Rakuten Investment Management Inc. Makes New $17.58 Million Investment in Quanta Services, Inc. $PWR

Rakuten Investment Management Inc. purchased a new stake in Quanta Services, Inc. (NYSE:PWR) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 26,967 shares of the construction company’s stock, valued at approximately $17,577,000.

Other institutional investors also recently added to or reduced their stakes in the company. State Street Corp grew its position in Quanta Services by 4.7% during the second quarter. State Street Corp now owns 6,581,807 shares of the construction company’s stock worth $4,739,164,000 after buying an additional 296,893 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Quanta Services by 5.4% in the 1st quarter. Bank of America Corp DE now owns 3,444,711 shares of the construction company’s stock worth $1,891,215,000 after purchasing an additional 175,184 shares during the last quarter. Royal Bank of Canada raised its stake in shares of Quanta Services by 7.1% in the first quarter. Royal Bank of Canada now owns 1,264,827 shares of the construction company’s stock valued at $694,415,000 after acquiring an additional 83,363 shares during the last quarter. First Trust Advisors LP raised its position in Quanta Services by 18.3% in the 1st quarter. First Trust Advisors LP now owns 1,003,917 shares of the construction company’s stock valued at $551,170,000 after purchasing an additional 155,529 shares during the last quarter. Finally, Amundi raised its holdings in shares of Quanta Services by 10.3% in the first quarter. Amundi now owns 580,718 shares of the construction company’s stock valued at $318,826,000 after buying an additional 54,237 shares during the last quarter. 90.49% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PWR. Piper Sandler lowered their target price on Quanta Services from $731.00 to $714.00 and set an “overweight” rating for the company in a research note on Monday, September 28th. UBS Group reiterated a “buy” rating on shares of Quanta Services in a report on Monday, August 17th. Morgan Stanley cut Quanta Services to an “underweight” rating in a report on Monday, August 3rd. Sanford C. Bernstein upgraded shares of Quanta Services from a “market perform” rating to an “outperform” rating and upped their target price for the company from $748.00 to $775.00 in a research report on Thursday, September 24th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Quanta Services to a “sell” rating in a research note on Friday, July 31st. Twenty-three analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Quanta Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $763.81.

Quanta Services Stock Performance

Shares of Quanta Services stock opened at $580.59 on Thursday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.16 and a quick ratio of 1.13. The firm has a market cap of $87.48 billion, a price-to-earnings ratio of 52.59, a price-to-earnings-growth ratio of 1.68 and a beta of 1.29. Quanta Services, Inc. has a one year low of $408.36 and a one year high of $788.75. The stock’s 50-day moving average is $632.70 and its 200-day moving average is $625.80.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, October 29th. The construction company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.02 by $1.04. Quanta Services had a net margin of 4.51% and a return on equity of 23.56%. The firm had revenue of $12.01 billion for the quarter, compared to analyst estimates of $11.03 billion. During the same period in the previous year, the business earned $3.33 EPS. The company’s revenue was up 57.4% compared to the same quarter last year. Equities analysts predict that Quanta Services, Inc. will post 16.61 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were given a $0.11 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.44 annualized dividend and a dividend yield of 0.1%. Quanta Services’s dividend payout ratio is presently 3.99%.

Quanta Services Profile

Quanta Services, Inc is an infrastructure solutions provider headquartered in Houston, Texas. The company designs, installs, repairs, maintains and upgrades essential infrastructure for the electric power, communications, pipeline, industrial and energy industries.

Its services include electric transmission and distribution construction, substation and renewable-energy infrastructure, storm restoration, fiber-optic and wireless communications networks, natural gas and pipeline construction, and related engineering and maintenance work.