California Public Employees Retirement System Has $74.48 Million Position in Quanta Services, Inc. (NYSE:PWR)

California Public Employees Retirement System cut its position in shares of Quanta Services, Inc. (NYSE:PWR) by 5.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 235,663 shares of the construction company’s stock after selling 13,779 shares during the period. California Public Employees Retirement System owned 0.16% of Quanta Services worth $74,481,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Webster Bank N. A. raised its stake in Quanta Services by 4,050.0% in the fourth quarter. Webster Bank N. A. now owns 83 shares of the construction company’s stock valued at $26,000 after buying an additional 81 shares during the period. Sierra Ocean LLC acquired a new position in shares of Quanta Services during the 4th quarter worth approximately $27,000. Prestige Wealth Management Group LLC acquired a new stake in Quanta Services during the 3rd quarter valued at $30,000. Legacy Investment Solutions LLC bought a new position in Quanta Services during the third quarter worth $31,000. Finally, Sound Income Strategies LLC increased its holdings in shares of Quanta Services by 700.0% in the fourth quarter. Sound Income Strategies LLC now owns 104 shares of the construction company’s stock valued at $33,000 after purchasing an additional 91 shares during the last quarter. 90.49% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. BMO Capital Markets raised shares of Quanta Services from a “market perform” rating to an “outperform” rating and lowered their price target for the company from $338.00 to $316.00 in a report on Tuesday, February 25th. Stifel Nicolaus dropped their price target on Quanta Services from $388.00 to $323.00 and set a “buy” rating for the company in a report on Monday, February 24th. Daiwa Capital Markets lowered Quanta Services from an “outperform” rating to a “neutral” rating in a report on Monday, February 24th. Roth Capital raised shares of Quanta Services to a “strong-buy” rating in a report on Thursday, February 20th. Finally, Truist Financial cut their price target on Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Seven research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $326.79.

Quanta Services Stock Performance

NYSE PWR opened at $254.76 on Tuesday. The firm has a market cap of $37.75 billion, a price-to-earnings ratio of 42.25, a PEG ratio of 1.41 and a beta of 1.10. The company has a 50-day simple moving average of $281.43 and a two-hundred day simple moving average of $304.95. The company has a quick ratio of 1.19, a current ratio of 1.30 and a debt-to-equity ratio of 0.56. Quanta Services, Inc. has a 12-month low of $227.11 and a 12-month high of $365.88.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, February 20th. The construction company reported $2.74 EPS for the quarter, topping the consensus estimate of $2.62 by $0.12. The company had revenue of $6.55 billion for the quarter, compared to the consensus estimate of $6.61 billion. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. On average, equities analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, April 3rd. Quanta Services’s dividend payout ratio (DPR) is presently 6.63%.

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.