Quanta Services, Inc. (NYSE:PWR) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in Quanta Services, Inc. (NYSE:PWR) by 5.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 207,720 shares of the construction company’s stock after buying an additional 11,012 shares during the period. Principal Financial Group Inc. owned approximately 0.14% of Quanta Services worth $61,932,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Legacy Investment Solutions LLC acquired a new stake in shares of Quanta Services during the third quarter worth approximately $31,000. Prestige Wealth Management Group LLC acquired a new position in Quanta Services during the 3rd quarter worth $30,000. Valley Wealth Managers Inc. bought a new stake in shares of Quanta Services in the 2nd quarter worth about $33,000. Quest Partners LLC acquired a new stake in shares of Quanta Services in the 2nd quarter valued at about $35,000. Finally, MidAtlantic Capital Management Inc. bought a new position in shares of Quanta Services during the third quarter worth about $41,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PWR shares. Truist Financial upped their price objective on Quanta Services from $358.00 to $399.00 and gave the company a “buy” rating in a research note on Thursday. Northland Securities restated an “outperform” rating and set a $328.00 price objective (up from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. TD Cowen boosted their target price on shares of Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Citigroup raised their price target on shares of Quanta Services from $348.00 to $394.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, Robert W. Baird increased their price objective on shares of Quanta Services from $320.00 to $333.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Quanta Services currently has an average rating of “Moderate Buy” and an average target price of $324.25.

Quanta Services Trading Up 1.8 %

Shares of PWR stock opened at $328.41 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. The stock has a 50-day simple moving average of $324.92 and a 200 day simple moving average of $289.08. Quanta Services, Inc. has a fifty-two week low of $187.27 and a fifty-two week high of $350.19. The stock has a market capitalization of $48.48 billion, a P/E ratio of 60.59 and a beta of 1.03.

Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.26. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The company had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.56 billion. During the same quarter in the previous year, the company posted $2.08 EPS. The business’s revenue was up 15.5% compared to the same quarter last year. On average, sell-side analysts expect that Quanta Services, Inc. will post 7.9 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 0.12%. Quanta Services’s dividend payout ratio (DPR) is currently 7.38%.

Quanta Services 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.