Nuveen LLC Purchases New Stake in Quanta Services, Inc. (NYSE:PWR)

Key Points

• Nuveen LLC acquired a new position in Quanta Services, purchasing approximately 1.59 million shares valued at $404 million, representing about 1.07% ownership of the company.
• Analysts have mixed ratings on Quanta Services; while BMO Capital Markets downgraded it to "market perform," others like Evercore ISI lifted their price target to $410 with an "outperform" rating.
• Quanta Services reported a quarterly EPS of $2.48, exceeding estimates and achieving a year-over-year revenue increase of 21.1% to $6.77 billion.

Nuveen LLC acquired a new stake in Quanta Services, Inc. (NYSE:PWR - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,590,558 shares of the construction company's stock, valued at approximately $404,288,000. Nuveen LLC owned approximately 1.07% of Quanta Services at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Quanta Services by 2.4% in the first quarter. Vanguard Group Inc. now owns 17,417,299 shares of the construction company's stock valued at $4,427,129,000 after buying an additional 407,878 shares in the last quarter. Capital World Investors lifted its stake in shares of Quanta Services by 14.1% in the fourth quarter. Capital World Investors now owns 7,223,471 shares of the construction company's stock valued at $2,282,978,000 after buying an additional 891,977 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Quanta Services by 42.8% in the fourth quarter. Bank of America Corp DE now owns 1,691,652 shares of the construction company's stock valued at $534,647,000 after buying an additional 506,722 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Quanta Services by 18.5% in the fourth quarter. Northern Trust Corp now owns 1,489,433 shares of the construction company's stock valued at $470,735,000 after buying an additional 232,375 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Quanta Services by 7.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,143,033 shares of the construction company's stock valued at $361,256,000 after buying an additional 82,981 shares in the last quarter. 90.49% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PWR shares. Stifel Nicolaus raised their price target on shares of Quanta Services from $411.00 to $432.00 and gave the company a "buy" rating in a research report on Monday, August 4th. DA Davidson raised their price target on shares of Quanta Services from $305.00 to $395.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Wall Street Zen raised shares of Quanta Services from a "hold" rating to a "buy" rating in a research report on Friday, June 27th. TD Cowen raised their price target on shares of Quanta Services from $355.00 to $425.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Finally, Evercore ISI raised their price target on shares of Quanta Services from $360.00 to $410.00 and gave the company an "outperform" rating in a research report on Friday. Twelve research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $392.45.

Quanta Services Price Performance

Quanta Services stock traded up $7.43 during mid-day trading on Tuesday, hitting $391.55. 858,704 shares of the company traded hands, compared to its average volume of 1,259,859. Quanta Services, Inc. has a one year low of $227.08 and a one year high of $424.94. The stock has a market cap of $58.34 billion, a price-to-earnings ratio of 60.61, a price-to-earnings-growth ratio of 2.28 and a beta of 1.10. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.32 and a current ratio of 1.37. The stock has a fifty day moving average price of $381.71 and a 200-day moving average price of $320.88.

Quanta Services (NYSE:PWR - Get Free Report) last announced its earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.44 by $0.04. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. The business had revenue of $6.77 billion during the quarter, compared to analyst estimates of $6.55 billion. During the same period in the previous year, the business posted $1.90 earnings per share. Quanta Services's revenue for the quarter was up 21.1% on a year-over-year basis. On average, equities analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Tuesday, July 1st. Quanta Services's payout ratio is presently 6.19%.

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.