Quanta Services, Inc. (NYSE:PWR) is Washington Trust Advisors Inc.'s 3rd Largest Position

Washington Trust Advisors Inc. decreased its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 1.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 188,231 shares of the construction company's stock after selling 2,735 shares during the period. Quanta Services accounts for about 4.2% of Washington Trust Advisors Inc.'s holdings, making the stock its 3rd biggest holding. Washington Trust Advisors Inc. owned 0.13% of Quanta Services worth $47,845,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Allstate Corp acquired a new position in Quanta Services in the fourth quarter valued at $1,357,000. Brighton Jones LLC acquired a new position in shares of Quanta Services in the 4th quarter valued at about $298,000. Farther Finance Advisors LLC boosted its position in shares of Quanta Services by 60.0% during the 1st quarter. Farther Finance Advisors LLC now owns 1,568 shares of the construction company's stock valued at $404,000 after purchasing an additional 588 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Quanta Services by 3.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 68,770 shares of the construction company's stock worth $17,480,000 after purchasing an additional 2,479 shares during the period. Finally, Objectivity Squared LLC bought a new stake in Quanta Services in the first quarter worth approximately $213,000. 90.49% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PWR. B. Riley increased their price target on Quanta Services from $300.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Wall Street Zen raised shares of Quanta Services from a "hold" rating to a "buy" rating in a research note on Friday, June 27th. Citigroup decreased their price target on shares of Quanta Services from $366.00 to $342.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Truist Financial dropped their price objective on shares of Quanta Services from $398.00 to $324.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Finally, TD Cowen raised their target price on Quanta Services from $335.00 to $355.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. 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, the stock presently has an average rating of "Moderate Buy" and an average target price of $350.95.

Quanta Services Stock Up 3.5%

PWR traded up $13.10 during mid-day trading on Thursday, reaching $386.51. 869,625 shares of the stock were exchanged, compared to its average volume of 1,483,891. The company has a 50 day moving average price of $343.42 and a two-hundred day moving average price of $307.94. The stock has a market capitalization of $57.30 billion, a PE ratio of 62.34, a price-to-earnings-growth ratio of 2.90 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.26 and a current ratio of 1.31. Quanta Services, Inc. has a 1 year low of $227.08 and a 1 year high of $387.37.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The construction company reported $1.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.72 by $0.06. The business had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.88 billion. Quanta Services had a net margin of 3.74% and a return on equity of 18.06%. The firm's quarterly revenue was up 23.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.41 EPS. As a group, research analysts anticipate that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend 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 (DPR) is currently 6.45%.

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.