Synovus Financial Corp raised its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 34.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,206 shares of the construction company's stock after acquiring an additional 1,830 shares during the quarter. Synovus Financial Corp's holdings in Quanta Services were worth $2,148,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Tidal Investments LLC boosted its position in Quanta Services by 10.5% during the 3rd quarter. Tidal Investments LLC now owns 18,779 shares of the construction company's stock worth $5,597,000 after acquiring an additional 1,781 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Quanta Services in the 3rd quarter worth $1,058,000. Diamant Asset Management Inc. purchased a new stake in Quanta Services during the third quarter valued at about $206,000. Second Line Capital LLC acquired a new position in Quanta Services in the 3rd quarter worth approximately $2,902,000. Finally, Neo Ivy Capital Management purchased a new position in shares of Quanta Services during the third quarter valued at $240,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research analysts have weighed in on the stock. Truist Financial upped their price objective on shares of Quanta Services from $319.00 to $358.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Jefferies Financial Group assumed coverage on Quanta Services in a report on Wednesday, September 4th. They set a "hold" rating and a $256.00 price target on the stock. Daiwa America raised Quanta Services to a "strong-buy" rating in a research report on Friday, December 6th. JPMorgan Chase & Co. started coverage on shares of Quanta Services in a research report on Monday, October 7th. They issued a "neutral" rating and a $297.00 price target on the stock. Finally, Citigroup boosted 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 research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $321.69.
Read Our Latest Research Report on PWR
Quanta Services Price Performance
Shares of Quanta Services stock traded up $4.91 during midday trading on Monday, reaching $342.51. The company had a trading volume of 1,133,574 shares, compared to its average volume of 899,345. The company has a market capitalization of $50.56 billion, a price-to-earnings ratio of 63.19 and a beta of 1.03. 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 stock has a fifty day simple moving average of $323.42 and a 200 day simple moving average of $287.66. Quanta Services, Inc. has a 1-year low of $187.27 and a 1-year high of $350.19.
Quanta Services (NYSE:PWR - Get Free Report) last posted 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. The business had revenue of $6.49 billion for the quarter, compared to analysts' expectations of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The firm's quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.08 earnings per share. As a group, equities research analysts forecast that Quanta Services, Inc. will post 7.9 earnings per share for the current year.
Quanta Services Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This is a boost from Quanta Services's previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 0.12%. Quanta Services's dividend payout ratio (DPR) is presently 6.64%.
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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