iA Global Asset Management Inc. Takes Position in Quanta Services, Inc. (NYSE:PWR)

Key Points

• iA Global Asset Management Inc. has acquired a new stake in Quanta Services, totaling approximately $5.71 million for 22,460 shares in the first quarter.
• Quanta Services recently reported a quarterly earnings per share of $2.48, exceeding analyst estimates, with revenue reaching $6.77 billion.
• Current analyst ratings for Quanta Services include a mix of 14 buy ratings and 12 hold ratings, indicating a general market optimism about the company's performance.

iA Global Asset Management Inc. purchased a new position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 22,460 shares of the construction company's stock, valued at approximately $5,709,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Legacy Capital Wealth Partners LLC boosted its stake in shares of Quanta Services by 3.4% during the 1st quarter. Legacy Capital Wealth Partners LLC now owns 1,089 shares of the construction company's stock worth $277,000 after acquiring an additional 36 shares in the last quarter. Commerzbank Aktiengesellschaft FI lifted its stake in Quanta Services by 2.6% in the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 1,436 shares of the construction company's stock worth $365,000 after purchasing an additional 37 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its stake in Quanta Services by 15.6% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 282 shares of the construction company's stock worth $72,000 after purchasing an additional 38 shares in the last quarter. Kerntke Otto McGlone Wealth Management Group lifted its stake in Quanta Services by 3.0% in the 1st quarter. Kerntke Otto McGlone Wealth Management Group now owns 1,356 shares of the construction company's stock worth $345,000 after purchasing an additional 39 shares in the last quarter. Finally, HHM Wealth Advisors LLC increased its holdings in shares of Quanta Services by 16.7% during the 1st quarter. HHM Wealth Advisors LLC now owns 280 shares of the construction company's stock worth $71,000 after buying an additional 40 shares during the last quarter. 90.49% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on PWR shares. Citigroup lifted their target price on shares of Quanta Services from $432.00 to $492.00 and gave the company a "buy" rating in a report on Monday, July 28th. BMO Capital Markets cut shares of Quanta Services from an "outperform" rating to a "market perform" rating and boosted their price target for the company from $352.00 to $400.00 in a research report on Thursday, July 17th. Northland Securities lowered shares of Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 price target on the stock. in a research note on Wednesday, July 2nd. UBS Group upped their target price on shares of Quanta Services from $413.00 to $474.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Finally, Stifel Nicolaus increased 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. Twelve equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $392.45.

Quanta Services Trading Down 0.3%

Shares of PWR stock traded down $1.30 during mid-day trading on Friday, reaching $386.05. The company's stock had a trading volume of 655,319 shares, compared to its average volume of 1,261,717. The company's 50 day simple moving average is $380.24 and its 200-day simple moving average is $320.69. Quanta Services, Inc. has a 12-month low of $227.08 and a 12-month high of $424.94. The company has a quick ratio of 1.32, a current ratio of 1.37 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $57.53 billion, a PE ratio of 59.76, a price-to-earnings-growth ratio of 2.30 and a beta of 1.10.

Quanta Services (NYSE:PWR - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.55 billion. During the same quarter in the previous year, the firm posted $1.90 EPS. The firm's quarterly revenue was up 21.1% on a year-over-year basis. On average, research analysts predict that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend was Tuesday, July 1st. Quanta Services's dividend payout ratio (DPR) is currently 6.19%.

Quanta Services 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.