Swedbank AB lessened its holdings in Quanta Services, Inc. (NYSE:PWR – Free Report) by 17.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 795,644 shares of the construction company’s stock after selling 164,437 shares during the quarter. Swedbank AB owned 0.54% of Quanta Services worth $251,463,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Webster Bank N. A. lifted its position in shares of Quanta Services by 4,050.0% during the 4th quarter. Webster Bank N. A. now owns 83 shares of the construction company’s stock valued at $26,000 after acquiring an additional 81 shares during the period. Prestige Wealth Management Group LLC purchased a new position in Quanta Services during the third quarter worth about $30,000. Legacy Investment Solutions LLC purchased a new position in shares of Quanta Services in the 3rd quarter worth $31,000. Sound Income Strategies LLC grew its stake in Quanta Services by 700.0% during the fourth quarter. Sound Income Strategies LLC now owns 104 shares of the construction company’s stock worth $33,000 after buying an additional 91 shares during the period. Finally, Versant Capital Management Inc grew its position in Quanta Services by 62.5% in the fourth quarter. Versant Capital Management Inc now owns 117 shares of the construction company’s stock valued at $37,000 after acquiring an additional 45 shares in the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on the stock. Bank of America began coverage on shares of Quanta Services in a research note on Friday, January 24th. They issued a “buy” rating and a $407.00 price target for the company. Stifel Nicolaus boosted their price objective on Quanta Services from $374.00 to $388.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Daiwa America upgraded shares of Quanta Services to a “strong-buy” rating in a report on Friday, December 6th. Northland Securities reissued an “outperform” rating and set a $328.00 target price (up previously from $280.00) on shares of Quanta Services in a report on Friday, November 1st. Finally, Daiwa Capital Markets initiated coverage on Quanta Services in a research note on Friday, December 6th. They set an “outperform” rating and a $355.00 price target for the company. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Quanta Services has an average rating of “Moderate Buy” and a consensus target price of $330.06.
Quanta Services Stock Up 2.1 %
NYSE:PWR traded up $6.30 during trading hours on Wednesday, hitting $300.28. 374,881 shares of the stock traded hands, compared to its average volume of 1,406,890. The firm has a market cap of $44.32 billion, a price-to-earnings ratio of 55.40 and a beta of 1.06. The firm has a 50 day moving average price of $330.55 and a 200 day moving average price of $300.60. 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 fifty-two week low of $193.52 and a fifty-two week high of $365.88.
Quanta Services (NYSE:PWR – Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. 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 previous year, the firm posted $2.08 earnings per share. The firm’s revenue was up 15.5% on a year-over-year basis. Equities research analysts anticipate that Quanta Services, Inc. will post 7.9 earnings per share for the current year.
Quanta Services Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were paid a $0.10 dividend. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date was Thursday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.13%. Quanta Services’s payout ratio is presently 7.38%.
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.
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