Larson Financial Group LLC Decreases Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Larson Financial Group LLC lowered its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 30.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 423 shares of the construction company’s stock after selling 182 shares during the period. Larson Financial Group LLC’s holdings in Quanta Services were worth $126,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cambridge Trust Co. acquired a new position in Quanta Services during the first quarter worth about $26,000. Valley Wealth Managers Inc. purchased a new stake in Quanta Services during the second quarter worth approximately $33,000. Quest Partners LLC purchased a new stake in Quanta Services during the second quarter worth approximately $35,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Quanta Services in the third quarter valued at $41,000. Finally, Eastern Bank purchased a new position in shares of Quanta Services in the third quarter valued at $44,000. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Stock Performance

Quanta Services stock opened at $343.94 on Friday. The firm’s 50 day simple moving average is $313.56 and its 200-day simple moving average is $281.85. The company has a market cap of $50.77 billion, a P/E ratio of 63.46 and a beta of 1.01. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19. Quanta Services, Inc. has a fifty-two week low of $180.97 and a fifty-two week high of $350.19.

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

Quanta Services Increases Dividend

The firm 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. The ex-dividend date is Thursday, January 2nd. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 0.12%. Quanta Services’s payout ratio is 6.64%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PWR shares. 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. Wolfe Research started coverage on shares of Quanta Services in a report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price objective on the stock. Jefferies Financial Group assumed coverage on shares of Quanta Services in a report on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price objective on the stock. Truist Financial increased their target price on shares of Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Citigroup increased their target price on shares of Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus 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.