Resona Asset Management Co. Ltd. Makes New Investment in Quanta Services, Inc. (NYSE:PWR)

Resona Asset Management Co. Ltd. acquired a new stake in Quanta Services, Inc. (NYSE:PWR - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 44,653 shares of the construction company's stock, valued at approximately $14,160,000.

Several other hedge funds have also added to or reduced their stakes in the business. Webster Bank N. A. lifted its holdings in shares of Quanta Services by 4,050.0% during the 4th quarter. Webster Bank N. A. now owns 83 shares of the construction company's stock valued at $26,000 after purchasing an additional 81 shares in the last quarter. Sierra Ocean LLC bought a new position in Quanta Services in the fourth quarter valued at approximately $27,000. Prestige Wealth Management Group LLC acquired a new position in shares of Quanta Services in the third quarter valued at approximately $30,000. Legacy Investment Solutions LLC bought a new stake in shares of Quanta Services during the third quarter worth $31,000. Finally, Sound Income Strategies LLC lifted its position in Quanta Services by 700.0% in the 4th quarter. Sound Income Strategies LLC now owns 104 shares of the construction company's stock valued at $33,000 after acquiring an additional 91 shares in the last quarter. Institutional investors and hedge funds own 90.49% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Citigroup dropped their price target on Quanta Services from $394.00 to $371.00 and set a "buy" rating on the stock in a research note on Wednesday, January 29th. B. Riley reiterated a "neutral" rating and set a $300.00 target price (down previously from $343.00) on shares of Quanta Services in a report on Wednesday, March 19th. Roth Capital upgraded Quanta Services to a "strong-buy" rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. raised their target price on shares of Quanta Services from $297.00 to $323.00 and gave the company a "neutral" rating in a research note on Tuesday, January 28th. Finally, Guggenheim started coverage on shares of Quanta Services in a research note on Wednesday, January 8th. They issued a "neutral" rating for the company. Seven equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Quanta Services currently has a consensus rating of "Moderate Buy" and an average price target of $319.25.

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Quanta Services Price Performance

Quanta Services stock traded up $0.65 during midday trading on Friday, reaching $263.35. The company's stock had a trading volume of 301,586 shares, compared to its average volume of 1,693,148. The business has a 50-day moving average price of $267.81 and a 200-day moving average price of $302.72. The stock has a market cap of $39.03 billion, a PE ratio of 43.67, a price-to-earnings-growth ratio of 1.41 and a beta of 1.04. Quanta Services, Inc. has a 52 week low of $227.08 and a 52 week high of $365.88. The company has a current ratio of 1.30, a quick ratio of 1.19 and a debt-to-equity ratio of 0.56.

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 return on equity of 18.00% and a net margin of 3.82%. The firm had revenue of $6.55 billion for the quarter, compared to analyst estimates of $6.61 billion. On average, sell-side analysts predict that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, April 3rd. Quanta Services's payout ratio is currently 6.63%.

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.