State of New Jersey Common Pension Fund D boosted its stake in Quanta Services (NYSE:PWR) by 250.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 210,000 shares of the construction company’s stock after buying an additional 150,000 shares during the period. State of New Jersey Common Pension Fund D owned 0.14% of Quanta Services worth $7,214,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. lifted its holdings in Quanta Services by 2.6% in the fourth quarter. BlackRock Inc. now owns 8,876,555 shares of the construction company’s stock worth $347,161,000 after buying an additional 221,461 shares during the period. Victory Capital Management Inc. lifted its holdings in Quanta Services by 9.4% in the fourth quarter. Victory Capital Management Inc. now owns 6,546,374 shares of the construction company’s stock worth $256,029,000 after buying an additional 562,296 shares during the period. Jennison Associates LLC lifted its holdings in Quanta Services by 39.9% in the fourth quarter. Jennison Associates LLC now owns 3,389,149 shares of the construction company’s stock worth $132,550,000 after buying an additional 966,316 shares during the period. Alliancebernstein L.P. lifted its holdings in Quanta Services by 10.7% in the fourth quarter. Alliancebernstein L.P. now owns 2,328,599 shares of the construction company’s stock worth $91,072,000 after buying an additional 224,727 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Quanta Services by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 1,696,737 shares of the construction company’s stock worth $66,255,000 after buying an additional 77,696 shares during the period. Institutional investors and hedge funds own 84.20% of the company’s stock.
Several brokerages have commented on PWR. Zacks Investment Research upgraded shares of Quanta Services from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Wednesday, May 9th. Citigroup raised their price objective on shares of Quanta Services from $47.00 to $53.00 and gave the stock a “buy” rating in a report on Tuesday, February 6th. Stephens restated a “buy” rating and issued a $49.00 price objective on shares of Quanta Services in a report on Wednesday, January 31st. Credit Suisse Group restated an “outperform” rating and issued a $42.00 price objective (down from $46.00) on shares of Quanta Services in a report on Friday, February 23rd. Finally, Alembic Global Advisors set a $45.00 price objective on shares of Quanta Services and gave the stock a “buy” rating in a report on Friday, February 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $45.23.
Shares of NYSE PWR opened at $36.62 on Monday. Quanta Services has a fifty-two week low of $30.23 and a fifty-two week high of $40.10. The company has a market cap of $5.48 billion, a price-to-earnings ratio of 20.69, a price-to-earnings-growth ratio of 1.80 and a beta of 0.87. The company has a quick ratio of 1.85, a current ratio of 1.91 and a debt-to-equity ratio of 0.24.
Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, May 3rd. The construction company reported $0.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.14. Quanta Services had a net margin of 3.14% and a return on equity of 7.57%. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter last year, the firm earned $0.39 earnings per share. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. sell-side analysts anticipate that Quanta Services will post 2.55 EPS for the current year.
Quanta Services Company Profile
Quanta Services, Inc provides specialty contracting services to the electric power, communication, and oil and gas industries in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment provides network solutions, including the design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities, as well as other engineering and technical services.
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