Lord Abbett & CO. LLC Boosts Holdings in Quanta Services, Inc. (NYSE:PWR)

Lord Abbett & CO. LLC raised its holdings in Quanta Services, Inc. (NYSE:PWR) by 444.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 161,216 shares of the construction company’s stock after purchasing an additional 131,593 shares during the quarter. Lord Abbett & CO. LLC owned 0.11% of Quanta Services worth $41,884,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Private Ocean LLC purchased a new stake in shares of Quanta Services during the 1st quarter worth about $26,000. Salomon & Ludwin LLC purchased a new stake in shares of Quanta Services during the 1st quarter worth about $26,000. Hazlett Burt & Watson Inc. boosted its stake in shares of Quanta Services by 47.3% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 162 shares of the construction company’s stock worth $34,000 after acquiring an additional 52 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in shares of Quanta Services during the 4th quarter worth about $34,000. Finally, Valley National Advisers Inc. purchased a new stake in shares of Quanta Services during the 4th quarter worth about $41,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PWR has been the topic of several recent analyst reports. B. Riley increased their target price on shares of Quanta Services from $246.00 to $286.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Citigroup increased their target price on shares of Quanta Services from $275.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Evercore ISI increased 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. Truist Financial reaffirmed a “buy” rating and issued a $305.00 price target (up from $301.00) on shares of Quanta Services in a research note on Monday, May 6th. Finally, Robert W. Baird raised their price target on shares of Quanta Services from $287.00 to $288.00 and gave the company an “outperform” rating in a research note on Friday. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Quanta Services presently has an average rating of “Moderate Buy” and an average price target of $272.33.

Quanta Services Price Performance

PWR stock traded down $6.15 during mid-day trading on Friday, reaching $258.56. The company’s stock had a trading volume of 1,121,559 shares, compared to its average volume of 949,435. The stock has a market cap of $37.85 billion, a PE ratio of 50.33 and a beta of 1.03. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.50. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $286.87. The company’s 50 day moving average is $267.92 and its two-hundred day moving average is $244.62.

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

Quanta Services Announces Dividend

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

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.