Cadence Bank Reduces Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Cadence Bank trimmed its position in Quanta Services, Inc. (NYSE:PWR) by 2.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 10,555 shares of the construction company’s stock after selling 316 shares during the period. Cadence Bank’s holdings in Quanta Services were worth $3,147,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PWR. Electron Capital Partners LLC raised its position in Quanta Services by 395.1% in the second quarter. Electron Capital Partners LLC now owns 2,622,142 shares of the construction company’s stock valued at $666,260,000 after purchasing an additional 2,092,519 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Quanta Services by 17.8% in the 2nd 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 during the period. Swedbank AB boosted its stake in Quanta Services by 4.6% during the third quarter. Swedbank AB now owns 960,081 shares of the construction company’s stock worth $286,248,000 after buying an additional 42,579 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Quanta Services by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 848,776 shares of the construction company’s stock valued at $253,063,000 after acquiring an additional 11,565 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Quanta Services by 1.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 605,782 shares of the construction company’s stock valued at $180,614,000 after acquiring an additional 9,705 shares during the period. Institutional investors and hedge funds own 90.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PWR shares. Stifel Nicolaus lifted their target price on shares of Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a report on Thursday, October 10th. B. Riley boosted their price objective on Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a report on Friday, August 2nd. TD Cowen raised their target price on Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Jefferies Financial Group began coverage on shares of Quanta Services in a research note on Wednesday, September 4th. They set a “hold” rating and a $256.00 price target on the stock. Finally, Citigroup raised their price objective on shares of Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Quanta Services Stock Performance

NYSE PWR opened at $346.54 on Wednesday. The company has a fifty day moving average of $310.67 and a two-hundred day moving average of $280.88. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19. Quanta Services, Inc. has a 1 year low of $180.97 and a 1 year high of $350.19. The company has a market capitalization of $51.15 billion, a PE ratio of 63.94 and a beta of 1.01.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) 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 firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. During the same quarter last year, the business posted $2.08 EPS. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. As a group, analysts expect that Quanta Services, Inc. will post 7.9 earnings per share for the current 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 paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, January 2nd. 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. Quanta Services’s dividend payout ratio is currently 6.64%.

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.