Pinebridge Investments L.P. Lowers Stake in Quanta Services, Inc. (NYSE:PWR)

Pinebridge Investments L.P. decreased its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 42.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,568 shares of the construction company's stock after selling 23,420 shares during the period. Pinebridge Investments L.P.'s holdings in Quanta Services were worth $9,977,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Quanta Services by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 17,009,421 shares of the construction company's stock worth $5,375,828,000 after purchasing an additional 161,277 shares in the last quarter. Capital World Investors raised its stake in shares of Quanta Services by 14.1% during the fourth quarter. Capital World Investors now owns 7,223,471 shares of the construction company's stock valued at $2,282,978,000 after acquiring an additional 891,977 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Quanta Services by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 3,558,827 shares of the construction company's stock worth $1,121,830,000 after purchasing an additional 99,416 shares during the period. Invesco Ltd. grew its stake in shares of Quanta Services by 3.7% in the fourth quarter. Invesco Ltd. now owns 1,913,847 shares of the construction company's stock worth $604,871,000 after purchasing an additional 68,565 shares during the last quarter. Finally, Norges Bank acquired a new stake in Quanta Services in the fourth quarter valued at $544,937,000. 90.49% of the stock is owned by institutional investors.

Quanta Services Stock Performance

PWR traded up $5.52 during trading hours on Friday, hitting $287.64. The stock had a trading volume of 1,205,547 shares, compared to its average volume of 1,640,927. The stock has a market cap of $42.65 billion, a PE ratio of 47.70, a price-to-earnings-growth ratio of 1.41 and a beta of 1.04. Quanta Services, Inc. has a 1 year low of $227.08 and a 1 year high of $365.88. The company has a quick ratio of 1.19, a current ratio of 1.30 and a debt-to-equity ratio of 0.56. The company's fifty day simple moving average is $261.85 and its 200 day simple moving average is $300.39.

Quanta Services (NYSE:PWR - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The construction company reported $2.74 EPS for the quarter, beating analysts' consensus estimates of $2.62 by $0.12. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. The company had revenue of $6.55 billion for the quarter, compared to analysts' expectations of $6.61 billion. Equities analysts anticipate that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. Quanta Services's dividend payout ratio (DPR) is currently 6.63%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PWR. The Goldman Sachs Group cut their target price on Quanta Services from $418.00 to $364.00 and set a "buy" rating on the stock in a report on Thursday. JPMorgan Chase & Co. upped their target price on Quanta Services from $297.00 to $323.00 and gave the company a "neutral" rating in a report on Tuesday, January 28th. Truist Financial decreased their target price on shares of Quanta Services from $398.00 to $324.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Roth Capital upgraded shares of Quanta Services to a "strong-buy" rating in a research report on Thursday, February 20th. Finally, Guggenheim started coverage on shares of Quanta Services in a research report on Wednesday, January 8th. They set a "neutral" rating for the company. Six analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, Quanta Services currently has an average rating of "Moderate Buy" and a consensus target price of $321.70.

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.