Rockefeller Capital Management L.P. Trims Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Rockefeller Capital Management L.P. lessened its position in shares of Quanta Services, Inc. (NYSE:PWR) by 0.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 38,267 shares of the construction company’s stock after selling 243 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Quanta Services were worth $12,089,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Quanta Services by 1.0% in the fourth 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 during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Quanta Services by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 3,558,827 shares of the construction company’s stock valued at $1,121,830,000 after acquiring an additional 99,416 shares during the last quarter. Invesco Ltd. increased its stake in shares of Quanta Services by 3.7% in the fourth quarter. Invesco Ltd. now owns 1,913,847 shares of the construction company’s stock worth $604,871,000 after acquiring an additional 68,565 shares during the period. Norges Bank purchased a new position in shares of Quanta Services during the fourth quarter worth $544,937,000. Finally, Bank of New York Mellon Corp lifted its position in Quanta Services by 4.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,024,510 shares of the construction company’s stock valued at $323,797,000 after purchasing an additional 45,486 shares during the period. 90.49% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PWR. Bank of America started coverage on Quanta Services in a research note on Friday, January 24th. They set a “buy” rating and a $407.00 price objective for the company. Truist Financial lowered their price objective on Quanta Services from $398.00 to $324.00 and set a “buy” rating on the stock in a research report on Tuesday, April 8th. JPMorgan Chase & Co. lifted their target price on shares of Quanta Services from $297.00 to $323.00 and gave the company a “neutral” rating in a report on Tuesday, January 28th. Roth Mkm initiated coverage on shares of Quanta Services in a report on Friday, February 21st. They set a “buy” rating and a $350.00 price target on the stock. Finally, Piper Sandler assumed coverage on shares of Quanta Services in a report on Tuesday, April 8th. They issued an “overweight” rating and a $286.00 price objective for the company. Six analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $319.25.

Quanta Services Trading Down 0.4 %

Shares of PWR stock opened at $273.08 on Wednesday. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $365.88. 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 stock’s fifty day moving average is $265.98 and its two-hundred day moving average is $302.21. The firm has a market capitalization of $40.47 billion, a P/E ratio of 45.29, a PEG ratio of 1.41 and a beta of 1.04.

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

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. Quanta Services’s payout ratio is 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.