Fmr LLC Reduces Stake in Quanta Services, Inc. (NYSE:PWR)

Fmr LLC cut its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 6.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 5,301,617 shares of the construction company’s stock after selling 377,936 shares during the quarter. Fmr LLC’s holdings in Quanta Services were worth $1,580,677,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Tower Wealth Partners Inc. lifted its position in shares of Quanta Services by 3.1% in the third quarter. Tower Wealth Partners Inc. now owns 1,122 shares of the construction company’s stock valued at $335,000 after acquiring an additional 34 shares in the last quarter. Huntington National Bank increased its stake in Quanta Services by 2.9% during the third quarter. Huntington National Bank now owns 1,240 shares of the construction company’s stock worth $370,000 after acquiring an additional 35 shares during the last quarter. Terra Nova Asset Management LLC increased its stake in Quanta Services by 0.3% during the third quarter. Terra Nova Asset Management LLC now owns 12,779 shares of the construction company’s stock worth $3,810,000 after acquiring an additional 38 shares during the last quarter. Greenleaf Trust increased its stake in Quanta Services by 1.2% during the third quarter. Greenleaf Trust now owns 3,154 shares of the construction company’s stock worth $940,000 after acquiring an additional 38 shares during the last quarter. Finally, EP Wealth Advisors LLC increased its stake in Quanta Services by 0.6% during the second quarter. EP Wealth Advisors LLC now owns 6,994 shares of the construction company’s stock worth $1,777,000 after acquiring an additional 39 shares during the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Quanta Services Stock Up 1.1 %

Quanta Services stock opened at $346.54 on Wednesday. The business has a fifty day moving average of $310.67 and a two-hundred day moving average of $280.88. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. The firm has a market cap of $51.15 billion, a P/E ratio of 63.94 and a beta of 1.01. Quanta Services, Inc. has a twelve month low of $180.97 and a twelve month high of $350.19.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.46 by $0.26. The business had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The business’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.08 earnings per share. On average, analysts forecast that Quanta Services, Inc. will post 7.9 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.12%. This is an increase from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Thursday, January 2nd. Quanta Services’s dividend payout ratio is presently 6.64%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Citigroup upped their target price on Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. assumed coverage on Quanta Services in a research note on Monday, October 7th. They set a “neutral” rating and a $297.00 target price on the stock. B. Riley upped their target price on Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. TD Cowen upped their target price on Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, Wolfe Research began coverage on Quanta Services in a report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

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.