Fred Alger Management LLC Has $76.87 Million Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Fred Alger Management LLC grew its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 9.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 257,806 shares of the construction company’s stock after purchasing an additional 23,191 shares during the quarter. Fred Alger Management LLC’s holdings in Quanta Services were worth $76,865,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Versor Investments LP acquired a new position in shares of Quanta Services during the 3rd quarter valued at about $406,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Quanta Services by 5.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 36,862 shares of the construction company’s stock valued at $9,366,000 after purchasing an additional 1,981 shares during the period. Cetera Investment Advisers lifted its stake in shares of Quanta Services by 115.0% in the first quarter. Cetera Investment Advisers now owns 39,274 shares of the construction company’s stock worth $10,203,000 after buying an additional 21,003 shares during the last quarter. Czech National Bank grew its stake in Quanta Services by 8.9% in the 2nd quarter. Czech National Bank now owns 27,827 shares of the construction company’s stock valued at $7,071,000 after buying an additional 2,264 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Quanta Services by 892.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the construction company’s stock worth $262,000 after purchasing an additional 910 shares during the last quarter. 90.49% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on PWR. Citigroup raised 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. Wolfe Research assumed coverage on Quanta Services in a report on Thursday, September 19th. They set an “outperform” rating and a $313.00 price objective on the stock. JPMorgan Chase & Co. initiated 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. Jefferies Financial Group initiated coverage on shares of Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 target price on the stock. Finally, TD Cowen increased their target price on Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Quanta Services presently has a consensus rating of “Moderate Buy” and an average target price of $314.27.

Quanta Services Trading Down 0.8 %

PWR opened at $343.94 on Friday. Quanta Services, Inc. has a 1-year low of $180.97 and a 1-year high of $350.19. The stock has a market capitalization of $50.77 billion, a PE ratio of 63.46 and a beta of 1.01. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58. The firm has a 50-day moving average price of $314.64 and a two-hundred day moving average price of $282.28.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The business had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.56 billion. During the same quarter last year, the business posted $2.08 earnings per share. Quanta Services’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, equities analysts anticipate that Quanta Services, Inc. will post 7.9 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be issued a $0.10 dividend. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.12%. Quanta Services’s dividend payout ratio (DPR) is currently 6.64%.

Quanta Services 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.