Citigroup Inc. decreased its stake in Quanta Services, Inc. (NYSE:PWR – Free Report) by 3.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 411,138 shares of the construction company’s stock after selling 14,500 shares during the period. Citigroup Inc. owned about 0.28% of Quanta Services worth $122,581,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. EntryPoint Capital LLC bought a new stake in shares of Quanta Services during the first quarter worth about $25,000. Cambridge Trust Co. bought a new stake in Quanta Services during the 1st quarter worth approximately $26,000. Valley Wealth Managers Inc. acquired a new position in Quanta Services in the 2nd quarter valued at approximately $33,000. Quest Partners LLC bought a new position in shares of Quanta Services during the second quarter valued at $35,000. Finally, CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Quanta Services during the second quarter worth $38,000. Institutional investors and hedge funds own 90.49% of the company’s stock.
Quanta Services Stock Performance
Shares of PWR opened at $341.90 on Friday. Quanta Services, Inc. has a one year low of $180.97 and a one year high of $343.70. The company has a market cap of $50.47 billion, a PE ratio of 63.08 and a beta of 1.01. The stock has a 50-day moving average of $307.80 and a 200-day moving average of $279.67. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19.
Quanta Services Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.12%. This is an increase from Quanta Services’s previous quarterly dividend of $0.09. Quanta Services’s dividend payout ratio is 6.64%.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on PWR shares. Truist Financial increased their price objective on Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Citigroup increased their price target on Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. started coverage on Quanta Services in a research note on Monday, October 7th. They issued a “neutral” rating and a $297.00 price objective on the stock. Jefferies Financial Group assumed coverage on shares of Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 target price for the company. Finally, B. Riley boosted their price target on shares of Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Quanta Services has an average rating of “Moderate Buy” and a consensus target price of $314.27.
Read Our Latest Analysis on PWR
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.
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