Hennion & Walsh Asset Management Inc. trimmed its stake in Quanta Services, Inc. (NYSE:PWR – Get Rating) by 1.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,553 shares of the construction company's stock after selling 104 shares during the period. Hennion & Walsh Asset Management Inc.'s holdings in Quanta Services were worth $947,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of PWR. JPMorgan Chase & Co. lifted its stake in shares of Quanta Services by 32.9% in the 1st quarter. JPMorgan Chase & Co. now owns 5,530,170 shares of the construction company's stock valued at $727,826,000 after purchasing an additional 1,370,362 shares during the last quarter. Royal Bank of Canada lifted its stake in shares of Quanta Services by 52.2% in the 1st quarter. Royal Bank of Canada now owns 1,492,323 shares of the construction company's stock valued at $196,405,000 after purchasing an additional 511,508 shares during the last quarter. Ardevora Asset Management LLP bought a new stake in shares of Quanta Services in the 2nd quarter valued at approximately $56,929,000. Pendal Group Ltd purchased a new stake in shares of Quanta Services in the first quarter worth approximately $58,110,000. Finally, AGF Investments Inc. purchased a new stake in shares of Quanta Services in the first quarter worth approximately $55,267,000. 91.79% of the stock is owned by institutional investors.
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Quanta Services Trading Down 0.4 %
Shares of NYSE:PWR opened at $127.39 on Friday. Quanta Services, Inc. has a 12-month low of $93.91 and a 12-month high of $149.33. The business's fifty day simple moving average is $138.98 and its 200-day simple moving average is $129.79. The company has a market capitalization of $18.22 billion, a PE ratio of 41.36 and a beta of 1.08. The company has a current ratio of 1.56, a quick ratio of 1.53 and a debt-to-equity ratio of 0.75.
Quanta Services (NYSE:PWR – Get Rating) last announced its quarterly earnings results on Thursday, August 4th. The construction company reported $1.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.38 by $0.02. Quanta Services had a return on equity of 15.97% and a net
margin of 2.92%. The business had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period last year, the business posted $0.93 EPS. The business's revenue was up 41.1% compared to the same quarter last year. As a group, equities research analysts predict that Quanta Services, Inc. will post 5.73 earnings per share for the current fiscal year.
Quanta Services Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Monday, October 3rd will be given a $0.07 dividend. The ex-dividend date of this dividend is Friday, September 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.22%. Quanta Services's payout ratio is 9.09%.
Analysts Set New Price Targets
Several brokerages have recently weighed in on PWR. The Goldman Sachs Group downgraded Quanta Services from a "buy" rating to a "neutral" rating and set a $150.00 price target on the stock. in a report on Thursday, September 15th. UBS Group upgraded Quanta Services from a "neutral" rating to a "buy" rating and increased their price target for the stock from $140.00 to $156.00 in a report on Monday, June 13th. Credit Suisse Group increased their price target on Quanta Services to $168.00 in a report on Tuesday, August 9th. Cowen increased their price target on Quanta Services from $145.00 to $155.00 in a report on Thursday, August 11th. Finally, Robert W. Baird raised their price objective on Quanta Services from $136.00 to $147.00 and gave the stock an "outperform" rating in a report on Friday, August 5th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $151.17.
About Quanta Services
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Quanta Services, Inc provides specialty contracting services worldwide. The 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; energized 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.
Further Reading
- Get a free copy of the StockNews.com research report on Quanta Services (PWR)
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