Resona Asset Management Co. Ltd. Has $12.32 Million Position in Quanta Services, Inc. (NYSE:PWR)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Quanta Services, Inc. by 8.6% in Q1, owning 48,475 shares valued at approximately $12.32 million.
• Quanta Services reported earnings of $2.48 per share for the last quarter, exceeding expectations, alongside a revenue of $6.77 billion, which is a 21.1% increase from the previous year.
• The stock currently holds a market capitalization of $56.66 billion with a P/E ratio of 58.86, and various analysts have set price targets ranging from $410 to $492.

Resona Asset Management Co. Ltd. lifted its holdings in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 8.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 48,475 shares of the construction company's stock after acquiring an additional 3,822 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Quanta Services were worth $12,322,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the company. Banque Transatlantique SA acquired a new stake in Quanta Services in the 4th quarter valued at about $25,000. Cullen Frost Bankers Inc. acquired a new stake in Quanta Services in the 1st quarter valued at about $25,000. Quarry LP acquired a new stake in Quanta Services in the 4th quarter valued at about $26,000. Zions Bancorporation National Association UT acquired a new stake in Quanta Services in the 1st quarter valued at about $40,000. Finally, OLD Second National Bank of Aurora acquired a new stake in Quanta Services in the 1st quarter valued at about $42,000. 90.49% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PWR shares. Roth Capital reiterated a "buy" rating and set a $450.00 price target (up previously from $350.00) on shares of Quanta Services in a research report on Tuesday, July 29th. Northland Securities cut shares of Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 price target for the company. in a research report on Wednesday, July 2nd. Stifel Nicolaus lifted their price target on shares of Quanta Services from $411.00 to $432.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Piper Sandler reiterated an "overweight" rating and set a $370.00 price target (up previously from $360.00) on shares of Quanta Services in a research report on Tuesday, May 27th. Finally, Northland Capmk cut shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. Twelve investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Quanta Services currently has a consensus rating of "Moderate Buy" and a consensus target price of $392.45.

Quanta Services Stock Up 0.6%

Shares of PWR stock traded up $2.45 during trading on Friday, reaching $379.96. The company's stock had a trading volume of 1,436,415 shares, compared to its average volume of 1,312,980. The business has a fifty day moving average price of $382.86 and a 200-day moving average price of $322.64. The company has a quick ratio of 1.32, a current ratio of 1.37 and a debt-to-equity ratio of 0.59. The company has a market cap of $56.62 billion, a price-to-earnings ratio of 58.82, a price-to-earnings-growth ratio of 2.26 and a beta of 1.10. Quanta Services, Inc. has a one year low of $227.08 and a one year high of $424.94.

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

Quanta Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Tuesday, July 1st. Quanta Services's payout ratio is currently 6.19%.

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.