Ascent Group LLC Has $2.85 Million Holdings in Quanta Services, Inc. (NYSE:PWR)

Ascent Group LLC trimmed its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 23.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,568 shares of the construction company's stock after selling 2,858 shares during the quarter. Ascent Group LLC's holdings in Quanta Services were worth $2,853,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Valley Wealth Managers Inc. acquired a new position in Quanta Services in the 2nd quarter worth $33,000. Quest Partners LLC acquired a new stake in Quanta Services during the 2nd quarter valued at approximately $35,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in Quanta Services during the 2nd quarter worth approximately $38,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Quanta Services during the 3rd quarter valued at approximately $41,000. Finally, Eastern Bank acquired a new stake in Quanta Services in the third quarter valued at $44,000. 90.49% of the stock is owned by institutional investors and hedge funds.

Quanta Services Price Performance

NYSE:PWR traded down $1.33 during midday trading on Tuesday, hitting $341.00. 190,793 shares of the stock were exchanged, compared to its average volume of 888,974. The business has a 50-day moving average price of $316.64 and a two-hundred day moving average price of $283.60. 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 capitalization of $50.34 billion, a price-to-earnings ratio of 63.16 and a beta of 1.03. Quanta Services, Inc. has a one year low of $187.16 and a one year high of $350.19.

Quanta Services (NYSE:PWR - Get Free Report) last released its 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 firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.56 billion. During the same period in the previous year, the company earned $2.08 earnings per share. Quanta Services's revenue was up 15.5% compared to the same quarter last year. Sell-side analysts predict that Quanta Services, Inc. will post 7.9 EPS for the current year.

Quanta Services Increases Dividend

The business 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 represents a $0.40 dividend on an annualized basis and a dividend yield of 0.12%. The ex-dividend date of this dividend is Thursday, January 2nd. This is an increase from Quanta Services's previous quarterly dividend of $0.09. Quanta Services's dividend payout ratio is 6.64%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PWR shares. UBS Group boosted their target price on shares of Quanta Services from $313.00 to $367.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. TD Cowen upped their price objective on Quanta Services from $280.00 to $335.00 and gave the company a "buy" rating in a research note on Tuesday, October 15th. Jefferies Financial Group initiated coverage on Quanta Services in a report on Wednesday, September 4th. They issued a "hold" rating and a $256.00 price target for the company. Citigroup lifted their price objective on shares of Quanta Services from $302.00 to $348.00 and gave the stock a "buy" rating in a report on Friday, October 4th. Finally, Stifel Nicolaus raised their price target on shares of Quanta Services from $283.00 to $342.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Quanta Services currently has a consensus rating of "Moderate Buy" and an average price target of $314.27.

Quanta Services Company 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.