Quanta Services, Inc. (NYSE:PWR) Position Lessened by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd trimmed its position in shares of Quanta Services, Inc. (NYSE:PWR) by 23.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,043 shares of the construction company’s stock after selling 4,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Quanta Services were worth $3,889,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of PWR. Electron Capital Partners LLC raised its holdings in shares of Quanta Services by 395.1% during the second quarter. Electron Capital Partners LLC now owns 2,622,142 shares of the construction company’s stock worth $666,260,000 after acquiring an additional 2,092,519 shares in the last quarter. Swedbank AB purchased a new stake in shares of Quanta Services during the first quarter worth $227,218,000. American Century Companies Inc. raised its holdings in shares of Quanta Services by 1,445.3% during 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 in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Quanta Services by 17.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,235,655 shares of the construction company’s stock valued at $313,968,000 after buying an additional 186,306 shares in the last quarter. Finally, National Bank of Canada FI raised its holdings in Quanta Services by 297.3% during the second quarter. National Bank of Canada FI now owns 215,914 shares of the construction company’s stock valued at $53,455,000 after buying an additional 161,574 shares in the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Quanta Services Stock Up 1.1 %

PWR stock opened at $346.54 on Wednesday. Quanta Services, Inc. has a twelve month low of $180.97 and a twelve month high of $350.19. The company has a market cap of $51.15 billion, a PE ratio of 63.94 and a beta of 1.01. The business’s 50-day simple moving average is $310.67 and its 200 day simple moving average is $280.88. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, topping 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 business had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. During the same period last year, the business earned $2.08 earnings per share. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, research analysts anticipate that Quanta Services, Inc. will post 7.9 earnings per share for the current year.

Quanta Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.12%. This is an increase 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%.

Analysts Set New Price Targets

Several equities analysts have weighed in on PWR shares. UBS Group raised their target price on Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Jefferies Financial Group started coverage on Quanta Services in a report on Wednesday, September 4th. They set a “hold” rating and a $256.00 target price on the stock. Truist Financial raised their target price on Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. started coverage on Quanta Services in a report on Monday, October 7th. They set a “neutral” rating and a $297.00 target price on the stock. Finally, Wolfe Research assumed coverage on Quanta Services in a report on Thursday, September 19th. They set an “outperform” rating and a $313.00 target price on the stock. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Quanta Services presently has an average rating of “Moderate Buy” and an average price target of $314.27.

Quanta Services Company 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.