Quanta Services, Inc. (NYSE:PWR) Shares Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Quanta Services by 12.3%, owning approximately 264,194 shares valued at $67.15 million as of the latest SEC filing.
• Quanta Services reported Q2 earnings of $2.48 per share, surpassing estimates, with revenues rising 21.1% year-over-year to $6.77 billion.
• The company's recent quarterly dividend payment is $0.10, yielding 0.1% and reflecting a payout ratio of 6.19%.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 12.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 264,194 shares of the construction company's stock after purchasing an additional 29,030 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of Quanta Services worth $67,153,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Banque Transatlantique SA bought a new stake in Quanta Services in the fourth quarter worth $25,000. Cullen Frost Bankers Inc. bought a new position in shares of Quanta Services during the first quarter valued at $25,000. Quarry LP bought a new position in shares of Quanta Services during the fourth quarter valued at $26,000. OLD Second National Bank of Aurora bought a new position in Quanta Services in the first quarter valued at about $42,000. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Quanta Services in the first quarter valued at about $43,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PWR shares. Piper Sandler reissued an "overweight" rating and issued a $370.00 target price (up previously from $360.00) on shares of Quanta Services in a report on Tuesday, May 27th. Daiwa America cut Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Friday, August 1st. The Goldman Sachs Group restated a "buy" rating and set a $414.00 price target (up previously from $364.00) on shares of Quanta Services in a report on Wednesday, June 4th. Northland Capmk lowered Quanta Services from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Finally, 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 note on Tuesday, July 22nd. Twelve analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $392.45.

Quanta Services Price Performance

NYSE:PWR traded down $1.92 during trading hours on Monday, hitting $384.23. 926,931 shares of the stock were exchanged, compared to its average volume of 1,429,803. Quanta Services, Inc. has a 52-week low of $227.08 and a 52-week high of $424.94. The firm's fifty day moving average price is $381.01 and its 200 day moving average price is $320.39. The company has a current ratio of 1.37, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. The company has a market cap of $57.25 billion, a P/E ratio of 59.48, a P/E/G ratio of 2.30 and a beta of 1.10.

Quanta Services (NYSE:PWR - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.44 by $0.04. The business had revenue of $6.77 billion during 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 revenue was up 21.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.90 earnings per share. As a group, equities research analysts anticipate that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Announces Dividend

The company also recently declared 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. 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.