Bank of New York Mellon Corp Purchases 28,472 Shares of Quanta Services, Inc. (NYSE:PWR)

Bank of New York Mellon Corp raised its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 2.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,052,982 shares of the construction company's stock after purchasing an additional 28,472 shares during the quarter. Bank of New York Mellon Corp owned about 0.71% of Quanta Services worth $267,647,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PWR. Brighton Jones LLC purchased a new stake in shares of Quanta Services in the fourth quarter valued at $298,000. Assetmark Inc. lifted its holdings in shares of Quanta Services by 15.0% in the fourth quarter. Assetmark Inc. now owns 6,648 shares of the construction company's stock valued at $2,101,000 after purchasing an additional 867 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Quanta Services during the fourth quarter worth $53,949,000. Vestmark Advisory Solutions Inc. raised its holdings in shares of Quanta Services by 10.9% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 1,048 shares of the construction company's stock worth $331,000 after acquiring an additional 103 shares in the last quarter. Finally, Callan Family Office LLC bought a new position in Quanta Services during the fourth quarter valued at about $1,066,000. 90.49% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Citigroup cut their target price on Quanta Services from $366.00 to $342.00 and set a "buy" rating on the stock in a report on Friday, April 25th. TD Cowen raised their target price on Quanta Services from $335.00 to $355.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Northland Securities lowered Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 target price on the stock. in a report on Wednesday, July 2nd. Wall Street Zen raised Quanta Services from a "hold" rating to a "buy" rating in a research report on Friday, June 27th. Finally, Daiwa America raised Quanta Services from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 11th. Eight research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $350.95.

Quanta Services Price Performance

NYSE PWR traded down $1.33 during trading on Monday, reaching $385.18. 839,632 shares of the company traded hands, compared to its average volume of 1,478,778. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.26 and a current ratio of 1.31. The stock's 50 day moving average price is $347.47 and its two-hundred day moving average price is $308.41. The company has a market cap of $57.11 billion, a price-to-earnings ratio of 62.13, a P/E/G ratio of 3.01 and a beta of 1.08. Quanta Services, Inc. has a 1-year low of $227.08 and a 1-year high of $388.00.

Quanta Services (NYSE:PWR - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The construction company reported $1.78 earnings per share for the quarter, beating analysts' consensus estimates of $1.72 by $0.06. The company had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.88 billion. Quanta Services had a return on equity of 18.06% and a net margin of 3.74%. The company's quarterly revenue was up 23.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.41 earnings per share. As a group, analysts anticipate that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.10%. The ex-dividend date is Tuesday, July 1st. Quanta Services's payout ratio is 6.45%.

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.