Jennison Associates LLC Grows Stake in Quanta Services, Inc. (NYSE:PWR)

Jennison Associates LLC raised its stake in Quanta Services, Inc. (NYSE:PWR) by 93.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 269,508 shares of the construction company’s stock after purchasing an additional 130,020 shares during the quarter. Jennison Associates LLC’s holdings in Quanta Services were worth $58,160,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PWR. CWM LLC raised its position in Quanta Services by 1.7% in the third quarter. CWM LLC now owns 4,153 shares of the construction company’s stock valued at $777,000 after purchasing an additional 70 shares during the period. AE Wealth Management LLC grew its stake in Quanta Services by 22.0% in the third quarter. AE Wealth Management LLC now owns 1,593 shares of the construction company’s stock worth $298,000 after purchasing an additional 287 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in Quanta Services by 1,730.0% in the third quarter. Geneos Wealth Management Inc. now owns 183 shares of the construction company’s stock worth $34,000 after purchasing an additional 173 shares in the last quarter. Garrison Bradford & Associates Inc. grew its stake in Quanta Services by 5.4% in the third quarter. Garrison Bradford & Associates Inc. now owns 15,962 shares of the construction company’s stock worth $2,986,000 after purchasing an additional 824 shares in the last quarter. Finally, Oak Thistle LLC grew its stake in Quanta Services by 126.3% in the third quarter. Oak Thistle LLC now owns 3,282 shares of the construction company’s stock worth $614,000 after purchasing an additional 1,832 shares in the last quarter. 90.49% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Quanta Services

In other Quanta Services news, EVP Donald Wayne sold 1,101 shares of the company’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total value of $288,395.94. Following the transaction, the executive vice president now owns 40,065 shares of the company’s stock, valued at $10,494,626.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Quanta Services news, EVP Derrick A. Jensen sold 18,500 shares of Quanta Services stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the transaction, the executive vice president now directly owns 263,725 shares in the company, valued at approximately $62,476,452.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Donald Wayne sold 1,101 shares of Quanta Services stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total transaction of $288,395.94. Following the transaction, the executive vice president now owns 40,065 shares in the company, valued at $10,494,626.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,125 shares of company stock valued at $11,270,215. Corporate insiders own 1.10% of the company’s stock.

Quanta Services Price Performance

Shares of NYSE:PWR opened at $251.95 on Wednesday. Quanta Services, Inc. has a 12 month low of $153.74 and a 12 month high of $265.82. The stock has a market cap of $36.88 billion, a price-to-earnings ratio of 50.29 and a beta of 1.11. The stock’s 50 day moving average price is $243.37 and its 200 day moving average price is $209.86. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.47 and a quick ratio of 1.44.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, February 22nd. The construction company reported $2.04 EPS for the quarter, topping the consensus estimate of $1.83 by $0.21. Quanta Services had a return on equity of 16.46% and a net margin of 3.57%. The firm had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter in the previous year, the company earned $1.54 earnings per share. The firm’s quarterly revenue was up 31.0% compared to the same quarter last year. Equities research analysts anticipate that Quanta Services, Inc. will post 7.63 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Shareholders of record on Tuesday, April 9th were issued a $0.09 dividend. The ex-dividend date of this dividend was Monday, April 8th. This represents a $0.36 annualized dividend and a dividend yield of 0.14%. Quanta Services’s dividend payout ratio is currently 7.19%.

Wall Street Analyst Weigh In

PWR has been the subject of a number of research reports. DA Davidson lifted their price target on Quanta Services from $190.00 to $225.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 28th. Truist Financial initiated coverage on Quanta Services in a research note on Thursday, March 14th. They issued a “buy” rating and a $301.00 price target for the company. Stifel Nicolaus lifted their price target on Quanta Services from $237.00 to $252.00 and gave the stock a “buy” rating in a research note on Friday, February 23rd. TD Cowen lifted their target price on Quanta Services from $205.00 to $270.00 and gave the company an “outperform” rating in a research note on Tuesday, February 27th. Finally, KeyCorp assumed coverage on Quanta Services in a research note on Wednesday, January 10th. They issued a “sector weight” rating for the company. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $243.23.

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.