Polar Asset Management Partners Inc. Trims Holdings in Quanta Services, Inc. (NYSE:PWR)

Polar Asset Management Partners Inc. reduced its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 35.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,059 shares of the construction company's stock after selling 9,441 shares during the quarter. Polar Asset Management Partners Inc.'s holdings in Quanta Services were worth $5,086,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PWR shares. TD Cowen upped their price target on Quanta Services from $280.00 to $335.00 and gave the stock a "buy" rating in a research note on Tuesday, October 15th. UBS Group upped their price objective 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. Stifel Nicolaus lifted their target price on shares of Quanta Services from $283.00 to $342.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Northland Securities reissued an "outperform" rating and set a $328.00 price target (up from $280.00) on shares of Quanta Services in a report on Friday, November 1st. Finally, Wolfe Research started coverage on Quanta Services in a report on Thursday, September 19th. They issued an "outperform" rating and a $313.00 price objective on the stock. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $314.27.

Quanta Services Price Performance

Quanta Services stock traded up $1.31 during trading hours on Thursday, hitting $334.97. The stock had a trading volume of 1,080,684 shares, compared to its average volume of 894,060. The stock has a market capitalization of $49.44 billion, a price-to-earnings ratio of 61.80 and a beta of 1.03. 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, Inc. has a 1-year low of $187.27 and a 1-year high of $350.19. The stock's fifty day moving average is $318.96 and its two-hundred day moving average is $284.83.

Quanta Services (NYSE:PWR - Get Free Report) last posted its earnings results 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 during the quarter, compared to the consensus estimate of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The firm's revenue for the quarter was up 15.5% on a year-over-year basis. During the same period last year, the firm posted $2.08 EPS. As a group, analysts predict that Quanta Services, Inc. will post 7.9 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.12%. The ex-dividend date is Thursday, January 2nd. This is a boost from Quanta Services's previous quarterly dividend of $0.09. Quanta Services's dividend payout ratio is 6.64%.

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.