Freedom Investment Management Inc. Decreases Stock Position in Quanta Services, Inc. (NYSE:PWR)

Freedom Investment Management Inc. lessened its position in shares of Quanta Services, Inc. (NYSE:PWR) by 3.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,532 shares of the construction company’s stock after selling 181 shares during the period. Freedom Investment Management Inc.’s holdings in Quanta Services were worth $1,351,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PWR. Tower Wealth Partners Inc. lifted its holdings in Quanta Services by 3.1% during the third quarter. Tower Wealth Partners Inc. now owns 1,122 shares of the construction company’s stock valued at $335,000 after purchasing an additional 34 shares during the last quarter. Huntington National Bank raised its position in shares of Quanta Services by 2.9% in the third quarter. Huntington National Bank now owns 1,240 shares of the construction company’s stock valued at $370,000 after purchasing an additional 35 shares during the period. Terra Nova Asset Management LLC boosted its holdings in Quanta Services by 0.3% in the 3rd quarter. Terra Nova Asset Management LLC now owns 12,779 shares of the construction company’s stock worth $3,810,000 after buying an additional 38 shares during the period. Greenleaf Trust grew its stake in Quanta Services by 1.2% in the 3rd quarter. Greenleaf Trust now owns 3,154 shares of the construction company’s stock valued at $940,000 after buying an additional 38 shares in the last quarter. Finally, EP Wealth Advisors LLC raised its holdings in Quanta Services by 0.6% during the 2nd quarter. EP Wealth Advisors LLC now owns 6,994 shares of the construction company’s stock valued at $1,777,000 after acquiring an additional 39 shares during the period. Institutional investors own 90.49% of the company’s stock.

Quanta Services Price Performance

PWR opened at $343.83 on Thursday. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $50.75 billion, a P/E ratio of 63.44 and a beta of 1.01. The stock has a 50-day moving average price of $312.12 and a 200-day moving average price of $281.41. Quanta Services, Inc. has a 12-month low of $180.97 and a 12-month high of $350.19.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.26. The business had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. Quanta Services’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.08 earnings per share. Equities analysts predict that Quanta Services, Inc. will post 7.9 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.12%. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Thursday, January 2nd. Quanta Services’s dividend payout ratio is presently 6.64%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PWR. Truist Financial raised their price target on Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Stifel Nicolaus raised their target price on Quanta Services from $283.00 to $342.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. JPMorgan Chase & Co. initiated coverage on shares of Quanta Services in a report on Monday, October 7th. They issued a “neutral” rating and a $297.00 price target on the stock. TD Cowen boosted their price objective on shares of Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, B. Riley increased their target price on shares of Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Quanta Services Company 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.