Kane Investment Management Inc. Buys Shares of 6,869 Quanta Services, Inc. (NYSE:PWR)

Kane Investment Management Inc. acquired a new position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 6,869 shares of the construction company's stock, valued at approximately $2,171,000. Quanta Services accounts for 1.2% of Kane Investment Management Inc.'s investment portfolio, making the stock its 16th biggest holding.

Several other hedge funds and other institutional investors have also modified their holdings of PWR. Vanguard Group Inc. grew its stake in shares of Quanta Services by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 17,009,421 shares of the construction company's stock worth $5,375,828,000 after buying an additional 161,277 shares during the last quarter. Geode Capital Management LLC increased its stake in Quanta Services by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 3,558,827 shares of the construction company's stock valued at $1,121,830,000 after purchasing an additional 99,416 shares in the last quarter. Invesco Ltd. boosted its holdings in Quanta Services by 3.7% in the fourth quarter. Invesco Ltd. now owns 1,913,847 shares of the construction company's stock worth $604,871,000 after acquiring an additional 68,565 shares in the last quarter. Norges Bank bought a new stake in Quanta Services during the 4th quarter valued at $544,937,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Quanta Services by 4.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,024,510 shares of the construction company's stock valued at $323,797,000 after buying an additional 45,486 shares during the last quarter. Institutional investors own 90.49% of the company's stock.

Quanta Services Trading Down 0.7 %

NYSE:PWR traded down $1.98 during trading hours on Friday, hitting $267.47. The stock had a trading volume of 971,294 shares, compared to its average volume of 1,665,740. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.19 and a current ratio of 1.30. The business's 50 day moving average is $263.56 and its 200-day moving average is $301.58. Quanta Services, Inc. has a one year low of $227.08 and a one year high of $365.88. The company has a market cap of $39.64 billion, a price-to-earnings ratio of 44.36, a P/E/G ratio of 1.41 and a beta of 1.04.

Quanta Services (NYSE:PWR - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The construction company reported $2.74 EPS for the quarter, beating analysts' consensus estimates of $2.62 by $0.12. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. The business had revenue of $6.55 billion for the quarter, compared to analyst estimates of $6.61 billion. Sell-side analysts anticipate that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date of this dividend was Thursday, April 3rd. Quanta Services's payout ratio is currently 6.63%.

Analyst Upgrades and Downgrades

PWR has been the subject of several research reports. Citigroup cut their price target on Quanta Services from $394.00 to $371.00 and set a "buy" rating for the company in a research note on Wednesday, January 29th. Roth Mkm initiated coverage on shares of Quanta Services in a research report on Friday, February 21st. They set a "buy" rating and a $350.00 price target on the stock. Guggenheim began coverage on Quanta Services in a research note on Wednesday, January 8th. They issued a "neutral" rating on the stock. Piper Sandler started coverage on Quanta Services in a research note on Tuesday, April 8th. They issued an "overweight" rating and a $286.00 target price on the stock. Finally, B. Riley reiterated a "neutral" rating and set a $300.00 price target (down previously from $343.00) on shares of Quanta Services in a research note on Wednesday, March 19th. Six investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $319.25.

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.