Rakuten Investment Management Inc. Buys New Shares in Quanta Services, Inc. $PWR

Rakuten Investment Management Inc. bought a new position in Quanta Services, Inc. (NYSE:PWR) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 26,967 shares of the construction company’s stock, valued at approximately $17,577,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of Quanta Services by 4.7% in the 2nd quarter. State Street Corp now owns 6,581,807 shares of the construction company’s stock worth $4,739,164,000 after purchasing an additional 296,893 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Quanta Services by 3,657.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 221,485 shares of the construction company’s stock worth $121,600,000 after purchasing an additional 215,591 shares during the period. Corient Private Wealth LP increased its position in Quanta Services by 731.3% during the 2nd quarter. Corient Private Wealth LP now owns 210,091 shares of the construction company’s stock worth $151,273,000 after purchasing an additional 184,819 shares in the last quarter. Bank of America Corp DE increased its position in Quanta Services by 5.4% during the 1st quarter. Bank of America Corp DE now owns 3,444,711 shares of the construction company’s stock worth $1,891,215,000 after purchasing an additional 175,184 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Quanta Services by 18.3% in the first quarter. First Trust Advisors LP now owns 1,003,917 shares of the construction company’s stock valued at $551,170,000 after buying an additional 155,529 shares during the period. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Price Performance

Shares of NYSE PWR opened at $580.59 on Thursday. Quanta Services, Inc. has a 1-year low of $408.36 and a 1-year high of $788.75. The firm has a market capitalization of $87.48 billion, a PE ratio of 52.59, a P/E/G ratio of 1.68 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.16 and a quick ratio of 1.13. The business’s fifty day moving average price is $632.70 and its two-hundred day moving average price is $625.80.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, October 29th. The construction company reported $6.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.02 by $1.04. The company had revenue of $12.01 billion during the quarter, compared to analysts’ expectations of $11.03 billion. Quanta Services had a return on equity of 23.56% and a net margin of 4.51%. The company’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.33 earnings per share. On average, research analysts expect that Quanta Services, Inc. will post 16.61 EPS for the current year.

Quanta Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were paid a $0.11 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.44 dividend on an annualized basis and a yield of 0.1%. Quanta Services’s dividend payout ratio (DPR) is currently 3.99%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Citigroup lifted their target price on shares of Quanta Services from $871.00 to $882.00 and gave the company a “buy” rating in a report on Friday, October 30th. The Goldman Sachs Group set a $781.00 price objective on Quanta Services in a research report on Thursday, October 22nd. UBS Group reaffirmed a “buy” rating on shares of Quanta Services in a research report on Monday, August 17th. Benchmark lowered Quanta Services to a “sell” rating in a research note on Friday, July 31st. Finally, Raymond James Financial set a $830.00 target price on Quanta Services in a report on Thursday, October 29th. Twenty-three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Quanta Services currently has an average rating of “Moderate Buy” and a consensus price target of $763.81.

Quanta Services Profile

Quanta Services, Inc is an infrastructure solutions provider headquartered in Houston, Texas. The company designs, installs, repairs, maintains and upgrades essential infrastructure for the electric power, communications, pipeline, industrial and energy industries.

Its services include electric transmission and distribution construction, substation and renewable-energy infrastructure, storm restoration, fiber-optic and wireless communications networks, natural gas and pipeline construction, and related engineering and maintenance work.