Bessemer Group Inc. Sells 171,193 Shares of Quanta Services, Inc. (NYSE:PWR)

Bessemer Group Inc. decreased its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 28.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 422,471 shares of the construction company’s stock after selling 171,193 shares during the quarter. Bessemer Group Inc.’s holdings in Quanta Services were worth $107,384,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in PWR. Banque Transatlantique SA acquired a new stake in Quanta Services during the fourth quarter worth $25,000. Quarry LP bought a new position in shares of Quanta Services during the 4th quarter worth about $26,000. Rakuten Securities Inc. boosted its position in shares of Quanta Services by 1,027.3% during the 4th quarter. Rakuten Securities Inc. now owns 124 shares of the construction company’s stock valued at $39,000 after acquiring an additional 113 shares in the last quarter. OLD Second National Bank of Aurora bought a new stake in Quanta Services in the first quarter valued at about $42,000. Finally, Sound Income Strategies LLC raised its position in Quanta Services by 77.9% in the first quarter. Sound Income Strategies LLC now owns 185 shares of the construction company’s stock worth $47,000 after purchasing an additional 81 shares in the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Stock Performance

PWR stock opened at $374.05 on Thursday. The company has a 50 day moving average price of $332.22 and a 200 day moving average price of $306.31. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $375.53. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.31 and a quick ratio of 1.26. The stock has a market capitalization of $55.46 billion, a PE ratio of 60.33, a price-to-earnings-growth ratio of 2.90 and a beta of 1.07.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, May 1st. The construction company reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. Quanta Services had a return on equity of 18.06% and a net margin of 3.74%. The company had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.88 billion. During the same quarter in the previous year, the company posted $1.41 earnings per share. The firm’s quarterly revenue was up 23.9% on a year-over-year basis. Analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Announces Dividend

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

Analyst Ratings Changes

A number of research firms have weighed in on PWR. Stifel Nicolaus lifted their price objective on Quanta Services from $306.00 to $363.00 and gave the company a “buy” rating in a report on Monday, May 5th. B. Riley raised their target price on Quanta Services from $300.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Daiwa America upgraded Quanta Services from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 11th. Truist Financial cut their price objective on Quanta Services from $398.00 to $324.00 and set a “buy” rating for the company in a report on Tuesday, April 8th. Finally, Piper Sandler restated an “overweight” rating and issued a $370.00 target price (up previously from $360.00) on shares of Quanta Services in a research note on Tuesday, May 27th. Six investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $349.65.

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.