Advisors Asset Management Inc. Reduces Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Advisors Asset Management Inc. trimmed its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 2.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,823 shares of the construction company’s stock after selling 1,263 shares during the quarter. Advisors Asset Management Inc.’s holdings in Quanta Services were worth $14,258,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of PWR. EntryPoint Capital LLC acquired a new stake in Quanta Services in the 1st quarter worth approximately $25,000. Cambridge Trust Co. purchased a new position in Quanta Services during the first quarter worth about $26,000. Valley Wealth Managers Inc. purchased a new stake in Quanta Services during the second quarter worth about $33,000. Quest Partners LLC acquired a new position in Quanta Services during the 2nd quarter worth $35,000. Finally, CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Quanta Services in the 2nd quarter valued at $38,000. Institutional investors own 90.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PWR. TD Cowen increased their price objective 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 upped their target price on Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Citigroup raised their price target on shares of Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a report on Friday, October 4th. Truist Financial lifted their price target on shares of Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, UBS Group upped their price objective on Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $314.27.

Quanta Services Trading Up 0.7 %

NYSE:PWR opened at $330.71 on Wednesday. Quanta Services, Inc. has a one year low of $180.97 and a one year high of $335.00. The firm has a 50-day simple moving average of $304.98 and a 200-day simple moving average of $278.87. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23. The firm has a market cap of $48.82 billion, a P/E ratio of 61.02 and a beta of 1.01.

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 firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The business’s revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.08 earnings per share. Equities analysts anticipate that Quanta Services, Inc. will post 7.88 EPS for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.11%. The ex-dividend date was Tuesday, October 1st. Quanta Services’s payout ratio is 6.64%.

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.