Teachers Retirement System of The State of Kentucky Reduces Holdings in Quanta Services, Inc. (NYSE:PWR)

Teachers Retirement System of The State of Kentucky lessened its holdings in Quanta Services, Inc. (NYSE:PWR) by 5.5% during the 3rd quarter, Holdings Channel reports. The firm owned 10,883 shares of the construction company’s stock after selling 630 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Quanta Services were worth $3,244,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PWR. Versor Investments LP acquired a new stake in Quanta Services during the 3rd quarter valued at $406,000. Asio Capital LLC acquired a new position in shares of Quanta Services in the third quarter worth $2,715,000. Waverton Investment Management Ltd boosted its stake in shares of Quanta Services by 6.5% during the third quarter. Waverton Investment Management Ltd now owns 41,963 shares of the construction company’s stock valued at $12,509,000 after acquiring an additional 2,557 shares during the last quarter. Public Sector Pension Investment Board increased its position in Quanta Services by 4,701.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 153,559 shares of the construction company’s stock worth $39,018,000 after purchasing an additional 150,361 shares in the last quarter. Finally, Wolverine Asset Management LLC acquired a new position in Quanta Services in the 3rd quarter valued at about $1,193,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PWR has been the subject of a number of recent research reports. JPMorgan Chase & Co. assumed coverage on shares of Quanta Services in a report on Monday, October 7th. They set a “neutral” rating and a $297.00 price target for the company. Stifel Nicolaus boosted their price target on Quanta Services from $343.00 to $374.00 and gave the company a “buy” rating in a report on Wednesday. Truist Financial raised their price objective on Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. UBS Group upped their target price on Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Robert W. Baird raised their price target on Quanta Services from $320.00 to $333.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Quanta Services presently has an average rating of “Moderate Buy” and a consensus price target of $321.69.

Quanta Services Trading Up 0.4 %

Shares of PWR stock opened at $337.60 on Friday. Quanta Services, Inc. has a fifty-two week low of $187.27 and a fifty-two week high of $350.19. The firm’s 50 day moving average price is $322.72 and its two-hundred day moving average price is $287.16. The stock has a market cap of $49.83 billion, a price-to-earnings ratio of 62.29 and a beta of 1.03. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58.

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

Quanta Services Increases Dividend

The business also recently announced 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. This is an increase from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 0.12%. The ex-dividend date is Thursday, January 2nd. Quanta Services’s dividend payout ratio (DPR) is presently 7.38%.

About Quanta Services

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.