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

Lord Abbett & CO. LLC cut its position in shares of Quanta Services, Inc. (NYSE:PWR) by 1.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 163,640 shares of the construction company’s stock after selling 1,795 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Quanta Services were worth $48,789,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. State Street Corp raised its holdings in Quanta Services by 1.6% in the third quarter. State Street Corp now owns 5,748,637 shares of the construction company’s stock valued at $1,713,956,000 after buying an additional 89,975 shares during the period. Geode Capital Management LLC raised its stake in shares of Quanta Services by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,459,411 shares of the construction company’s stock valued at $1,027,887,000 after acquiring an additional 46,357 shares during the period. Electron Capital Partners LLC lifted its holdings in shares of Quanta Services by 395.1% during the 2nd quarter. Electron Capital Partners LLC now owns 2,622,142 shares of the construction company’s stock valued at $666,260,000 after acquiring an additional 2,092,519 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Quanta Services by 17.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,235,655 shares of the construction company’s stock worth $313,968,000 after purchasing an additional 186,306 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Quanta Services by 4.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,052 shares of the construction company’s stock valued at $316,055,000 after purchasing an additional 43,715 shares in the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Quanta Services Trading Up 0.4 %

Quanta Services stock opened at $337.60 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23. Quanta Services, Inc. has a 1 year low of $187.27 and a 1 year high of $350.19. The firm’s 50-day moving average is $322.72 and its 200-day moving average is $287.16. The company has a market cap of $49.83 billion, a P/E ratio of 62.29 and a beta of 1.03.

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

Quanta Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.12%. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date is Thursday, January 2nd. Quanta Services’s dividend payout ratio (DPR) is presently 7.38%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Truist Financial increased their target price on Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. TD Cowen increased their price objective on shares of Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Wolfe Research began coverage on shares of Quanta Services in a research report on Thursday, September 19th. They set an “outperform” rating and a $313.00 target price on the stock. Daiwa Capital Markets began coverage on shares of Quanta Services in a research note on Friday, December 6th. They set an “outperform” rating and a $355.00 price target on the stock. Finally, Northland Securities reissued an “outperform” rating and issued a $328.00 price objective (up from $280.00) on shares of Quanta Services in a research report on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $321.69.

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.