Norden Group LLC Sells 904 Shares of Quanta Services, Inc. (NYSE:PWR)

Key Points

• Norden Group LLC reduced its stake in Quanta Services, Inc. by 26.3% in Q1, now holding shares worth $645,000.
• Quanta Services recently reported a quarterly EPS of $1.78, exceeding analysts' expectations, with revenue up by 23.9% year-over-year.
• Several analysts have raised their price targets for Quanta Services, with Citigroup setting a target of $492.00 and maintaining a "buy" rating.

Norden Group LLC lessened its holdings in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 26.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,539 shares of the construction company's stock after selling 904 shares during the quarter. Norden Group LLC's holdings in Quanta Services were worth $645,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Banque Transatlantique SA bought a new position in shares of Quanta Services during the 4th quarter valued at about $25,000. Cullen Frost Bankers Inc. acquired a new position in shares of Quanta Services in the first quarter valued at approximately $25,000. Quarry LP bought a new stake in shares of Quanta Services during the fourth quarter worth $26,000. OLD Second National Bank of Aurora bought a new stake in Quanta Services in the 1st quarter valued at $42,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in Quanta Services in the 1st quarter worth $43,000. 90.49% of the stock is currently owned by institutional investors.

Quanta Services Price Performance

Quanta Services stock traded down $10.95 during trading hours on Friday, reaching $395.18. 2,094,000 shares of the stock were exchanged, compared to its average volume of 1,116,995. The stock has a 50 day moving average of $375.39 and a two-hundred day moving average of $319.00. The company has a market cap of $58.59 billion, a P/E ratio of 61.17, a price-to-earnings-growth ratio of 2.79 and a beta of 1.08. The company has a current ratio of 1.37, a quick ratio of 1.26 and a debt-to-equity ratio of 0.59. Quanta Services, Inc. has a twelve month low of $227.08 and a twelve month high of $424.94.

Quanta Services (NYSE:PWR - Get Free Report) last released its earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.44 by $0.04. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%. The firm had revenue of $6.77 billion during the quarter, compared to analysts' expectations of $6.55 billion. During the same period in the prior year, the company earned $1.90 earnings per share. The company's quarterly revenue was up 21.1% on a year-over-year basis. Equities analysts expect that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Announces Dividend

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 of this dividend was Tuesday, July 1st. Quanta Services's dividend payout ratio is presently 6.19%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PWR. Daiwa America raised Quanta Services from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 11th. Truist Financial lowered their target price on Quanta Services from $398.00 to $324.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. TD Cowen increased their price objective on Quanta Services from $335.00 to $355.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. BMO Capital Markets lowered shares of Quanta Services from an "outperform" rating to a "market perform" rating and upped their price target for the stock from $352.00 to $400.00 in a research report on Thursday, July 17th. Finally, Seaport Res Ptn raised shares of Quanta Services to a "hold" rating in a research report on Thursday, July 10th. Eleven investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $379.32.

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.