Allstate Corp Makes New $1.36 Million Investment in Quanta Services, Inc. (NYSE:PWR)

Allstate Corp bought a new position in shares of Quanta Services, Inc. (NYSE:PWR) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 4,295 shares of the construction company’s stock, valued at approximately $1,357,000.

Several other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Quanta Services by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 17,009,421 shares of the construction company’s stock valued at $5,375,828,000 after acquiring an additional 161,277 shares in the last quarter. State Street Corp increased its position in shares of Quanta Services by 1.6% during the third quarter. State Street Corp now owns 5,748,637 shares of the construction company’s stock worth $1,713,956,000 after purchasing an additional 89,975 shares in the last quarter. Geode Capital Management LLC raised its stake in Quanta Services by 1.4% in the third quarter. Geode Capital Management LLC now owns 3,459,411 shares of the construction company’s stock valued at $1,027,887,000 after buying an additional 46,357 shares during the last quarter. Norges Bank acquired a new stake in Quanta Services in the fourth quarter worth about $544,937,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Quanta Services by 4.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,024,510 shares of the construction company’s stock valued at $323,797,000 after acquiring an additional 45,486 shares in the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Quanta Services Stock Down 0.3 %

Shares of PWR opened at $254.17 on Monday. The firm has a market cap of $37.67 billion, a P/E ratio of 42.15, a PEG ratio of 1.41 and a beta of 1.10. Quanta Services, Inc. has a 12 month low of $227.11 and a 12 month high of $365.88. The stock’s 50 day moving average is $283.07 and its two-hundred day moving average is $305.05. The company has a current ratio of 1.30, a quick ratio of 1.19 and a debt-to-equity ratio of 0.56.

Quanta Services (NYSE:PWR) last released its quarterly earnings results 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%. Analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date is Thursday, April 3rd. Quanta Services’s dividend payout ratio is presently 6.63%.

Analyst Ratings Changes

A number of research analysts have issued reports on PWR shares. Roth Capital upgraded shares of Quanta Services to a “strong-buy” rating in a research note on Thursday, February 20th. Stifel Nicolaus lowered their price target on Quanta Services from $388.00 to $323.00 and set a “buy” rating for the company in a research report on Monday, February 24th. Daiwa Capital Markets cut Quanta Services from an “outperform” rating to a “neutral” rating in a research note on Monday, February 24th. Truist Financial dropped their target price on Quanta Services from $399.00 to $398.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Finally, Daiwa America lowered shares of Quanta Services from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 24th. Seven investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $326.79.

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.