Pinnacle Associates Ltd. Increases Holdings in Quanta Services, Inc. (NYSE:PWR)

Pinnacle Associates Ltd. lifted its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 408.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,950 shares of the construction company's stock after buying an additional 15,220 shares during the period. Pinnacle Associates Ltd.'s holdings in Quanta Services were worth $4,817,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Dorsey Wright & Associates boosted its stake in shares of Quanta Services by 8.5% during the first quarter. Dorsey Wright & Associates now owns 23,302 shares of the construction company's stock valued at $5,923,000 after purchasing an additional 1,834 shares during the period. Wedbush Securities Inc. boosted its stake in shares of Quanta Services by 40.4% during the first quarter. Wedbush Securities Inc. now owns 3,017 shares of the construction company's stock valued at $767,000 after purchasing an additional 868 shares during the period. Garrison Bradford & Associates Inc. boosted its stake in shares of Quanta Services by 23.9% during the first quarter. Garrison Bradford & Associates Inc. now owns 22,823 shares of the construction company's stock valued at $5,801,000 after purchasing an additional 4,404 shares during the period. City National Bank of Florida MSD boosted its stake in shares of Quanta Services by 10.6% during the first quarter. City National Bank of Florida MSD now owns 1,004 shares of the construction company's stock valued at $255,000 after purchasing an additional 96 shares during the period. Finally, Mount Lucas Management LP purchased a new stake in shares of Quanta Services during the first quarter valued at approximately $429,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PWR. Stifel Nicolaus lifted their price objective on Quanta Services from $363.00 to $411.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. B. Riley lifted their price objective on Quanta Services from $300.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. DA Davidson lifted their price objective on Quanta Services from $295.00 to $305.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. BMO Capital Markets lowered Quanta Services from an "outperform" rating to a "market perform" rating and lifted their price objective for the stock from $352.00 to $400.00 in a research report on Thursday, July 17th. Finally, JPMorgan Chase & Co. lifted their price objective on Quanta Services from $345.00 to $392.00 and gave the stock a "neutral" rating in a research report on Tuesday. Ten investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $362.25.

Quanta Services Stock Up 3.6%

PWR stock opened at $422.06 on Friday. The stock has a market capitalization of $62.57 billion, a P/E ratio of 68.07, a P/E/G ratio of 2.80 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.31 and a quick ratio of 1.26. Quanta Services, Inc. has a 1-year low of $227.08 and a 1-year high of $424.94. The business has a fifty day moving average price of $368.62 and a 200-day moving average price of $315.81.

Quanta Services (NYSE:PWR - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The construction company reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.06. Quanta Services had a return on equity of 18.06% and a net margin of 3.74%. The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.88 billion. During the same quarter in the previous year, the company posted $1.41 earnings per share. Quanta Services's revenue for the quarter was up 23.9% on a year-over-year basis. Equities analysts forecast that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors 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 0.09%. The ex-dividend date of this dividend was Tuesday, July 1st. Quanta Services's payout ratio is presently 6.45%.

Quanta Services Company 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.

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