HighTower Advisors LLC Decreases Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

HighTower Advisors LLC reduced its position in shares of Quanta Services, Inc. (NYSE:PWR) by 11.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 98,624 shares of the construction company’s stock after selling 12,188 shares during the period. HighTower Advisors LLC owned 0.07% of Quanta Services worth $29,397,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Electron Capital Partners LLC lifted its holdings in Quanta Services by 395.1% in the 2nd quarter. Electron Capital Partners LLC now owns 2,622,142 shares of the construction company’s stock worth $666,260,000 after buying an additional 2,092,519 shares during the period. American Century Companies Inc. lifted its stake in Quanta Services by 1,445.3% in the second quarter. American Century Companies Inc. now owns 395,152 shares of the construction company’s stock worth $100,404,000 after acquiring an additional 369,581 shares during the period. Alkeon Capital Management LLC boosted its holdings in Quanta Services by 62.5% in the third quarter. Alkeon Capital Management LLC now owns 650,000 shares of the construction company’s stock valued at $193,798,000 after acquiring an additional 250,000 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Quanta Services by 17.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,235,655 shares of the construction company’s stock valued at $313,968,000 after purchasing an additional 186,306 shares during the period. Finally, National Bank of Canada FI raised its holdings in Quanta Services by 297.3% in the 2nd quarter. National Bank of Canada FI now owns 215,914 shares of the construction company’s stock worth $53,455,000 after purchasing an additional 161,574 shares in the last quarter. 90.49% of the stock is owned by institutional investors.

Quanta Services Stock Performance

PWR stock opened at $334.97 on Friday. The stock’s 50 day simple moving average is $318.96 and its 200 day simple moving average is $284.83. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58. Quanta Services, Inc. has a 12-month low of $187.27 and a 12-month high of $350.19. The stock has a market capitalization of $49.44 billion, a PE ratio of 61.80 and a beta of 1.03.

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

Quanta Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.12%. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date is Thursday, January 2nd. Quanta Services’s payout ratio is presently 6.64%.

Analyst Ratings Changes

Several equities analysts recently issued reports on PWR shares. Wolfe Research assumed coverage on shares of Quanta Services in a research report on Thursday, September 19th. They set an “outperform” rating and a $313.00 price target on the stock. TD Cowen increased their target price on Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Robert W. Baird lifted their price target on Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Truist Financial increased their price objective on Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Jefferies Financial Group assumed coverage on Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price objective for the company. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Quanta Services presently 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.