Smith Group Asset Management LLC Acquires 6,000 Shares of Quanta Services, Inc. (NYSE:PWR)

Smith Group Asset Management LLC boosted its position in shares of Quanta Services, Inc. (NYSE:PWR) by 370.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,620 shares of the construction company’s stock after buying an additional 6,000 shares during the quarter. Smith Group Asset Management LLC’s holdings in Quanta Services were worth $2,408,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Versor Investments LP bought a new position in shares of Quanta Services in the third quarter worth about $406,000. Principal Financial Group Inc. lifted its stake in Quanta Services by 5.6% in the third quarter. Principal Financial Group Inc. now owns 207,720 shares of the construction company’s stock worth $61,932,000 after acquiring an additional 11,012 shares during the period. Asio Capital LLC bought a new position in Quanta Services during the 3rd quarter worth about $2,715,000. Waverton Investment Management Ltd increased its position in Quanta Services by 6.5% during the 3rd quarter. Waverton Investment Management Ltd now owns 41,963 shares of the construction company’s stock valued at $12,509,000 after purchasing an additional 2,557 shares during the period. Finally, Synovus Financial Corp raised its holdings in shares of Quanta Services by 34.0% in the 3rd quarter. Synovus Financial Corp now owns 7,206 shares of the construction company’s stock valued at $2,148,000 after purchasing an additional 1,830 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PWR has been the subject of several recent analyst reports. UBS Group raised their target price on shares of Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Truist Financial decreased their price target on Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Northland Securities restated an “outperform” rating and set a $328.00 price objective (up previously from $280.00) on shares of Quanta Services in a report on Friday, November 1st. Stifel Nicolaus lifted their target price on shares of Quanta Services from $374.00 to $388.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Finally, Robert W. Baird upped their price target on shares of Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $330.06.

Quanta Services Stock Up 0.4 %

Shares of PWR stock opened at $293.72 on Wednesday. Quanta Services, Inc. has a twelve month low of $193.52 and a twelve month high of $365.88. The stock has a market cap of $43.36 billion, a P/E ratio of 54.19 and a beta of 1.06. The stock has a 50 day moving average of $330.55 and a 200 day moving average of $300.60. 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 posted its 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 analysts’ expectations of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The business’s revenue was up 15.5% compared to the same quarter last year. During the same period in the previous year, the business posted $2.08 EPS. As a group, sell-side analysts expect that Quanta Services, Inc. will post 7.9 EPS for the current year.

Quanta Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. The ex-dividend date was Thursday, January 2nd. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. Quanta Services’s payout ratio is currently 7.38%.

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.