Bridgewater Associates LP Decreases Holdings in Quanta Services, Inc. (NYSE:PWR)

Bridgewater Associates LP reduced its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 28.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 27,797 shares of the construction company’s stock after selling 11,285 shares during the period. Bridgewater Associates LP’s holdings in Quanta Services were worth $8,785,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of PWR. Kane Investment Management Inc. purchased a new position in shares of Quanta Services during the 4th quarter valued at $2,171,000. Ontario Teachers Pension Plan Board bought a new stake in shares of Quanta Services in the fourth quarter valued at approximately $640,000. Guggenheim Capital LLC boosted its holdings in Quanta Services by 182.3% in the 4th quarter. Guggenheim Capital LLC now owns 5,700 shares of the construction company’s stock worth $1,801,000 after buying an additional 3,681 shares during the period. Aware Super Pty Ltd as trustee of Aware Super purchased a new stake in shares of Quanta Services during the fourth quarter worth $8,859,000. Finally, Canada Post Corp Registered Pension Plan bought a new position in shares of Quanta Services in the fourth quarter worth $839,000. Institutional investors own 90.49% of the company’s stock.

Quanta Services Stock Down 1.2 %

Shares of Quanta Services stock opened at $269.72 on Thursday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.19 and a current ratio of 1.30. Quanta Services, Inc. has a 52-week low of $227.08 and a 52-week high of $365.88. The company’s 50 day moving average price is $265.12 and its 200-day moving average price is $301.99. The stock has a market capitalization of $39.97 billion, a price-to-earnings ratio of 44.73, a P/E/G ratio of 1.41 and a beta of 1.04.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, February 20th. The construction company reported $2.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.12. The firm had revenue of $6.55 billion for the quarter, compared to analysts’ expectations of $6.61 billion. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. Equities research analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date was Thursday, April 3rd. Quanta Services’s payout ratio is 6.63%.

Analysts Set New Price Targets

PWR has been the topic of a number of analyst reports. Stifel Nicolaus decreased their price objective on Quanta Services from $323.00 to $287.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. Daiwa America raised shares of Quanta Services from a “hold” rating to a “strong-buy” rating in a report on Friday, April 11th. Citigroup cut their price target on shares of Quanta Services from $394.00 to $371.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Guggenheim started coverage on Quanta Services in a research report on Wednesday, January 8th. They issued a “neutral” rating on the stock. Finally, Truist Financial decreased their target price on Quanta Services from $398.00 to $324.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Six investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $319.25.

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.