a “buy” rating and issued a $305.00 target price (up from $301.00) on shares of Quanta Services in a report on Monday, May 6th. Robert W. Baird lifted their price objective on shares of Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Argus upped their target price on shares of Quanta Services from $285.00 to $310.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Evercore ISI raised their price target on Quanta Services from $255.00 to $288.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 7th. Finally, B. Riley increased their target price on shares of Quanta Services from $246.00 to $286.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $273.75.

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.