Cascade Investment Group Inc. Raises Stake in Quanta Services, Inc. (NYSE:PWR)

Cascade Investment Group Inc. grew its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 1.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,687 shares of the construction company’s stock after buying an additional 32 shares during the quarter. Cascade Investment Group Inc.’s holdings in Quanta Services were worth $849,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Legacy Investment Solutions LLC purchased a new stake in shares of Quanta Services in the 3rd quarter worth about $31,000. Prestige Wealth Management Group LLC purchased a new position in Quanta Services during the third quarter valued at $30,000. Versant Capital Management Inc boosted its stake in Quanta Services by 62.5% in the 4th quarter. Versant Capital Management Inc now owns 117 shares of the construction company’s stock worth $37,000 after purchasing an additional 45 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Quanta Services in the third quarter worth approximately $41,000. Finally, Eastern Bank purchased a new stake in Quanta Services during the 3rd quarter valued at $44,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Quanta Services Price Performance

Quanta Services stock opened at $337.10 on Monday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23. Quanta Services, Inc. has a one year low of $187.27 and a one year high of $350.19. The business has a fifty day moving average of $329.35 and a two-hundred day moving average of $296.78. The company has a market cap of $49.76 billion, a P/E ratio of 62.20 and a beta of 1.06.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. The firm had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. Quanta Services’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.08 EPS. As a group, 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 announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.12%. The ex-dividend date of this dividend was Thursday, January 2nd. This is an increase from Quanta Services’s previous quarterly dividend of $0.09. Quanta Services’s dividend payout ratio is 7.38%.

Analyst Ratings Changes

PWR has been the subject of several research analyst reports. Truist Financial cut their price objective on Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a report on Thursday. Guggenheim initiated coverage on Quanta Services in a research note on Wednesday, January 8th. They set a “neutral” rating on the stock. TD Cowen increased their price objective on shares of Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. JPMorgan Chase & Co. began coverage on shares of Quanta Services in a report on Monday, October 7th. They issued a “neutral” rating and a $297.00 target price for the company. Finally, Citigroup boosted their price objective on Quanta Services from $348.00 to $394.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Quanta Services currently has a consensus rating of “Moderate Buy” and a consensus target price of $324.19.

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.