Fred Alger Management LLC Decreases Holdings in Quanta Services, Inc. (NYSE:PWR)

Fred Alger Management LLC reduced its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 15.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 218,695 shares of the construction company's stock after selling 39,111 shares during the period. Fred Alger Management LLC owned about 0.15% of Quanta Services worth $69,119,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of PWR. Vanguard Group Inc. grew its stake in Quanta Services by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 17,009,421 shares of the construction company's stock valued at $5,375,828,000 after buying an additional 161,277 shares in the last quarter. Capital World Investors raised its stake in shares of Quanta Services by 14.1% during the 4th quarter. Capital World Investors now owns 7,223,471 shares of the construction company's stock valued at $2,282,978,000 after purchasing an additional 891,977 shares during the period. Geode Capital Management LLC lifted its holdings in Quanta Services by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 3,558,827 shares of the construction company's stock worth $1,121,830,000 after purchasing an additional 99,416 shares in the last quarter. Invesco Ltd. grew its holdings in Quanta Services by 3.7% during the 4th quarter. Invesco Ltd. now owns 1,913,847 shares of the construction company's stock valued at $604,871,000 after buying an additional 68,565 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Quanta Services in the fourth quarter worth about $544,937,000. Institutional investors own 90.49% of the company's stock.

Quanta Services Price Performance

Shares of PWR stock opened at $323.70 on Thursday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.19 and a current ratio of 1.30. The firm has a market cap of $47.99 billion, a P/E ratio of 53.68, a P/E/G ratio of 1.41 and a beta of 1.02. The business's 50 day moving average price is $268.49 and its 200-day moving average price is $300.53. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $365.88.

Quanta Services (NYSE:PWR - Get Free Report) last issued 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. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.88 billion. During the same period in the prior year, the business earned $1.41 EPS. The company's revenue for the quarter was up 23.9% on a year-over-year basis. On average, equities research analysts anticipate that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were paid a $0.10 dividend. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.12%. Quanta Services's payout ratio is 6.45%.

Analyst Upgrades and Downgrades

PWR has been the topic of a number of analyst reports. BMO Capital Markets set a $352.00 target price on shares of Quanta Services in a report on Friday, May 2nd. Argus set a $375.00 target price on Quanta Services in a research report on Monday. Citigroup lowered their price target on Quanta Services from $366.00 to $342.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Piper Sandler set a $360.00 price objective on shares of Quanta Services and gave the stock an "overweight" rating in a research report on Tuesday. Finally, DA Davidson lifted their target price on shares of Quanta Services from $295.00 to $305.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Six investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Quanta Services has a consensus rating of "Moderate Buy" and a consensus price target of $344.35.

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.

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