Principal Financial Group Inc. Has $61.93 Million Stock Position in Quanta Services, Inc. (NYSE:PWR)

Principal Financial Group Inc. lifted its position in Quanta Services, Inc. (NYSE:PWR) by 5.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 207,720 shares of the construction company’s stock after acquiring an additional 11,012 shares during the quarter. Principal Financial Group Inc.’s holdings in Quanta Services were worth $61,932,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prestige Wealth Management Group LLC purchased a new stake in shares of Quanta Services in the third quarter valued at $30,000. Legacy Investment Solutions LLC purchased a new stake in Quanta Services in the 3rd quarter worth about $31,000. Valley Wealth Managers Inc. purchased a new position in Quanta Services during the 2nd quarter valued at about $33,000. Quest Partners LLC acquired a new position in shares of Quanta Services in the 2nd quarter valued at about $35,000. Finally, MidAtlantic Capital Management Inc. purchased a new stake in shares of Quanta Services in the third quarter worth approximately $41,000. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Trading Up 1.8 %

Shares of Quanta Services stock opened at $328.41 on Friday. The company’s fifty day moving average price is $324.92 and its two-hundred day moving average price is $289.08. The firm has a market capitalization of $48.48 billion, a PE ratio of 60.59 and a beta of 1.03. Quanta Services, Inc. has a 52-week low of $187.27 and a 52-week high of $350.19. 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 (NYSE:PWR) last announced its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.46 by $0.26. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The firm had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.56 billion. During the same quarter last year, the company earned $2.08 earnings per share. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, analysts expect that Quanta Services, Inc. will post 7.9 EPS for the current year.

Quanta Services Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PWR. UBS Group upped their price target on shares of Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group initiated coverage on Quanta Services in a report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price target for the company. Daiwa America upgraded Quanta Services to a “strong-buy” rating in a report on Friday, December 6th. Truist Financial lifted their target price on shares of Quanta Services from $358.00 to $399.00 and gave the company a “buy” rating in a research note on Thursday. Finally, TD Cowen raised their price target on shares of Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $324.25.

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.