Veritable L.P. raised its stake in shares of Quanta Services, Inc. (NYSE:PWR – Free Report) by 2.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,542 shares of the construction company’s stock after acquiring an additional 94 shares during the quarter. Veritable L.P.’s holdings in Quanta Services were worth $696,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Quanta Services by 1.2% in the first quarter. Vanguard Group Inc. now owns 15,363,311 shares of the construction company’s stock valued at $2,021,965,000 after buying an additional 182,092 shares during the last quarter. FMR LLC raised its holdings in shares of Quanta Services by 19.7% in the first quarter. FMR LLC now owns 4,905,283 shares of the construction company’s stock valued at $817,416,000 after buying an additional 806,157 shares during the last quarter. State Street Corp raised its holdings in shares of Quanta Services by 0.4% in the first quarter. State Street Corp now owns 4,758,029 shares of the construction company’s stock valued at $626,204,000 after buying an additional 20,702 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Quanta Services by 1.8% in the first quarter. Geode Capital Management LLC now owns 3,025,017 shares of the construction company’s stock valued at $502,997,000 after buying an additional 53,317 shares during the last quarter. Finally, Morgan Stanley raised its holdings in shares of Quanta Services by 22.4% in the fourth quarter. Morgan Stanley now owns 1,579,601 shares of the construction company’s stock valued at $225,093,000 after buying an additional 288,876 shares during the last quarter. 87.86% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
PWR has been the subject of a number of research analyst reports. Northland Securities lifted their price target on Quanta Services from $190.00 to $210.00 in a report on Friday, August 4th. Stifel Nicolaus reissued a “buy” rating and set a $212.00 price objective on shares of Quanta Services in a report on Thursday. Credit Suisse Group boosted their price objective on Quanta Services from $201.00 to $238.00 and gave the stock an “outperform” rating in a report on Friday, August 4th. Argus boosted their price objective on Quanta Services from $234.00 to $248.00 and gave the stock a “buy” rating in a report on Wednesday, September 6th. Finally, StockNews.com initiated coverage on Quanta Services in a report on Thursday, October 5th. They set a “hold” rating for the company. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $209.17.
Quanta Services Price Performance
NYSE PWR opened at $183.11 on Friday. The business has a 50 day simple moving average of $178.83 and a 200 day simple moving average of $187.11. Quanta Services, Inc. has a 52-week low of $134.61 and a 52-week high of $212.82. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.57 and a current ratio of 1.61. The stock has a market cap of $26.60 billion, a price-to-earnings ratio of 39.04 and a beta of 1.11.
Quanta Services Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Monday, October 2nd were paid a dividend of $0.08 per share. The ex-dividend date was Friday, September 29th. This represents a $0.32 annualized dividend and a dividend yield of 0.17%. Quanta Services’s dividend payout ratio is currently 6.82%.
Insider Transactions at Quanta Services
In other news, EVP Donald Wayne sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $210.92, for a total transaction of $1,054,600.00. Following the completion of the transaction, the executive vice president now directly owns 41,323 shares of the company’s stock, valued at approximately $8,715,847.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.20% of the company’s stock.
About Quanta Services
Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries worldwide. 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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