Sumitomo Mitsui DS Asset Management Company Ltd Purchases 9,354 Shares of Quanta Services, Inc. (NYSE:PWR)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 29.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,591 shares of the construction company's stock after acquiring an additional 9,354 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Quanta Services were worth $10,317,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in PWR. Norges Bank bought a new stake in Quanta Services in the fourth quarter worth approximately $544,937,000. Capital World Investors increased its holdings in Quanta Services by 14.1% in the fourth quarter. Capital World Investors now owns 7,223,471 shares of the construction company's stock worth $2,282,978,000 after purchasing an additional 891,977 shares in the last quarter. GAMMA Investing LLC grew its stake in Quanta Services by 22,475.0% in the first quarter. GAMMA Investing LLC now owns 815,409 shares of the construction company's stock valued at $207,261,000 after acquiring an additional 811,797 shares during the period. Raymond James Financial Inc. acquired a new stake in Quanta Services in the fourth quarter valued at approximately $203,068,000. Finally, Bank of America Corp DE grew its stake in Quanta Services by 42.8% in the fourth quarter. Bank of America Corp DE now owns 1,691,652 shares of the construction company's stock valued at $534,647,000 after acquiring an additional 506,722 shares during the period. 90.49% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PWR has been the subject of a number of research reports. The Goldman Sachs Group reissued a "buy" rating and issued a $414.00 price objective (up previously from $364.00) on shares of Quanta Services in a research note on Wednesday, June 4th. Piper Sandler reissued an "overweight" rating and issued a $370.00 price objective (up previously from $360.00) on shares of Quanta Services in a research note on Tuesday, May 27th. Northland Securities cut Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 target price on the stock. in a research report on Wednesday. Citigroup cut their target price on Quanta Services from $366.00 to $342.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Finally, Evercore ISI lifted their target price on Quanta Services from $331.00 to $360.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Eight research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Quanta Services presently has a consensus rating of "Moderate Buy" and an average price target of $350.95.

Quanta Services Stock Performance

PWR stock traded up $13.10 during midday trading on Thursday, hitting $386.51. The company's stock had a trading volume of 869,625 shares, compared to its average volume of 1,121,521. The stock's 50-day moving average price is $345.50 and its 200 day moving average price is $308.25. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.58. Quanta Services, Inc. has a 1 year low of $227.08 and a 1 year high of $387.37. The stock has a market cap of $57.30 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 issued its 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. The firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.88 billion. Quanta Services had a return on equity of 18.06% and a net margin of 3.74%. The business's revenue was up 23.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.41 earnings per share. On average, equities analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The company 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 $0.10 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.10%. Quanta Services's payout ratio is presently 6.45%.

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.