Quanta Services, Inc. (NYSE:PWR) Shares Bought by Foster Dykema Cabot & Partners LLC

Key Points

• Foster Dykema Cabot & Partners LLC increased its stake in Quanta Services by 3.4% during the first quarter, now holding approximately 0.08% of the company valued at $29.8 million.
• Quanta Services reported a 21.1% year-over-year increase in revenue, reaching $6.77 billion for the last quarter, with earnings per share of $2.48, exceeding forecasts.
• The stock currently has a consensus rating of "Moderate Buy", with analysts' target prices ranging from $305.00 to $472.00, as various analysts adjust their ratings.

Foster Dykema Cabot & Partners LLC boosted its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 3.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 117,260 shares of the construction company's stock after purchasing an additional 3,832 shares during the period. Quanta Services comprises 2.4% of Foster Dykema Cabot & Partners LLC's portfolio, making the stock its 13th largest holding. Foster Dykema Cabot & Partners LLC owned about 0.08% of Quanta Services worth $29,805,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new position in Quanta Services during the fourth quarter valued at $298,000. World Investment Advisors bought a new stake in Quanta Services during the 4th quarter valued at about $229,000. Envestnet Asset Management Inc. lifted its holdings in Quanta Services by 11.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 186,693 shares of the construction company's stock valued at $59,004,000 after buying an additional 18,548 shares in the last quarter. Russell Investments Group Ltd. increased its position in Quanta Services by 0.5% during the 4th quarter. Russell Investments Group Ltd. now owns 69,126 shares of the construction company's stock valued at $21,926,000 after purchasing an additional 378 shares during the period. Finally, Aster Capital Management DIFC Ltd increased its position in Quanta Services by 74.3% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 305 shares of the construction company's stock valued at $96,000 after purchasing an additional 130 shares during the period. Institutional investors own 90.49% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PWR. Wall Street Zen raised shares of Quanta Services from a "hold" rating to a "buy" rating in a research report on Friday, June 27th. Truist Financial lifted their target price on shares of Quanta Services from $375.00 to $472.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. UBS Group lifted their target price on shares of Quanta Services from $413.00 to $474.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Roth Capital reiterated a "buy" rating and issued a $450.00 target price (up from $350.00) on shares of Quanta Services in a research note on Tuesday, July 29th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Quanta Services from $345.00 to $392.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Twelve equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, Quanta Services currently has an average rating of "Moderate Buy" and a consensus price target of $392.45.

Quanta Services Price Performance

Shares of NYSE PWR traded down $2.53 during trading on Monday, hitting $383.62. 339,552 shares of the company were exchanged, compared to its average volume of 1,425,606. The company has a market cap of $57.16 billion, a price-to-earnings ratio of 59.38, a PEG ratio of 2.30 and a beta of 1.10. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.37 and a quick ratio of 1.32. Quanta Services, Inc. has a 1 year low of $227.08 and a 1 year high of $424.94. The firm's fifty day moving average price is $380.24 and its 200 day moving average price is $320.20.

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

Quanta Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were issued a dividend of $0.10 per share. The ex-dividend date was Tuesday, July 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.1%. Quanta Services's payout ratio is presently 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.