Principal Financial Group Inc. Grows Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Principal Financial Group Inc. boosted its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 5.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 207,720 shares of the construction company's stock after buying an additional 11,012 shares during the quarter. Principal Financial Group Inc. owned approximately 0.14% of Quanta Services worth $61,932,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new stake in shares of Quanta Services during the third quarter worth about $31,000. Prestige Wealth Management Group LLC purchased a new position in shares of Quanta Services during the 3rd quarter worth approximately $30,000. Valley Wealth Managers Inc. bought a new position in shares of Quanta Services in the 2nd quarter worth approximately $33,000. Quest Partners LLC purchased a new position in shares of Quanta Services in the 2nd quarter valued at approximately $35,000. Finally, MidAtlantic Capital Management Inc. purchased a new stake in Quanta Services in the third quarter worth $41,000. Hedge funds and other institutional investors own 90.49% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on PWR. Northland Securities reissued an "outperform" rating and set a $328.00 price objective (up previously from $280.00) on shares of Quanta Services in a research report on Friday, November 1st. JPMorgan Chase & Co. assumed coverage on shares of Quanta Services in a research note on Monday, October 7th. They set a "neutral" rating and a $297.00 price objective on the stock. Daiwa Capital Markets started coverage on shares of Quanta Services in a research note on Friday, December 6th. They set an "outperform" rating and a $355.00 target price for the company. Robert W. Baird boosted their price target on Quanta Services from $320.00 to $333.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Finally, Citigroup raised their price objective on Quanta Services from $348.00 to $394.00 and gave the company a "buy" rating in a research report on Monday, December 9th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $324.25.

Quanta Services Stock Performance

Quanta Services stock traded up $5.82 during mid-day trading on Friday, reaching $328.41. 2,080,686 shares of the stock traded hands, compared to its average volume of 907,316. Quanta Services, Inc. has a 12-month low of $187.27 and a 12-month high of $350.19. The business's 50-day moving average is $324.92 and its 200-day moving average is $289.17. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19. The stock has a market capitalization of $48.48 billion, a PE ratio of 60.59 and a beta of 1.03.

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

Quanta Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.10 per share. This is an increase from Quanta Services's previous quarterly dividend of $0.09. The ex-dividend date is Thursday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.12%. Quanta Services's payout ratio is presently 7.38%.

Quanta Services 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.