Quanta Services, Inc. (NYSE:PWR) Shares Bought by Fred Alger Management LLC

Fred Alger Management LLC raised its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 9.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 257,806 shares of the construction company's stock after buying an additional 23,191 shares during the quarter. Fred Alger Management LLC owned about 0.17% of Quanta Services worth $76,865,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Cambridge Trust Co. acquired a new position in Quanta Services during the 1st quarter worth about $26,000. Valley Wealth Managers Inc. acquired a new position in shares of Quanta Services in the second quarter valued at approximately $33,000. Quest Partners LLC acquired a new stake in Quanta Services during the 2nd quarter worth approximately $35,000. CarsonAllaria Wealth Management Ltd. purchased a new position in Quanta Services in the 2nd quarter valued at approximately $38,000. Finally, MidAtlantic Capital Management Inc. acquired a new position in shares of Quanta Services in the third quarter worth $41,000. Hedge funds and other institutional investors own 90.49% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on PWR. JPMorgan Chase & Co. initiated coverage on Quanta Services in a research note on Monday, October 7th. They set a "neutral" rating and a $297.00 target price for the company. Citigroup upped their target price 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. Robert W. Baird lifted their price target on shares of Quanta Services from $320.00 to $333.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Jefferies Financial Group initiated coverage on shares of Quanta Services in a research report on Wednesday, September 4th. They issued a "hold" rating and a $256.00 price objective on the stock. 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 for the company. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $314.27.

Quanta Services Stock Performance

Quanta Services stock traded up $0.58 during midday trading on Friday, hitting $344.52. 370,777 shares of the company's stock were exchanged, compared to its average volume of 893,141. 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 stock has a market cap of $50.86 billion, a price-to-earnings ratio of 63.56 and a beta of 1.01. Quanta Services, Inc. has a 12-month low of $186.18 and a 12-month high of $350.19. The firm's 50 day simple moving average is $315.72 and its 200 day simple moving average is $282.83.

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

Quanta Services Increases Dividend

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

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.