Lord Abbett & CO. LLC Decreases Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Lord Abbett & CO. LLC lowered its stake in Quanta Services, Inc. (NYSE:PWR) by 3.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 158,170 shares of the construction company’s stock after selling 5,470 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Quanta Services were worth $49,990,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Kestra Private Wealth Services LLC grew its holdings in shares of Quanta Services by 85.0% in the fourth quarter. Kestra Private Wealth Services LLC now owns 4,752 shares of the construction company’s stock worth $1,502,000 after acquiring an additional 2,184 shares during the period. Principal Financial Group Inc. grew its stake in shares of Quanta Services by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 207,720 shares of the construction company’s stock valued at $61,932,000 after purchasing an additional 11,012 shares during the period. Synovus Financial Corp increased its position in shares of Quanta Services by 34.0% during the 3rd quarter. Synovus Financial Corp now owns 7,206 shares of the construction company’s stock valued at $2,148,000 after purchasing an additional 1,830 shares during the last quarter. Allstate Corp bought a new position in shares of Quanta Services in the 4th quarter worth approximately $1,357,000. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Quanta Services by 4.7% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 17,573 shares of the construction company’s stock worth $5,554,000 after buying an additional 793 shares during the last quarter. Institutional investors own 90.49% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Truist Financial reduced their target price on shares of Quanta Services from $398.00 to $324.00 and set a “buy” rating for the company in a report on Tuesday, April 8th. Roth Capital raised Quanta Services to a “strong-buy” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. boosted their price target on Quanta Services from $297.00 to $323.00 and gave the company a “neutral” rating in a report on Tuesday, January 28th. BMO Capital Markets raised Quanta Services from a “market perform” rating to an “outperform” rating and lowered their price objective for the company from $338.00 to $316.00 in a research report on Tuesday, February 25th. Finally, Daiwa Capital Markets lowered shares of Quanta Services from an “outperform” rating to a “neutral” rating in a report on Monday, February 24th. Six equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $321.70.

Quanta Services Stock Up 2.0 %

Shares of PWR opened at $287.64 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.30 and a quick ratio of 1.19. The stock has a market capitalization of $42.65 billion, a price-to-earnings ratio of 47.70, a price-to-earnings-growth ratio of 1.41 and a beta of 1.04. Quanta Services, Inc. has a 1 year low of $227.08 and a 1 year high of $365.88. The business’s 50 day simple moving average is $261.85 and its 200-day simple moving average is $300.49.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, February 20th. The construction company reported $2.74 EPS for the quarter, beating 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 business had revenue of $6.55 billion during the quarter, compared to analyst estimates of $6.61 billion. As a group, equities analysts expect that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.14%. 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.