Quanta Services, Inc. (NYSE:PWR) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lessened its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 18.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 969,276 shares of the construction company's stock after selling 215,800 shares during the period. Massachusetts Financial Services Co. MA owned about 0.65% of Quanta Services worth $246,371,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in Quanta Services by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 17,009,421 shares of the construction company's stock worth $5,375,828,000 after purchasing an additional 161,277 shares during the last quarter. Capital World Investors increased its position in Quanta Services by 14.1% during the fourth quarter. Capital World Investors now owns 7,223,471 shares of the construction company's stock worth $2,282,978,000 after purchasing an additional 891,977 shares during the last quarter. Geode Capital Management LLC increased its position in Quanta Services by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 3,558,827 shares of the construction company's stock worth $1,121,830,000 after purchasing an additional 99,416 shares during the last quarter. Invesco Ltd. increased its position in Quanta Services by 3.7% during the fourth quarter. Invesco Ltd. now owns 1,913,847 shares of the construction company's stock worth $604,871,000 after purchasing an additional 68,565 shares during the last quarter. Finally, Norges Bank acquired a new position in Quanta Services during the fourth quarter worth approximately $544,937,000. Institutional investors and hedge funds own 90.49% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on PWR. TD Cowen upped their price target on shares of Quanta Services from $335.00 to $355.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Piper Sandler reissued an "overweight" rating and issued a $370.00 price objective (up previously from $360.00) on shares of Quanta Services in a research report on Tuesday, May 27th. Daiwa America raised shares of Quanta Services from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 11th. Wall Street Zen raised shares of Quanta Services from a "hold" rating to a "buy" rating in a research report on Friday, June 27th. Finally, Truist Financial dropped their price objective on shares of Quanta Services from $398.00 to $324.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Ten research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $355.75.

Quanta Services Stock Up 2.0%

NYSE PWR traded up $7.74 during trading hours on Thursday, reaching $396.86. 571,633 shares of the company traded hands, compared to its average volume of 1,438,054. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $397.27. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $58.84 billion, a PE ratio of 64.01, a PEG ratio of 3.01 and a beta of 1.08. The company has a 50 day moving average of $359.19 and a two-hundred day moving average of $311.74.

Quanta Services (NYSE:PWR - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The construction company reported $1.78 EPS for the quarter, beating analysts' consensus estimates of $1.72 by $0.06. Quanta Services had a net margin of 3.74% and a return on equity of 18.06%. The firm had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.88 billion. During the same period in the prior year, the firm posted $1.41 EPS. The firm's revenue was up 23.9% compared to the same quarter last year. As a group, equities analysts expect that Quanta Services, Inc. will post 9.34 earnings per share for the current 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 paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.10%. Quanta Services's dividend payout ratio (DPR) is 6.45%.

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.