Mirae Asset Global Investments Co. Ltd. Acquires 24,966 Shares of Quanta Services, Inc. (NYSE:PWR)

Mirae Asset Global Investments Co. Ltd. grew its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 96.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,825 shares of the construction company's stock after acquiring an additional 24,966 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Quanta Services were worth $12,919,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PWR. Brighton Jones LLC acquired a new position in shares of Quanta Services during the 4th quarter worth approximately $298,000. SVB Wealth LLC acquired a new position in Quanta Services during the fourth quarter worth $323,000. Fisher Asset Management LLC raised its position in Quanta Services by 40.1% during the fourth quarter. Fisher Asset Management LLC now owns 989 shares of the construction company's stock worth $313,000 after acquiring an additional 283 shares in the last quarter. US Bancorp DE lifted its stake in Quanta Services by 12.6% in the fourth quarter. US Bancorp DE now owns 17,917 shares of the construction company's stock valued at $5,663,000 after acquiring an additional 2,003 shares during the last quarter. Finally, Metis Global Partners LLC grew its position in shares of Quanta Services by 2.1% in the 4th quarter. Metis Global Partners LLC now owns 5,992 shares of the construction company's stock valued at $1,894,000 after acquiring an additional 121 shares during the period. Institutional investors and hedge funds own 90.49% of the company's stock.

Quanta Services Trading Up 3.5%

PWR traded up $13.10 during trading on Thursday, reaching $386.51. 869,625 shares of the company's stock were exchanged, compared to its average volume of 1,483,891. The firm has a fifty day moving average price of $343.42 and a two-hundred day moving average price of $307.94. The stock has a market capitalization of $57.30 billion, a PE ratio of 62.34, a price-to-earnings-growth ratio of 2.90 and a beta of 1.08. Quanta Services, Inc. has a one year low of $227.08 and a one year high of $387.37. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.88 billion. Quanta Services had a return on equity of 18.06% and a net margin of 3.74%. Quanta Services's quarterly revenue was up 23.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.41 earnings per share. As a group, equities research analysts forecast that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $0.40 annualized dividend and a yield of 0.10%. Quanta Services's payout ratio is 6.45%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on PWR shares. Stifel Nicolaus raised their target price on shares of Quanta Services from $306.00 to $363.00 and gave the company a "buy" rating in a research note on Monday, May 5th. BMO Capital Markets set a $352.00 price objective on Quanta Services in a research note on Friday, May 2nd. Daiwa America upgraded Quanta Services from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 11th. Truist Financial reduced their target price on shares of Quanta Services from $398.00 to $324.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Finally, Wall Street Zen upgraded Quanta Services from a "hold" rating to a "buy" rating in a report on Friday, June 27th. Eight research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $350.95.

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.