Lord Abbett & CO. LLC Has $48.79 Million Holdings in Quanta Services, Inc. (NYSE:PWR)

Lord Abbett & CO. LLC reduced its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 1.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 163,640 shares of the construction company's stock after selling 1,795 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.11% of Quanta Services worth $48,789,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PWR. Prestige Wealth Management Group LLC acquired a new position in Quanta Services in the third quarter worth $30,000. Legacy Investment Solutions LLC acquired a new position in shares of Quanta Services in the 3rd quarter valued at about $31,000. Valley Wealth Managers Inc. bought a new stake in shares of Quanta Services during the 2nd quarter valued at about $33,000. Quest Partners LLC acquired a new stake in Quanta Services during the second quarter worth about $35,000. Finally, CarsonAllaria Wealth Management Ltd. bought a new position in Quanta Services in the second quarter worth about $38,000. Institutional investors and hedge funds own 90.49% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PWR. Jefferies Financial Group assumed coverage on Quanta Services in a research report on Wednesday, September 4th. They set a "hold" rating and a $256.00 price target on the stock. Truist Financial increased their target price on Quanta Services from $319.00 to $358.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Citigroup boosted their price target on shares of Quanta Services from $348.00 to $394.00 and gave the company a "buy" rating in a report on Monday, December 9th. Daiwa America raised shares of Quanta Services to a "strong-buy" rating in a report on Friday, December 6th. Finally, Stifel Nicolaus boosted their target price on shares of Quanta Services from $343.00 to $374.00 and gave the company a "buy" rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Quanta Services currently has a consensus rating of "Moderate Buy" and an average target price of $321.69.

Quanta Services Trading Up 0.4 %

NYSE PWR traded up $1.50 on Friday, hitting $337.60. 1,121,605 shares of the stock were exchanged, compared to its average volume of 864,533. The company's 50-day moving average price is $322.72 and its two-hundred day moving average price is $287.22. The company has a market capitalization of $49.83 billion, a price-to-earnings ratio of 62.29 and a beta of 1.03. Quanta Services, Inc. has a 52-week low of $187.27 and a 52-week high of $350.19. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19.

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

Quanta Services Increases Dividend

The company also recently announced 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 is Thursday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.12%. This is an increase from Quanta Services's previous quarterly dividend of $0.09. Quanta Services's payout ratio is 6.64%.

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.