Chevy Chase Trust Holdings LLC Sells 933 Shares of Quanta Services, Inc. (NYSE:PWR)

Chevy Chase Trust Holdings LLC reduced its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 1.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 79,280 shares of the construction company’s stock after selling 933 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of Quanta Services worth $23,637,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cinctive Capital Management LP grew its holdings in Quanta Services by 19.3% during the third quarter. Cinctive Capital Management LP now owns 39,741 shares of the construction company’s stock valued at $11,849,000 after purchasing an additional 6,436 shares during the period. Benjamin Edwards Inc. bought a new position in shares of Quanta Services during the third quarter worth $511,000. Bamco Inc. NY grew its holdings in shares of Quanta Services by 0.3% in the 3rd quarter. Bamco Inc. NY now owns 322,789 shares of the construction company’s stock valued at $96,240,000 after buying an additional 1,010 shares during the period. Paloma Partners Management Co increased its position 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 buying an additional 397 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new stake in Quanta Services during the 3rd quarter worth $21,696,000. 90.49% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PWR shares. Citigroup increased their price target on Quanta Services from $302.00 to $348.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Jefferies Financial Group assumed coverage on shares of Quanta Services in a report on Wednesday, September 4th. They set a “hold” rating and a $256.00 target price on the stock. Truist Financial upped their price target on shares of Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Wolfe Research initiated coverage on shares of Quanta Services in a report on Thursday, September 19th. They set an “outperform” rating and a $313.00 price objective on the stock. Finally, UBS Group upped their target price on shares of Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $314.27.

Quanta Services Trading Down 0.8 %

Shares of Quanta Services stock opened at $339.74 on Wednesday. The stock has a market cap of $50.15 billion, a P/E ratio of 62.68 and a beta of 1.03. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. Quanta Services, Inc. has a 12-month low of $187.16 and a 12-month high of $350.19. The business’s 50 day moving average is $317.47 and its 200-day moving average is $284.13.

Quanta Services (NYSE:PWR) last announced its quarterly 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 during the quarter, compared to analysts’ expectations of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter last year, the company posted $2.08 earnings per share. Equities research 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 declared a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.12%. The ex-dividend date is Thursday, January 2nd. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. Quanta Services’s dividend payout ratio is 6.64%.

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.