Quanta Services, Inc. (NYSE:PWR) Shares Sold by Firsthand Capital Management Inc.

Firsthand Capital Management Inc. cut its holdings in Quanta Services, Inc. (NYSE:PWR) by 65.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,000 shares of the construction company’s stock after selling 7,460 shares during the quarter. Quanta Services makes up approximately 2.4% of Firsthand Capital Management Inc.’s portfolio, making the stock its 15th largest holding. Firsthand Capital Management Inc.’s holdings in Quanta Services were worth $1,193,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Cambridge Trust Co. acquired a new stake in shares of Quanta Services during the 1st quarter worth about $26,000. Valley Wealth Managers Inc. purchased a new stake in Quanta Services in the 2nd quarter worth approximately $33,000. Quest Partners LLC purchased a new position in shares of Quanta Services during the 2nd quarter worth $35,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Quanta Services during the second quarter worth $38,000. Finally, MidAtlantic Capital Management Inc. purchased a new stake in shares of Quanta Services in the third quarter valued at $41,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Quanta Services Stock Up 0.2 %

Shares of NYSE:PWR opened at $344.52 on Friday. The company has a 50 day moving average of $315.72 and a two-hundred day moving average of $282.83. Quanta Services, Inc. has a 52-week low of $186.18 and a 52-week high of $350.19. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $50.86 billion, a price-to-earnings ratio of 63.56 and a beta of 1.01.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.26. The firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.08 EPS. As a group, analysts forecast that Quanta Services, Inc. will post 7.9 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.12%. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Thursday, January 2nd. Quanta Services’s dividend payout ratio is presently 7.38%.

Analyst Ratings Changes

Several analysts have commented on PWR shares. B. Riley lifted their price target on Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Citigroup upped their price target on shares of Quanta Services from $302.00 to $348.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. JPMorgan Chase & Co. started coverage on shares of Quanta Services in a report on Monday, October 7th. They issued a “neutral” rating and a $297.00 price target on the stock. Truist Financial upped their price objective on Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, UBS Group lifted their target price on Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $314.27.

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.