Invesco Ltd. Trims Holdings in Quanta Services, Inc. (NYSE:PWR)

Key Points

• Invesco Ltd. has reduced its stake in Quanta Services, Inc. by 0.3%, owning approximately 1.9 million shares valued at $485 million as of the latest SEC filing.
• Quanta Services has received multiple upgrades and increased price targets from analysts, including a target of $492.00 from Citigroup, reflecting a consensus rating of "Moderate Buy".
• The company recently reported quarterly earnings with $2.48 EPS, exceeding estimates and demonstrating strong year-over-year revenue growth of 21.1%.

Invesco Ltd. lowered its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 0.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,908,489 shares of the construction company's stock after selling 5,358 shares during the quarter. Invesco Ltd. owned approximately 1.29% of Quanta Services worth $485,100,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PWR. Banque Transatlantique SA acquired a new stake in Quanta Services during the fourth quarter worth approximately $25,000. Cullen Frost Bankers Inc. acquired a new stake in Quanta Services during the first quarter worth approximately $25,000. Quarry LP acquired a new stake in Quanta Services during the fourth quarter worth approximately $26,000. Zions Bancorporation National Association UT acquired a new position in shares of Quanta Services in the 1st quarter valued at $40,000. Finally, OLD Second National Bank of Aurora acquired a new position in shares of Quanta Services in the 1st quarter valued at $42,000. Hedge funds and other institutional investors own 90.49% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PWR shares. Daiwa America cut shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Friday, August 1st. B. Riley lifted their target price on shares of Quanta Services from $300.00 to $355.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. UBS Group lifted their target price on shares of Quanta Services from $413.00 to $474.00 and gave the company a "buy" rating in a report on Friday, July 25th. Northland Capmk cut shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Finally, TD Cowen boosted their price objective on shares of Quanta Services from $355.00 to $425.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Twelve investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Quanta Services presently has a consensus rating of "Moderate Buy" and a consensus price target of $392.45.

Quanta Services Price Performance

Shares of Quanta Services stock traded up $7.43 on Tuesday, hitting $391.55. The company's stock had a trading volume of 858,704 shares, compared to its average volume of 1,259,859. Quanta Services, Inc. has a 52-week low of $227.08 and a 52-week 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 fifty day moving average price of $381.71 and a 200-day moving average price of $320.88. The company has a market capitalization of $58.34 billion, a P/E ratio of 60.61, a price-to-earnings-growth ratio of 2.28 and a beta of 1.10.

Quanta Services (NYSE:PWR - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The construction company reported $2.48 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 business had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.55 billion. During the same period in the previous year, the firm earned $1.90 EPS. The business's revenue for the quarter was up 21.1% compared to the same quarter last year. On average, equities research analysts expect that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

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