Lord Abbett & CO. LLC Has $3.10 Million Stake in Quanta Services, Inc. $PWR

Key Points

• Lord Abbett & CO. LLC significantly reduced its stake in Quanta Services, Inc. by 92.3%, selling 145,981 shares and now holding only 12,189 shares worth approximately $3.1 million.
• Quanta Services reported a strong quarter with earnings of $2.48 per share, exceeding analysts' expectations, and a revenue of $6.77 billion, up 21.1% year-over-year.
• Despite the reduction in holdings by some hedge funds, 90.49% of Quanta Services' stock is still owned by institutional investors, indicating strong ongoing support in the market.

Lord Abbett & CO. LLC trimmed its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 92.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,189 shares of the construction company's stock after selling 145,981 shares during the period. Lord Abbett & CO. LLC's holdings in Quanta Services were worth $3,098,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of PWR. Banque Transatlantique SA acquired a new stake in Quanta Services during the fourth quarter worth about $25,000. Cullen Frost Bankers Inc. bought a new position in shares of Quanta Services in the first quarter worth about $25,000. Quarry LP bought a new position in shares of Quanta Services in the fourth quarter worth about $26,000. Zions Bancorporation National Association UT bought a new position in shares of Quanta Services in the first quarter worth about $40,000. Finally, OLD Second National Bank of Aurora bought a new position in shares of Quanta Services in the first quarter worth about $42,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PWR. Northland Capmk cut shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Evercore ISI increased their target price on shares of Quanta Services from $360.00 to $410.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. UBS Group increased their target price on shares of Quanta Services from $413.00 to $474.00 and gave the stock a "buy" rating in a report on Friday, July 25th. DA Davidson lifted their target price on shares of Quanta Services from $305.00 to $395.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Finally, Argus set a $375.00 price target on shares of Quanta Services in a research report on Monday, May 5th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, Quanta Services currently has a consensus rating of "Moderate Buy" and an average target price of $392.45.

Quanta Services Trading Up 1.8%

Shares of NYSE:PWR traded up $6.70 during trading on Friday, reaching $384.91. The stock had a trading volume of 296,682 shares, compared to its average volume of 1,402,545. Quanta Services, Inc. has a 52 week low of $227.08 and a 52 week high of $424.94. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.32 and a current ratio of 1.37. The firm's fifty day moving average is $384.80 and its 200 day moving average is $324.52. The stock has a market cap of $57.36 billion, a price-to-earnings ratio of 59.58, a P/E/G ratio of 2.24 and a beta of 1.10.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The construction company reported $2.48 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $6.55 billion. During the same quarter in the prior year, the firm posted $1.90 earnings per share. The business's quarterly revenue was up 21.1% compared to the same quarter last year. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. As a group, equities analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

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.