Sierra Summit Advisors LLC Grows Position in Quanta Services, Inc. (NYSE:PWR)

Sierra Summit Advisors LLC raised its position in shares of Quanta Services, Inc. (NYSE:PWR) by 11.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,671 shares of the construction company’s stock after acquiring an additional 4,172 shares during the period. Quanta Services makes up approximately 2.5% of Sierra Summit Advisors LLC’s holdings, making the stock its 12th biggest holding. Sierra Summit Advisors LLC’s holdings in Quanta Services were worth $12,538,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PWR. Norges Bank bought a new stake in Quanta Services during the fourth quarter worth approximately $544,937,000. Raymond James Financial Inc. bought a new position in shares of Quanta Services during the 4th quarter valued at approximately $203,068,000. Proficio Capital Partners LLC purchased a new stake in Quanta Services during the 4th quarter valued at $53,949,000. Vanguard Group Inc. lifted its position in Quanta Services by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 17,009,421 shares of the construction company’s stock worth $5,375,828,000 after buying an additional 161,277 shares during the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new position in Quanta Services during the fourth quarter worth $46,364,000. 90.49% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. B. Riley restated a “neutral” rating and issued a $300.00 target price (down previously from $343.00) on shares of Quanta Services in a report on Wednesday, March 19th. Truist Financial decreased their price objective on shares of Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Daiwa Capital Markets cut Quanta Services from an “outperform” rating to a “neutral” rating in a research note on Monday, February 24th. Bank of America began coverage on Quanta Services in a research note on Friday, January 24th. They set a “buy” rating and a $407.00 price target for the company. Finally, Roth Mkm began coverage on Quanta Services in a research report on Friday, February 21st. They issued a “buy” rating and a $350.00 price objective on the stock. Seven analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Quanta Services currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.79.

Quanta Services Stock Down 5.0 %

Quanta Services stock opened at $239.50 on Monday. The company has a quick ratio of 1.19, a current ratio of 1.30 and a debt-to-equity ratio of 0.56. The firm has a market cap of $35.49 billion, a P/E ratio of 39.72, a P/E/G ratio of 1.41 and a beta of 1.04. The business has a fifty day moving average of $273.15 and a two-hundred day moving average of $304.43. Quanta Services, Inc. has a twelve month low of $227.11 and a twelve month high of $365.88.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, February 20th. The construction company reported $2.74 earnings per share for the quarter, topping analysts’ consensus estimates of $2.62 by $0.12. The firm had revenue of $6.55 billion during the quarter, compared to analysts’ expectations of $6.61 billion. Quanta Services had a return on equity of 18.00% and a net margin of 3.82%. On average, analysts forecast that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. Quanta Services’s dividend payout ratio (DPR) is presently 6.63%.

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.