Quanta Services, Inc. (NYSE:PWR) Shares Acquired by MAI Capital Management

MAI Capital Management raised its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 34.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,160 shares of the construction company’s stock after acquiring an additional 1,816 shares during the quarter. MAI Capital Management’s holdings in Quanta Services were worth $2,135,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PWR. Electron Capital Partners LLC increased its holdings in Quanta Services by 395.1% in the second quarter. Electron Capital Partners LLC now owns 2,622,142 shares of the construction company’s stock valued at $666,260,000 after buying an additional 2,092,519 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of 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 acquiring an additional 186,306 shares in the last quarter. Swedbank AB boosted its holdings in Quanta Services by 4.6% in the third quarter. Swedbank AB now owns 960,081 shares of the construction company’s stock worth $286,248,000 after purchasing an additional 42,579 shares during the period. DekaBank Deutsche Girozentrale increased its stake in Quanta Services by 3.0% during the third quarter. DekaBank Deutsche Girozentrale now owns 517,038 shares of the construction company’s stock valued at $155,196,000 after purchasing an additional 14,865 shares during the last quarter. Finally, Truist Financial Corp grew its position in shares of Quanta Services by 0.8% during the 2nd quarter. Truist Financial Corp now owns 447,558 shares of the construction company’s stock valued at $113,720,000 after buying an additional 3,749 shares during the last quarter. 90.49% of the stock is owned by institutional investors and hedge funds.

Quanta Services Stock Up 0.5 %

PWR stock opened at $332.36 on Thursday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19. The firm has a market capitalization of $49.06 billion, a P/E ratio of 61.32 and a beta of 1.01. Quanta Services, Inc. has a 52-week low of $180.97 and a 52-week high of $335.00. The company’s 50 day simple moving average is $306.37 and its 200-day simple moving average is $279.24.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, beating 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%. Quanta Services’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.08 earnings per share. As a group, equities research analysts anticipate that Quanta Services, Inc. will post 7.88 EPS for the current year.

Quanta Services Dividend Announcement

The company also recently announced 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 of this dividend was Tuesday, October 1st. Quanta Services’s payout ratio is currently 6.64%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. TD Cowen increased their price target on Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. JPMorgan Chase & Co. began coverage on shares of Quanta Services in a report on Monday, October 7th. They set a “neutral” rating and a $297.00 price target for the company. Wolfe Research assumed coverage on shares of Quanta Services in a research note on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price target on the stock. Northland Securities reiterated an “outperform” rating and set a $328.00 price objective (up from $280.00) on shares of Quanta Services in a research report on Friday, November 1st. Finally, Citigroup increased their target price on shares of Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Quanta Services has an average rating of “Moderate Buy” and an average target price of $314.27.

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.