Victory Capital Management Inc. Has $90.81 Million Holdings in Quanta Services, Inc. (NYSE:PWR)

Victory Capital Management Inc. cut its holdings in Quanta Services, Inc. (NYSE:PWR) by 4.9% during the 1st quarter, HoldingsChannel reports. The fund owned 357,264 shares of the construction company’s stock after selling 18,476 shares during the quarter. Victory Capital Management Inc.’s holdings in Quanta Services were worth $90,809,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Quanta Services during the fourth quarter valued at approximately $544,937,000. Capital World Investors boosted its stake in Quanta Services by 14.1% in the 4th quarter. Capital World Investors now owns 7,223,471 shares of the construction company’s stock worth $2,282,978,000 after purchasing an additional 891,977 shares in the last quarter. GAMMA Investing LLC boosted its position in Quanta Services by 22,475.0% in the 1st quarter. GAMMA Investing LLC now owns 815,409 shares of the construction company’s stock worth $207,261,000 after purchasing an additional 811,797 shares in the last quarter. Bank of America Corp DE raised its stake in Quanta Services by 42.8% in the 4th quarter. Bank of America Corp DE now owns 1,691,652 shares of the construction company’s stock valued at $534,647,000 after purchasing an additional 506,722 shares during the last quarter. Finally, Voya Investment Management LLC lifted its stake in shares of Quanta Services by 210.8% in the 4th 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 last quarter. Institutional investors own 90.49% of the company’s stock.

Quanta Services Stock Performance

NYSE:PWR opened at $398.29 on Friday. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $398.61. The stock has a market cap of $59.05 billion, a PE ratio of 64.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.08. The firm’s fifty day simple moving average is $360.62 and its 200-day simple moving average is $312.29. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, May 1st. The construction company reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. Quanta Services had a net margin of 3.74% and a return on equity of 18.06%. The business had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.88 billion. During the same quarter in the previous year, the business earned $1.41 earnings per share. The firm’s revenue was up 23.9% compared to the same quarter last year. Analysts expect that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date was Tuesday, July 1st. Quanta Services’s dividend payout ratio is presently 6.45%.

Analyst Ratings Changes

PWR has been the subject of several recent analyst reports. Northland Securities cut Quanta Services from an “outperform” rating to a “market perform” rating and set a $354.00 price target for the company. in a report on Wednesday, July 2nd. Seaport Res Ptn raised Quanta Services to a “hold” rating in a report on Thursday, July 10th. Piper Sandler restated an “overweight” rating and issued a $370.00 price objective (up previously from $360.00) on shares of Quanta Services in a report on Tuesday, May 27th. TD Cowen upped their target price on shares of Quanta Services from $335.00 to $355.00 and gave the company a “buy” rating in a research note on Wednesday, May 7th. Finally, Daiwa America raised shares of Quanta Services from a “hold” rating to a “strong-buy” rating in a report on Friday, April 11th. Ten equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $355.75.

About Quanta Services

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.