Taikang Asset Management Hong Kong Co Ltd Cuts Stock Position in Quanta Services, Inc. (NYSE:PWR)

Taikang Asset Management Hong Kong Co Ltd trimmed its holdings in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 50.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,310 shares of the construction company's stock after selling 9,310 shares during the quarter. Taikang Asset Management Hong Kong Co Ltd's holdings in Quanta Services were worth $2,942,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Raymond James Trust N.A. raised its holdings in Quanta Services by 25.5% in the 3rd quarter. Raymond James Trust N.A. now owns 4,408 shares of the construction company's stock worth $1,314,000 after purchasing an additional 897 shares during the period. Kingsview Wealth Management LLC raised its stake in shares of Quanta Services by 3.7% in the third quarter. Kingsview Wealth Management LLC now owns 8,618 shares of the construction company's stock worth $2,569,000 after buying an additional 304 shares during the period. Centaurus Financial Inc. lifted its position in shares of Quanta Services by 35.1% during the 3rd quarter. Centaurus Financial Inc. now owns 1,488 shares of the construction company's stock valued at $444,000 after buying an additional 387 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Quanta Services by 11.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 67,522 shares of the construction company's stock valued at $20,132,000 after acquiring an additional 7,010 shares during the period. Finally, Fisher Asset Management LLC purchased a new stake in Quanta Services in the 3rd quarter worth approximately $211,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

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Quanta Services Trading Down 1.4 %

Shares of NYSE PWR traded down $3.59 during midday trading on Friday, hitting $251.29. The company's stock had a trading volume of 476,169 shares, compared to its average volume of 1,712,154. Quanta Services, Inc. has a 12-month low of $227.11 and a 12-month 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. The firm has a market cap of $37.24 billion, a P/E ratio of 41.67, a price-to-earnings-growth ratio of 1.41 and a beta of 1.10. The business's 50 day moving average is $284.73 and its two-hundred day moving average is $304.34.

Quanta Services (NYSE:PWR - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The construction company reported $2.74 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $6.61 billion. As a group, equities research analysts expect that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Quanta Services's payout ratio is currently 6.63%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PWR shares. Bank of America began coverage on shares of Quanta Services in a research report on Friday, January 24th. They issued a "buy" rating and a $407.00 price target for the company. Daiwa Capital Markets lowered Quanta Services from an "outperform" rating to a "neutral" rating in a research note on Monday, February 24th. Roth Capital upgraded Quanta Services to a "strong-buy" rating in a research report on Thursday, February 20th. Daiwa America lowered Quanta Services from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 24th. Finally, Truist Financial decreased their target price on Quanta Services from $399.00 to $398.00 and set a "buy" rating on the stock in a research note on Thursday, January 16th. Seven research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $326.79.

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.