PNC Financial Services Group Inc. increased its holdings in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 605,782 shares of the construction company's stock after acquiring an additional 9,705 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.41% of Quanta Services worth $180,614,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in PWR. EntryPoint Capital LLC bought a new position in shares of Quanta Services in the first quarter worth $25,000. Cambridge Trust Co. bought a new stake in shares of Quanta Services during the 1st quarter worth about $26,000. Valley Wealth Managers Inc. acquired a new stake in shares of Quanta Services in the 2nd quarter worth approximately $33,000. Quest Partners LLC bought a new position in shares of Quanta Services in the second quarter valued at approximately $35,000. Finally, MidAtlantic Capital Management Inc. acquired a new position in shares of Quanta Services during the third quarter valued at approximately $41,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.
Quanta Services Price Performance
Shares of NYSE:PWR traded up $1.58 during midday trading on Wednesday, reaching $332.36. 750,377 shares of the company's stock were exchanged, compared to its average volume of 895,490. Quanta Services, Inc. has a 12 month low of $180.97 and a 12 month high of $335.00. The company's 50 day simple moving average is $306.37 and its two-hundred day simple moving average is $279.24. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23. The firm has a market capitalization of $49.06 billion, a PE ratio of 61.32 and a beta of 1.01.
Quanta Services (NYSE:PWR - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.26. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The firm had revenue of $6.49 billion during the quarter, compared to analysts' expectations of $6.56 billion. The company's quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the company posted $2.08 EPS. Equities research analysts expect that Quanta Services, Inc. will post 7.88 earnings per share for the current fiscal year.
Quanta Services Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were given a dividend of $0.09 per share. The ex-dividend date was Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a yield of 0.11%. Quanta Services's payout ratio is presently 6.64%.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on PWR. Robert W. Baird upped their price objective on Quanta Services from $320.00 to $333.00 and gave the company an "outperform" rating in a report on Friday, November 1st. Citigroup raised their price objective on shares of Quanta Services from $302.00 to $348.00 and gave the stock a "buy" rating in a research note on Friday, October 4th. JPMorgan Chase & Co. assumed coverage on Quanta Services in a report on Monday, October 7th. They issued a "neutral" rating and a $297.00 target price on the stock. UBS Group upped their price target on shares of Quanta Services from $313.00 to $367.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Finally, Wolfe Research began coverage on shares of Quanta Services in a research report on Thursday, September 19th. They set an "outperform" rating and a $313.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $314.27.
Check Out Our Latest Research Report on PWR
About Quanta Services
(
Free Report)
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.
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