Assenagon Asset Management S.A. Reduces Stake in Quanta Services, Inc. (NYSE:PWR)

Assenagon Asset Management S.A. lessened its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 1.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,291 shares of the construction company’s stock after selling 58 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Quanta Services were worth $1,672,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rockland Trust Co. bought a new position in shares of Quanta Services in the fourth quarter worth approximately $256,000. Fifth Third Wealth Advisors LLC increased its holdings in shares of Quanta Services by 38.8% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 1,631 shares of the construction company’s stock worth $515,000 after buying an additional 456 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new stake in shares of Quanta Services during the 4th quarter valued at $598,000. 180 Wealth Advisors LLC lifted its holdings in shares of Quanta Services by 2.0% during the 4th quarter. 180 Wealth Advisors LLC now owns 2,227 shares of the construction company’s stock worth $704,000 after acquiring an additional 43 shares during the last quarter. Finally, MRA Advisory Group purchased a new position in Quanta Services in the fourth quarter worth $202,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PWR has been the topic of a number of research reports. TD Cowen raised their price objective on Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Stifel Nicolaus lifted their price target on shares of Quanta Services from $374.00 to $388.00 and gave the stock a “buy” rating in a research note on Wednesday. Truist Financial cut their price objective on shares of Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Citigroup lifted their target price on shares of Quanta Services from $348.00 to $394.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. 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 report on Friday, November 1st. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $325.06.

Quanta Services Trading Down 0.8 %

Shares of PWR opened at $354.52 on Friday. The company’s fifty day simple moving average is $330.71 and its 200-day simple moving average is $298.51. The company has a market cap of $52.33 billion, a P/E ratio of 65.41 and a beta of 1.06. 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, Inc. has a twelve month low of $192.62 and a twelve month high of $365.88.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. The firm had revenue of $6.49 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the firm earned $2.08 earnings per share. As a group, analysts expect that Quanta Services, Inc. will post 7.9 EPS for the current year.

Quanta Services Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.11%. The ex-dividend date of this dividend was Thursday, January 2nd. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. Quanta Services’s dividend payout ratio (DPR) is 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.