ING Groep NV Decreases Stake in Quanta Services, Inc. (NYSE:PWR)

Key Points

• ING Groep NV significantly reduced its stake in Quanta Services, selling 37,072 shares, which led to a 97.9% decrease in holdings, leaving them with only 796 shares valued at approximately $202,000.
• Multiple analysts have revised their ratings for Quanta Services, with Daiwa America downgrading from "strong-buy" to "hold," while Citigroup increased its price target from $432 to $492, reflecting mixed sentiments from the market.
• Quanta Services recently announced a quarterly dividend of $0.10 per share, resulting in an annualized dividend of $0.40 and a yield of 0.1%, indicating a commitment to shareholder returns.

ING Groep NV lowered its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 97.9% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 796 shares of the construction company's stock after selling 37,072 shares during the period. ING Groep NV's holdings in Quanta Services were worth $202,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital World Investors raised its stake in Quanta Services by 14.1% during the 4th quarter. Capital World Investors now owns 7,223,471 shares of the construction company's stock worth $2,282,978,000 after acquiring an additional 891,977 shares during the period. GAMMA Investing LLC grew its holdings in Quanta Services by 22,475.0% during the 1st quarter. GAMMA Investing LLC now owns 815,409 shares of the construction company's stock valued at $207,261,000 after buying an additional 811,797 shares in the last quarter. Bank of America Corp DE grew its holdings in Quanta Services by 42.8% during the 4th 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. Jennison Associates LLC grew its holdings in Quanta Services by 433.3% during the 1st quarter. Jennison Associates LLC now owns 620,973 shares of the construction company's stock valued at $157,839,000 after buying an additional 504,540 shares in the last quarter. Finally, Voya Investment Management LLC grew its holdings in Quanta Services by 210.8% during the 4th quarter. Voya Investment Management LLC now owns 550,598 shares of the construction company's stock valued at $174,016,000 after buying an additional 373,429 shares in the last quarter. Institutional investors own 90.49% of the company's stock.

Analyst Upgrades and Downgrades

PWR has been the subject of a number of recent research reports. Northland Capmk lowered shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. raised their price target on Quanta Services from $345.00 to $392.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Citigroup raised their price target on Quanta Services from $432.00 to $492.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. B. Riley raised their price target on Quanta Services from $300.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Finally, Evercore ISI lifted their target price on Quanta Services from $360.00 to $410.00 and gave the stock an "outperform" rating in a research report on Friday. Twelve equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $392.45.

Quanta Services Stock Up 0.7%

Shares of NYSE PWR traded up $2.67 during midday trading on Tuesday, hitting $386.79. 233,872 shares of the company's stock were exchanged, compared to its average volume of 1,421,717. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.37 and a quick ratio of 1.32. Quanta Services, Inc. has a twelve month low of $227.08 and a twelve month high of $424.94. The company has a market cap of $57.64 billion, a PE ratio of 59.87, a P/E/G ratio of 2.30 and a beta of 1.10. The firm's fifty day simple moving average is $381.01 and its 200-day simple moving average is $320.39.

Quanta Services (NYSE:PWR - Get Free Report) last issued its earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.44 by $0.04. The business had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.55 billion. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%. The business's quarterly revenue was up 21.1% on a year-over-year basis. During the same quarter last year, the company earned $1.90 EPS. 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 announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were issued a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.1%. 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.