Independence Bank of Kentucky Buys 3,300 Shares of Quanta Services, Inc. (NYSE:PWR)

Independence Bank of Kentucky grew its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 278.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,485 shares of the construction company's stock after buying an additional 3,300 shares during the quarter. Independence Bank of Kentucky's holdings in Quanta Services were worth $1,140,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Banque Transatlantique SA bought a new position in shares of Quanta Services during the fourth quarter valued at about $25,000. Quarry LP bought a new position in shares of Quanta Services during the fourth quarter valued at about $26,000. Sierra Ocean LLC bought a new position in shares of Quanta Services during the fourth quarter valued at about $27,000. Centricity Wealth Management LLC bought a new position in shares of Quanta Services during the fourth quarter valued at about $34,000. Finally, Rakuten Securities Inc. grew its stake in shares of Quanta Services by 1,027.3% during the fourth quarter. Rakuten Securities Inc. now owns 124 shares of the construction company's stock valued at $39,000 after buying an additional 113 shares during the last quarter. 90.49% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. DA Davidson raised their price objective on Quanta Services from $295.00 to $305.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Roth Mkm initiated coverage on shares of Quanta Services in a report on Friday, February 21st. They set a "buy" rating and a $350.00 target price for the company. Evercore ISI increased their target price on shares of Quanta Services from $331.00 to $360.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Roth Capital upgraded shares of Quanta Services to a "strong-buy" rating in a report on Thursday, February 20th. Finally, Piper Sandler reiterated an "overweight" rating and set a $370.00 target price (up from $360.00) on shares of Quanta Services in a report on Tuesday, May 27th. Six analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $347.35.

Quanta Services Price Performance

Shares of NYSE PWR opened at $361.20 on Friday. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $365.88. The company has a 50 day simple moving average of $306.00 and a two-hundred day simple moving average of $304.44. The company has a market capitalization of $53.55 billion, a price-to-earnings ratio of 59.90, a P/E/G ratio of 1.41 and a beta of 1.07. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.19 and a current ratio of 1.30.

Quanta Services (NYSE:PWR - Get Free Report) last announced its earnings results 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. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. The business had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.88 billion. During the same quarter last year, the firm earned $1.41 earnings per share. The business's revenue for the quarter was up 23.9% on a year-over-year basis. Analysts expect that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Announces Dividend

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 paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.11%. The ex-dividend date of this dividend is Tuesday, July 1st. Quanta Services's dividend payout ratio is 6.45%.

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.

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