State of Alaska Department of Revenue Reduces Holdings in Quanta Services, Inc. (NYSE:PWR)

State of Alaska Department of Revenue decreased its position in Quanta Services, Inc. (NYSE:PWR) by 8.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,302 shares of the construction company’s stock after selling 2,095 shares during the period. State of Alaska Department of Revenue’s holdings in Quanta Services were worth $5,793,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PWR. Gotham Asset Management LLC grew its stake in shares of Quanta Services by 40.5% in the 3rd quarter. Gotham Asset Management LLC now owns 8,978 shares of the construction company’s stock valued at $1,680,000 after buying an additional 2,588 shares during the period. AQR Capital Management LLC boosted its position in shares of Quanta Services by 7.9% during the 3rd quarter. AQR Capital Management LLC now owns 34,368 shares of the construction company’s stock worth $6,429,000 after purchasing an additional 2,528 shares during the period. Adage Capital Partners GP L.L.C. purchased a new position in shares of Quanta Services during the 3rd quarter worth approximately $22,174,000. Lido Advisors LLC boosted its position in shares of Quanta Services by 1,205.9% during the 3rd quarter. Lido Advisors LLC now owns 29,082 shares of the construction company’s stock worth $5,440,000 after purchasing an additional 26,855 shares during the period. Finally, Legal & General Group Plc boosted its position in shares of Quanta Services by 0.5% during the 3rd quarter. Legal & General Group Plc now owns 884,486 shares of the construction company’s stock worth $165,461,000 after purchasing an additional 4,262 shares during the period. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Quanta Services Price Performance

Shares of NYSE:PWR opened at $254.56 on Thursday. The company’s fifty day moving average price is $268.78 and its 200 day moving average price is $241.54. Quanta Services, Inc. has a 12 month low of $153.74 and a 12 month high of $286.87. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.36 and a quick ratio of 1.32. The firm has a market capitalization of $37.27 billion, a P/E ratio of 49.33 and a beta of 1.03.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. The firm had revenue of $5.03 billion for the quarter, compared to analyst estimates of $4.96 billion. As a group, sell-side analysts predict that Quanta Services, Inc. will post 7.69 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Monday, July 1st will be paid a dividend of $0.09 per share. The ex-dividend date is Monday, July 1st. This represents a $0.36 annualized dividend and a yield of 0.14%. Quanta Services’s dividend payout ratio is currently 6.98%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of Quanta Services from $259.00 to $286.00 and gave the stock a “buy” rating in a research report on Tuesday, May 28th. DA Davidson increased their target price on shares of Quanta Services from $225.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Robert W. Baird increased their target price on shares of Quanta Services from $265.00 to $287.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. B. Riley increased their target price on shares of Quanta Services from $246.00 to $286.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Finally, Evercore ISI increased their target price on shares of Quanta Services from $255.00 to $288.00 and gave the stock an “outperform” rating in a report on Tuesday, May 7th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Quanta Services currently has an average rating of “Moderate Buy” and an average price target of $268.85.

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.