HighTower Advisors LLC Decreases Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

HighTower Advisors LLC reduced its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 11.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 98,624 shares of the construction company's stock after selling 12,188 shares during the period. HighTower Advisors LLC owned about 0.07% of Quanta Services worth $29,397,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in PWR. Valley Wealth Managers Inc. bought a new position in Quanta Services in the second quarter valued at about $33,000. Quest Partners LLC bought a new position in Quanta Services in the 2nd quarter valued at approximately $35,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in Quanta Services during the 2nd quarter worth approximately $38,000. MidAtlantic Capital Management Inc. bought a new stake in Quanta Services during the 3rd quarter worth approximately $41,000. Finally, Eastern Bank bought a new position in shares of Quanta Services during the third quarter valued at $44,000. 90.49% of the stock is owned by institutional investors.

Quanta Services Stock Down 0.8 %

Shares of Quanta Services stock traded down $2.61 during trading hours on Friday, reaching $332.36. The company's stock had a trading volume of 1,081,065 shares, compared to its average volume of 894,853. The company has a market capitalization of $49.06 billion, a P/E ratio of 61.34 and a beta of 1.03. The stock's fifty day simple moving average is $318.96 and its two-hundred day simple moving average is $284.83. Quanta Services, Inc. has a one year low of $187.27 and a one year high of $350.19. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23.

Quanta Services (NYSE:PWR - Get Free Report) last released its quarterly 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 business had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The company's quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.08 EPS. On average, research analysts forecast that Quanta Services, Inc. will post 7.9 earnings per share 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. The ex-dividend date is Thursday, January 2nd. This is a boost from Quanta Services's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 0.12%. Quanta Services's dividend payout ratio (DPR) is 7.38%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Jefferies Financial Group started coverage on shares of Quanta Services in a research note on Wednesday, September 4th. They issued a "hold" rating and a $256.00 price objective on the stock. JPMorgan Chase & Co. initiated coverage on Quanta Services in a research note on Monday, October 7th. They issued a "neutral" rating and a $297.00 price target for the company. Truist Financial lifted their price objective on Quanta Services from $319.00 to $358.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. UBS Group increased their target price on shares of Quanta Services from $313.00 to $367.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. Finally, Robert W. Baird boosted their price target on shares of Quanta Services from $320.00 to $333.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Quanta Services currently has an average rating of "Moderate Buy" and a consensus price target of $316.81.

Quanta Services Company 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.