Quanta Services, Inc. (NYSE:PWR) Stake Increased by Bamco Inc. NY

Bamco Inc. NY raised its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 0.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 322,789 shares of the construction company’s stock after acquiring an additional 1,010 shares during the quarter. Bamco Inc. NY’s holdings in Quanta Services were worth $96,240,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. acquired a new position in Quanta Services in the second quarter worth about $33,000. Quest Partners LLC acquired a new stake in shares of Quanta Services during the 2nd quarter valued at approximately $35,000. MidAtlantic Capital Management Inc. bought a new position in Quanta Services during the third quarter worth $41,000. Eastern Bank acquired a new position in Quanta Services in the third quarter worth $44,000. Finally, CarsonAllaria Wealth Management Ltd. bought a new stake in Quanta Services during the second quarter valued at $38,000. 90.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. JPMorgan Chase & Co. initiated coverage on shares of Quanta Services in a report on Monday, October 7th. They issued a “neutral” rating and a $297.00 price target for the company. Jefferies Financial Group assumed coverage on Quanta Services in a research note on Wednesday, September 4th. They issued a “hold” rating and a $256.00 target price for 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. Truist Financial boosted their price objective on Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, UBS Group increased their target price on Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $314.27.

Quanta Services Stock Up 0.2 %

Quanta Services stock opened at $344.52 on Monday. Quanta Services, Inc. has a 52 week low of $186.18 and a 52 week high of $350.19. The stock has a market cap of $50.85 billion, a price-to-earnings ratio of 63.56 and a beta of 1.01. The company’s 50-day moving average price is $315.72 and its two-hundred day moving average price is $282.96. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.46 by $0.26. The firm had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.08 earnings per share. On average, analysts expect that Quanta Services, Inc. will post 7.9 EPS 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. Shareholders of record on Thursday, January 2nd will be given a $0.10 dividend. The ex-dividend date is Thursday, January 2nd. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 0.12%. Quanta Services’s payout ratio is 6.64%.

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.