Icon Wealth Advisors LLC Purchases 4,371 Shares of Quanta Services, Inc. (NYSE:PWR)

Icon Wealth Advisors LLC raised its position in shares of Quanta Services, Inc. (NYSE:PWR) by 424.4% in the third quarter, Holdings Channel reports. The fund owned 5,401 shares of the construction company’s stock after buying an additional 4,371 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Quanta Services were worth $1,610,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. EntryPoint Capital LLC bought a new stake in Quanta Services during the 1st quarter valued at approximately $25,000. Cambridge Trust Co. bought a new stake in shares of Quanta Services in the first quarter valued at approximately $26,000. Valley Wealth Managers Inc. acquired a new stake in shares of Quanta Services in the second quarter worth $33,000. Quest Partners LLC bought a new position in Quanta Services during the second quarter worth $35,000. Finally, CarsonAllaria Wealth Management Ltd. acquired a new position in Quanta Services during the 2nd quarter valued at $38,000. 90.49% of the stock is owned by institutional investors and hedge funds.

Quanta Services Stock Up 0.6 %

Shares of NYSE PWR opened at $341.90 on Friday. The business has a fifty day moving average of $307.80 and a two-hundred day moving average of $279.67. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23. Quanta Services, Inc. has a 52-week low of $180.97 and a 52-week high of $343.70. The stock has a market cap of $50.47 billion, a PE ratio of 63.08 and a beta of 1.01.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.26. The firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period last year, the firm posted $2.08 EPS. As a group, equities research analysts expect that Quanta Services, Inc. will post 7.88 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Investors 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 a boost from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Thursday, January 2nd. Quanta Services’s dividend payout ratio (DPR) is currently 6.64%.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Truist Financial raised their price target on shares of Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Jefferies Financial Group assumed coverage on Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 target price on the stock. Wolfe Research began coverage on Quanta Services in a report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price target for the company. Stifel Nicolaus lifted their price objective on Quanta Services from $283.00 to $342.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, B. Riley boosted their price objective on Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $314.27.

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.