Geode Capital Management LLC Increases Holdings in Quanta Services, Inc. (NYSE:PWR)

Geode Capital Management LLC lifted its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 1.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,459,411 shares of the construction company's stock after acquiring an additional 46,357 shares during the period. Geode Capital Management LLC owned approximately 2.34% of Quanta Services worth $1,027,887,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PWR. Electron Capital Partners LLC increased its position in shares of Quanta Services by 395.1% during the second quarter. Electron Capital Partners LLC now owns 2,622,142 shares of the construction company's stock worth $666,260,000 after acquiring an additional 2,092,519 shares during the last quarter. American Century Companies Inc. grew its position in shares of Quanta Services by 1,445.3% during the second quarter. American Century Companies Inc. now owns 395,152 shares of the construction company's stock worth $100,404,000 after buying an additional 369,581 shares in the last quarter. Alkeon Capital Management LLC raised its holdings in Quanta Services by 62.5% in the third quarter. Alkeon Capital Management LLC now owns 650,000 shares of the construction company's stock valued at $193,798,000 after acquiring an additional 250,000 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Quanta Services by 17.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,235,655 shares of the construction company's stock worth $313,968,000 after acquiring an additional 186,306 shares in the last quarter. Finally, National Bank of Canada FI raised its stake in Quanta Services by 297.3% during the second quarter. National Bank of Canada FI now owns 215,914 shares of the construction company's stock valued at $53,455,000 after buying an additional 161,574 shares in the last quarter. Hedge funds and other institutional investors own 90.49% of the company's stock.

Quanta Services Trading Up 0.6 %

NYSE PWR traded up $1.85 during trading hours on Thursday, reaching $336.10. The company's stock had a trading volume of 966,723 shares, compared to its average volume of 897,441. 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 52 week low of $187.27 and a 52 week high of $350.19. The firm has a fifty day simple moving average of $322.08 and a 200-day simple moving average of $286.73. The stock has a market cap of $49.61 billion, a P/E ratio of 62.01 and a beta of 1.03.

Quanta Services (NYSE:PWR - Get Free Report) last posted its earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, beating analysts' consensus estimates of $2.46 by $0.26. The company had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The company's revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the company earned $2.08 earnings per share. Equities analysts forecast that Quanta Services, Inc. will post 7.9 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be paid a $0.10 dividend. This is an increase from Quanta Services's previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 0.12%. The ex-dividend date is Thursday, January 2nd. Quanta Services's dividend payout ratio (DPR) is currently 7.38%.

Analysts Set New Price Targets

PWR has been the subject of several recent research reports. Truist Financial boosted their target price on shares of Quanta Services from $319.00 to $358.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Wolfe Research began coverage on shares of Quanta Services in a research note on Thursday, September 19th. They set an "outperform" rating and a $313.00 price objective on the stock. Daiwa Capital Markets initiated coverage on Quanta Services in a research note on Friday, December 6th. They issued an "outperform" rating and a $355.00 target price for the company. Daiwa America upgraded Quanta Services to a "strong-buy" rating in a research report on Friday, December 6th. Finally, Jefferies Financial Group started coverage on Quanta Services in a research note on Wednesday, September 4th. They issued a "hold" rating and a $256.00 target price on the stock. Four research 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 company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $321.69.

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.