State Street Corp Buys 89,975 Shares of Quanta Services, Inc. (NYSE:PWR)

State Street Corp lifted its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 1.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,748,637 shares of the construction company's stock after acquiring an additional 89,975 shares during the quarter. State Street Corp owned 3.89% of Quanta Services worth $1,713,956,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Resurgent Financial Advisors LLC increased its stake in Quanta Services by 0.7% in the 3rd quarter. Resurgent Financial Advisors LLC now owns 4,773 shares of the construction company's stock worth $1,423,000 after purchasing an additional 33 shares in the last quarter. Tower Wealth Partners Inc. increased its position in shares of Quanta Services by 3.1% in the third quarter. Tower Wealth Partners Inc. now owns 1,122 shares of the construction company's stock worth $335,000 after acquiring an additional 34 shares in the last quarter. Huntington National Bank raised its holdings in shares of Quanta Services by 2.9% during the third quarter. Huntington National Bank now owns 1,240 shares of the construction company's stock valued at $370,000 after acquiring an additional 35 shares during the period. Terra Nova Asset Management LLC lifted its position in shares of Quanta Services by 0.3% in the 3rd quarter. Terra Nova Asset Management LLC now owns 12,779 shares of the construction company's stock valued at $3,810,000 after acquiring an additional 38 shares in the last quarter. Finally, Greenleaf Trust boosted its stake in Quanta Services by 1.2% in the 3rd quarter. Greenleaf Trust now owns 3,154 shares of the construction company's stock worth $940,000 after purchasing an additional 38 shares during the period. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Quanta Services Stock Performance

PWR stock traded down $2.50 during midday trading on Friday, hitting $332.47. 1,081,076 shares of the company traded hands, compared to its average volume of 829,965. The business has a 50 day simple moving average of $319.67 and a 200-day simple moving average of $285.37. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. Quanta Services, Inc. has a twelve month low of $187.27 and a twelve month high of $350.19. The stock has a market capitalization of $49.08 billion, a price-to-earnings ratio of 61.34 and a beta of 1.03.

Quanta Services (NYSE:PWR - Get Free Report) last announced its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.46 by $0.26. The firm had revenue of $6.49 billion for 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 business's quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.08 EPS. As a group, equities research analysts predict that Quanta Services, Inc. will post 7.9 earnings per share for the current year.

Quanta Services Increases Dividend

The firm 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 $0.10 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.12%. This is a positive change from Quanta Services's previous quarterly dividend of $0.09. Quanta Services's dividend payout ratio (DPR) is 6.64%.

Analyst Upgrades and Downgrades

PWR has been the subject of a number of research analyst reports. Northland Securities restated an "outperform" rating and issued a $328.00 target price (up previously from $280.00) on shares of Quanta Services in a report on Friday, November 1st. Truist Financial raised their price objective on Quanta Services from $319.00 to $358.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Wolfe Research assumed coverage on shares of Quanta Services in a research report on Thursday, September 19th. They issued an "outperform" rating and a $313.00 price target for the company. TD Cowen boosted their price objective on shares of Quanta Services from $280.00 to $335.00 and gave the company a "buy" rating in a research report on Tuesday, October 15th. Finally, Robert W. Baird increased their target price on shares of Quanta Services from $320.00 to $333.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $316.81.

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.