Fifth Third Bancorp Sells 240 Shares of Quanta Services, Inc. (NYSE:PWR)

Fifth Third Bancorp lowered its stake in Quanta Services, Inc. (NYSE:PWR) by 4.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,038 shares of the construction company’s stock after selling 240 shares during the quarter. Fifth Third Bancorp’s holdings in Quanta Services were worth $1,592,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PWR. Legacy Investment Solutions LLC bought a new stake in Quanta Services in the third quarter worth $31,000. Prestige Wealth Management Group LLC bought a new stake in shares of Quanta Services in the 3rd quarter worth about $30,000. Sound Income Strategies LLC raised its position in shares of Quanta Services by 700.0% during the 4th quarter. Sound Income Strategies LLC now owns 104 shares of the construction company’s stock valued at $33,000 after buying an additional 91 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Quanta Services by 62.5% in the 4th quarter. Versant Capital Management Inc now owns 117 shares of the construction company’s stock valued at $37,000 after acquiring an additional 45 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. purchased a new position in Quanta Services in the third quarter worth about $41,000. Institutional investors own 90.49% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on PWR. Daiwa America raised Quanta Services to a “strong-buy” rating in a research note on Friday, December 6th. Stifel Nicolaus lifted their price objective on shares of Quanta Services from $374.00 to $388.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Citigroup increased their target price on shares of Quanta Services from $348.00 to $394.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Northland Securities reaffirmed 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. Finally, JPMorgan Chase & Co. increased their price objective on shares of Quanta Services from $297.00 to $323.00 and gave the stock a “neutral” rating in a research report on Tuesday. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $331.41.

Quanta Services Stock Performance

Shares of Quanta Services stock opened at $293.72 on Wednesday. Quanta Services, Inc. has a 12 month low of $193.52 and a 12 month high of $365.88. The stock’s fifty day moving average price is $330.55 and its 200-day moving average price is $300.60. The firm has a market cap of $43.36 billion, a P/E ratio of 54.19 and a beta of 1.06. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period last year, the firm earned $2.08 earnings per share. On average, equities research analysts expect that Quanta Services, Inc. will post 7.9 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Thursday, January 2nd. Quanta Services’s payout ratio is presently 7.38%.

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.