Lord Abbett & CO. LLC Cuts Stake in Quanta Services, Inc. (NYSE:PWR)

Lord Abbett & CO. LLC trimmed its holdings in Quanta Services, Inc. (NYSE:PWR) by 3.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 158,170 shares of the construction company’s stock after selling 5,470 shares during the quarter. Lord Abbett & CO. LLC owned 0.11% of Quanta Services worth $49,990,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Norges Bank bought a new position in shares of Quanta Services during the fourth quarter valued at about $544,937,000. Capital World Investors grew its position in Quanta Services by 14.1% during the 4th quarter. Capital World Investors now owns 7,223,471 shares of the construction company’s stock worth $2,282,978,000 after acquiring an additional 891,977 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Quanta Services in the 4th quarter worth approximately $203,068,000. Voya Investment Management LLC boosted its stake in shares of Quanta Services by 210.8% during the fourth quarter. Voya Investment Management LLC now owns 550,598 shares of the construction company’s stock valued at $174,016,000 after purchasing an additional 373,429 shares during the period. Finally, First Trust Advisors LP grew its holdings in shares of Quanta Services by 54.1% in the fourth quarter. First Trust Advisors LP now owns 725,453 shares of the construction company’s stock worth $229,279,000 after purchasing an additional 254,640 shares during the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on PWR. Stifel Nicolaus dropped their price target on shares of Quanta Services from $323.00 to $287.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. JPMorgan Chase & Co. raised their target price on Quanta Services from $297.00 to $323.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Daiwa Capital Markets lowered Quanta Services from an “outperform” rating to a “neutral” rating in a research report on Monday, February 24th. The Goldman Sachs Group cut their price objective on Quanta Services from $418.00 to $364.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Roth Mkm began coverage on Quanta Services in a report on Friday, February 21st. They set a “buy” rating and a $350.00 target price for the company. Six analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $321.70.

Quanta Services Trading Up 2.0 %

NYSE PWR opened at $287.64 on Friday. The stock’s fifty day moving average price is $261.85 and its 200-day moving average price is $300.49. The company has a current ratio of 1.30, a quick ratio of 1.19 and a debt-to-equity ratio of 0.56. The stock has a market cap of $42.65 billion, a P/E ratio of 47.70, a P/E/G ratio of 1.41 and a beta of 1.04. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $365.88.

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

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 3rd. Quanta Services’s payout ratio is 6.63%.

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.