Grove Bank & Trust Raises Holdings in Quanta Services, Inc. (NYSE:PWR)

Grove Bank & Trust grew its holdings in Quanta Services, Inc. (NYSE:PWR) by 266.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 689 shares of the construction company’s stock after purchasing an additional 501 shares during the period. Grove Bank & Trust’s holdings in Quanta Services were worth $175,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Quanta Services by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 17,009,421 shares of the construction company’s stock worth $5,375,828,000 after buying an additional 161,277 shares in the last quarter. Capital World Investors boosted its holdings in shares of Quanta Services by 14.1% during the 4th quarter. Capital World Investors now owns 7,223,471 shares of the construction company’s stock valued at $2,282,978,000 after acquiring an additional 891,977 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Quanta Services by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 3,558,827 shares of the construction company’s stock valued at $1,121,830,000 after acquiring an additional 99,416 shares during the last quarter. Invesco Ltd. grew its stake in shares of Quanta Services by 3.7% in the fourth quarter. Invesco Ltd. now owns 1,913,847 shares of the construction company’s stock worth $604,871,000 after acquiring an additional 68,565 shares during the period. Finally, Norges Bank purchased a new position in shares of Quanta Services during the fourth quarter valued at approximately $544,937,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. DA Davidson raised their target price on shares of Quanta Services from $295.00 to $305.00 and gave the stock a “neutral” rating in a report on Friday, May 2nd. Stifel Nicolaus raised their target price on Quanta Services from $306.00 to $363.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. Piper Sandler restated an “overweight” rating and set a $370.00 price target (up from $360.00) on shares of Quanta Services in a research note on Tuesday, May 27th. Daiwa Capital Markets lowered shares of Quanta Services from an “outperform” rating to a “neutral” rating in a research report on Monday, February 24th. Finally, Roth Mkm initiated coverage on shares of Quanta Services in a report on Friday, February 21st. They issued a “buy” rating and a $350.00 price objective on the stock. Six research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $349.65.

Quanta Services Stock Down 0.7%

Shares of NYSE:PWR opened at $359.24 on Wednesday. The company has a market cap of $53.26 billion, a price-to-earnings ratio of 57.94, a PEG ratio of 2.82 and a beta of 1.07. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $367.00. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.58. The company has a 50-day moving average price of $320.74 and a 200 day moving average price of $304.89.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, May 1st. The construction company reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. The business had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.88 billion. Quanta Services had a return on equity of 18.06% and a net margin of 3.74%. The company’s quarterly revenue was up 23.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.41 earnings per share. As a group, equities research analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.11%. The ex-dividend date of this dividend is Tuesday, July 1st. Quanta Services’s payout ratio is 6.45%.

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.