Wellington Management Group LLP Decreases Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Wellington Management Group LLP cut its holdings in Quanta Services, Inc. (NYSE:PWR) by 66.8% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 40,918 shares of the construction company’s stock after selling 82,231 shares during the period. Wellington Management Group LLP’s holdings in Quanta Services were worth $12,200,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Valley Wealth Managers Inc. bought a new position in shares of Quanta Services during the 2nd quarter valued at approximately $33,000. Quest Partners LLC bought a new position in Quanta Services during the second quarter valued at $35,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Quanta Services in the second quarter valued at $38,000. MidAtlantic Capital Management Inc. bought a new stake in Quanta Services in the third quarter worth about $41,000. Finally, Eastern Bank purchased a new position in shares of Quanta Services during the third quarter valued at approximately $44,000. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Quanta Services Stock Performance

Shares of Quanta Services stock opened at $337.60 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23. The company has a market capitalization of $49.83 billion, a PE ratio of 62.29 and a beta of 1.03. The company has a 50-day simple moving average of $322.72 and a two-hundred day simple moving average of $287.16. Quanta Services, Inc. has a one year low of $187.27 and a one year high of $350.19.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.46 by $0.26. The business had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The business’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.08 earnings per share. Research analysts expect that Quanta Services, Inc. will post 7.9 EPS for the current fiscal year.

Quanta Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be issued a $0.10 dividend. The ex-dividend date is Thursday, January 2nd. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.12%. Quanta Services’s dividend payout ratio is currently 7.38%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PWR shares. Northland Securities reissued an “outperform” rating and set a $328.00 price target (up from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. Wolfe Research initiated coverage on shares of Quanta Services in a research note on Thursday, September 19th. They set an “outperform” rating and a $313.00 target price for the company. Truist Financial raised their price target on shares of Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. initiated coverage on shares of Quanta Services in a research note on Monday, October 7th. They issued a “neutral” rating and a $297.00 target price on the stock. Finally, Stifel Nicolaus lifted their price target on shares of Quanta Services from $343.00 to $374.00 and gave the company a “buy” rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $321.69.

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.