Korea Investment CORP Sells 20,719 Shares of Quanta Services, Inc. (NYSE:PWR)

Korea Investment CORP lowered its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 14.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 124,831 shares of the construction company's stock after selling 20,719 shares during the period. Korea Investment CORP owned about 0.08% of Quanta Services worth $39,453,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in PWR. Raymond James Financial Inc. bought a new stake in shares of Quanta Services in the fourth quarter worth about $203,068,000. Alkeon Capital Management LLC grew its position in shares of Quanta Services by 62.5% in the 3rd quarter. Alkeon Capital Management LLC now owns 650,000 shares of the construction company's stock valued at $193,798,000 after purchasing an additional 250,000 shares during the period. Proficio Capital Partners LLC bought a new stake in Quanta Services during the 4th quarter worth approximately $53,949,000. Vanguard Group Inc. raised its holdings in Quanta Services by 1.0% during the 4th 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 period. Finally, Union Bancaire Privee UBP SA bought a new position in Quanta Services in the fourth quarter valued at approximately $46,364,000. Institutional investors and hedge funds own 90.49% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Truist Financial dropped their price objective on shares of Quanta Services from $399.00 to $398.00 and set a "buy" rating on the stock in a report on Thursday, January 16th. Guggenheim assumed coverage on Quanta Services in a research note on Wednesday, January 8th. They issued a "neutral" rating on the stock. Roth Mkm initiated coverage on Quanta Services in a research report on Friday, February 21st. They set a "buy" rating and a $350.00 price objective for the company. Daiwa America downgraded Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Monday, February 24th. Finally, JPMorgan Chase & Co. boosted their target price on Quanta Services from $297.00 to $323.00 and gave the company a "neutral" rating in a research note on Tuesday, January 28th. Seven analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $326.79.

Quanta Services Stock Performance

NYSE:PWR traded up $3.46 during mid-day trading on Tuesday, hitting $257.64. The stock had a trading volume of 979,756 shares, compared to its average volume of 1,710,265. The company's 50 day simple moving average is $279.42 and its 200 day simple moving average is $304.87. The stock has a market cap of $38.18 billion, a price-to-earnings ratio of 42.73, a PEG ratio of 1.41 and a beta of 1.10. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.19 and a current ratio of 1.30. Quanta Services, Inc. has a twelve month low of $227.11 and a twelve month high of $365.88.

Quanta Services (NYSE:PWR - Get Free Report) last issued its earnings results on Thursday, February 20th. The construction company reported $2.74 EPS for the quarter, topping the consensus estimate of $2.62 by $0.12. Quanta Services had a return on equity of 18.00% and a net margin of 3.82%. The company had revenue of $6.55 billion during the quarter, compared to the consensus estimate of $6.61 billion. On average, equities research analysts forecast that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, April 3rd. Quanta Services's payout ratio is presently 6.63%.

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.