Sumitomo Life Insurance Co. Grows Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Sumitomo Life Insurance Co. raised its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 30.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,509 shares of the construction company's stock after buying an additional 1,517 shares during the period. Sumitomo Life Insurance Co.'s holdings in Quanta Services were worth $2,057,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PWR. Alkeon Capital Management LLC boosted its position in Quanta Services by 62.5% during the third quarter. Alkeon Capital Management LLC now owns 650,000 shares of the construction company's stock worth $193,798,000 after acquiring an additional 250,000 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new position in Quanta Services in the 4th quarter worth approximately $46,364,000. International Assets Investment Management LLC boosted its holdings in shares of Quanta Services by 29,655.3% during the 3rd quarter. International Assets Investment Management LLC now owns 148,479 shares of the construction company's stock worth $44,269,000 after purchasing an additional 147,980 shares during the last quarter. Public Sector Pension Investment Board grew its position in shares of Quanta Services by 81.7% in the third quarter. Public Sector Pension Investment Board now owns 279,089 shares of the construction company's stock valued at $83,210,000 after purchasing an additional 125,530 shares in the last quarter. Finally, Meitav Investment House Ltd. acquired a new stake in shares of Quanta Services in the third quarter valued at approximately $27,430,000. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Quanta Services Stock Down 0.4 %

PWR traded down $1.19 on Friday, hitting $308.10. 1,162,727 shares of the company were exchanged, compared to its average volume of 1,353,427. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58. The company has a market cap of $45.48 billion, a price-to-earnings ratio of 56.85, a price-to-earnings-growth ratio of 1.49 and a beta of 1.06. The firm has a 50-day moving average price of $328.59 and a two-hundred day moving average price of $301.30. Quanta Services, Inc. has a twelve month low of $193.52 and a twelve month high of $365.88.

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

Quanta Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were issued a $0.10 dividend. This is an increase from Quanta Services's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 0.13%. The ex-dividend date was Thursday, January 2nd. Quanta Services's payout ratio is presently 7.38%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Citigroup lowered their price objective on Quanta Services from $394.00 to $371.00 and set a "buy" rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of Quanta Services from $297.00 to $323.00 and gave the company a "neutral" rating in a report on Tuesday. Daiwa America raised shares of Quanta Services to a "strong-buy" rating in a research note on Friday, December 6th. Northland Securities reissued an "outperform" rating and issued a $328.00 price target (up previously from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. Finally, Truist Financial reduced their price target on shares of Quanta Services from $399.00 to $398.00 and set a "buy" rating on the stock in a research report on Thursday, January 16th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Quanta Services currently has an average rating of "Moderate Buy" and an average target price of $330.06.

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.