OneDigital Investment Advisors LLC Reduces Holdings in Quanta Services, Inc. (NYSE:PWR)

OneDigital Investment Advisors LLC cut its position in Quanta Services, Inc. (NYSE:PWR) by 30.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,115 shares of the construction company’s stock after selling 489 shares during the quarter. OneDigital Investment Advisors LLC’s holdings in Quanta Services were worth $332,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Versor Investments LP purchased a new stake in Quanta Services in the 3rd quarter valued at approximately $406,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Quanta Services by 5.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 36,862 shares of the construction company’s stock worth $9,366,000 after acquiring an additional 1,981 shares during the period. Cetera Investment Advisers increased its stake in Quanta Services by 115.0% in the 1st quarter. Cetera Investment Advisers now owns 39,274 shares of the construction company’s stock valued at $10,203,000 after purchasing an additional 21,003 shares in the last quarter. Czech National Bank raised its holdings in Quanta Services by 8.9% during the second quarter. Czech National Bank now owns 27,827 shares of the construction company’s stock worth $7,071,000 after purchasing an additional 2,264 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Quanta Services by 892.2% during the first quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the construction company’s stock worth $262,000 after purchasing an additional 910 shares in the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Quanta Services Trading Up 2.3 %

Shares of PWR stock opened at $340.01 on Friday. The firm has a fifty day moving average of $306.37 and a 200-day moving average of $279.24. The stock has a market cap of $50.19 billion, a price-to-earnings ratio of 62.75 and a beta of 1.01. Quanta Services, Inc. has a 52-week low of $180.97 and a 52-week high of $342.28. 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 (NYSE:PWR) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.26. The firm had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the prior year, the company posted $2.08 earnings per share. On average, equities research analysts forecast that Quanta Services, Inc. will post 7.88 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be issued a dividend of $0.10 per share. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 0.12%. Quanta Services’s payout ratio is currently 6.64%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PWR. B. Riley upped their price target on shares of Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Robert W. Baird increased their target price on Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Northland Securities reissued an “outperform” rating and issued a $328.00 price target (up from $280.00) on shares of Quanta Services in a report on Friday, November 1st. UBS Group increased their price objective 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, Jefferies Financial Group assumed coverage on shares of Quanta Services in a research note on Wednesday, September 4th. They issued a “hold” rating and a $256.00 target price for the company. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $314.27.

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.