Pinnacle Financial Partners Inc Acquires 2,671 Shares of Quanta Services, Inc. (NYSE:PWR)

Pinnacle Financial Partners Inc grew its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 5.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 54,610 shares of the construction company's stock after purchasing an additional 2,671 shares during the quarter. Pinnacle Financial Partners Inc's holdings in Quanta Services were worth $13,931,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Banque Transatlantique SA bought a new stake in Quanta Services in the 4th quarter worth $25,000. Quarry LP bought a new stake in shares of Quanta Services in the fourth quarter worth about $26,000. Rakuten Securities Inc. increased its holdings in Quanta Services by 1,027.3% during the 4th quarter. Rakuten Securities Inc. now owns 124 shares of the construction company's stock valued at $39,000 after purchasing an additional 113 shares during the period. OLD Second National Bank of Aurora bought a new position in Quanta Services during the 1st quarter valued at approximately $42,000. Finally, Sound Income Strategies LLC lifted its holdings in Quanta Services by 77.9% in the 1st quarter. Sound Income Strategies LLC now owns 185 shares of the construction company's stock worth $47,000 after buying an additional 81 shares during the period. Institutional investors own 90.49% of the company's stock.

Quanta Services Stock Up 3.5%

PWR traded up $13.10 during trading on Friday, hitting $386.51. 869,625 shares of the company's stock traded hands, compared to its average volume of 1,121,521. Quanta Services, Inc. has a 12-month low of $227.08 and a 12-month high of $387.37. The company's 50 day simple moving average is $345.50 and its two-hundred day simple moving average is $308.25. 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 $57.31 billion, a price-to-earnings ratio of 62.34, a PEG ratio of 2.90 and a beta of 1.08.

Quanta Services (NYSE:PWR - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The construction company reported $1.78 EPS for the quarter, topping the consensus estimate of $1.72 by $0.06. The company 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 revenue for the quarter was up 23.9% on a year-over-year basis. During the same period last year, the company earned $1.41 EPS. Analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be paid a dividend of $0.10 per share. The ex-dividend date is 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 is presently 6.45%.

Analysts Set New Price Targets

A number of brokerages recently commented on PWR. Northland Securities downgraded Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 target price for the company. in a report on Wednesday. Argus set a $375.00 target price on shares of Quanta Services in a research report on Monday, May 5th. Truist Financial reduced their price target on shares of Quanta Services from $398.00 to $324.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Northland Capmk lowered shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Wednesday. Finally, DA Davidson upped their target price on Quanta Services from $295.00 to $305.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Eight research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $350.95.

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.