Renaissance Group LLC Sells 5,292 Shares of Quanta Services, Inc. (NYSE:PWR)

Renaissance Group LLC cut its stake in Quanta Services, Inc. (NYSE:PWR) by 4.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 113,491 shares of the construction company’s stock after selling 5,292 shares during the quarter. Quanta Services comprises about 1.5% of Renaissance Group LLC’s holdings, making the stock its 22nd biggest holding. Renaissance Group LLC’s holdings in Quanta Services were worth $35,869,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank bought a new position in Quanta Services in the fourth quarter worth about $544,937,000. Raymond James Financial Inc. bought a new position in shares of Quanta Services in the 4th quarter worth approximately $203,068,000. Proficio Capital Partners LLC purchased a new stake in Quanta Services in the fourth quarter worth $53,949,000. Vanguard Group Inc. raised its holdings in Quanta Services by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 17,009,421 shares of the construction company’s stock worth $5,375,828,000 after purchasing an additional 161,277 shares in the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new position in Quanta Services during the fourth quarter valued at $46,364,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PWR. Citigroup lowered their price target on shares of Quanta Services from $394.00 to $371.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Daiwa Capital Markets lowered shares of Quanta Services from an “outperform” rating to a “neutral” rating in a report on Monday, February 24th. B. Riley reissued a “neutral” rating and issued a $300.00 price target (down from $343.00) on shares of Quanta Services in a research report on Wednesday, March 19th. Truist Financial reduced their price objective on Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Finally, Roth Mkm initiated coverage on Quanta Services in a report on Friday, February 21st. They issued a “buy” rating and a $350.00 target price on the stock. Seven analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.79.

Quanta Services Price Performance

Shares of Quanta Services stock opened at $245.07 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.19 and a current ratio of 1.30. The stock’s fifty day moving average is $272.20 and its 200 day moving average is $304.12. The stock has a market cap of $36.32 billion, a P/E ratio of 40.64, a P/E/G ratio of 1.41 and a beta of 1.04. Quanta Services, Inc. has a one year low of $227.08 and a one year high of $365.88.

Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, February 20th. The construction company reported $2.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.12. Quanta Services had a return on equity of 18.00% and a net margin of 3.82%. The company had revenue of $6.55 billion during the quarter, compared to the consensus estimate of $6.61 billion. Sell-side analysts anticipate that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Quanta Services’s dividend payout ratio is presently 6.63%.

Quanta Services Company 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.