Pitcairn Co. Lowers Stake in Quanta Services, Inc. (NYSE:PWR)

Pitcairn Co. trimmed its holdings in Quanta Services, Inc. (NYSE:PWR) by 6.3% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 1,589 shares of the construction company’s stock after selling 106 shares during the period. Pitcairn Co.’s holdings in Quanta Services were worth $502,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PWR. Paloma Partners Management Co grew its stake in shares of Quanta Services by 139.3% in the 3rd quarter. Paloma Partners Management Co now owns 682 shares of the construction company’s stock valued at $203,000 after purchasing an additional 397 shares during the last quarter. Benjamin Edwards Inc. purchased a new position in Quanta Services in the 3rd quarter valued at $511,000. Janus Henderson Group PLC increased its stake in Quanta Services by 4.9% in the 3rd quarter. Janus Henderson Group PLC now owns 17,221 shares of the construction company’s stock valued at $5,134,000 after buying an additional 800 shares during the period. IHT Wealth Management LLC raised its position in Quanta Services by 2.7% during the 3rd quarter. IHT Wealth Management LLC now owns 1,816 shares of the construction company’s stock worth $541,000 after buying an additional 47 shares during the last quarter. Finally, Royal London Asset Management Ltd. lifted its stake in shares of Quanta Services by 4.2% in the 3rd quarter. Royal London Asset Management Ltd. now owns 59,723 shares of the construction company’s stock worth $17,801,000 after acquiring an additional 2,415 shares during the period. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PWR. B. Riley reissued a “neutral” rating and set a $300.00 price target (down from $343.00) on shares of Quanta Services in a report on Wednesday, March 19th. JPMorgan Chase & Co. increased their target price on Quanta Services from $297.00 to $323.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. BMO Capital Markets raised Quanta Services from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $338.00 to $316.00 in a report on Tuesday, February 25th. Daiwa America downgraded Quanta Services from a “strong-buy” rating to a “hold” rating in a report on Monday, February 24th. Finally, Daiwa Capital Markets downgraded shares of Quanta Services from an “outperform” rating to a “neutral” rating in a report on Monday, February 24th. Seven research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $326.79.

Quanta Services Stock Down 5.0 %

PWR opened at $239.50 on Friday. The firm has a market cap of $35.49 billion, a P/E ratio of 39.72, a PEG ratio of 1.41 and a beta of 1.04. The business’s fifty day simple moving average is $273.15 and its 200 day simple moving average is $304.21. Quanta Services, Inc. has a 52 week low of $227.11 and a 52 week high of $365.88. The company has a quick ratio of 1.19, a current ratio of 1.30 and a debt-to-equity ratio of 0.56.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, February 20th. The construction company reported $2.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.12. The company had revenue of $6.55 billion for the quarter, compared to analysts’ expectations of $6.61 billion. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. As a group, equities research analysts anticipate that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date of this dividend is Thursday, April 3rd. Quanta Services’s dividend payout ratio is presently 6.63%.

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.