Harvest Fund Management Co. Ltd Cuts Holdings in Quanta Services, Inc. (NYSE:PWR)

Harvest Fund Management Co. Ltd lessened its position in shares of Quanta Services, Inc. (NYSE:PWR) by 24.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,168 shares of the construction company’s stock after selling 371 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Quanta Services were worth $348,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PWR. EntryPoint Capital LLC acquired a new position in shares of Quanta Services during the first quarter worth about $25,000. Cambridge Trust Co. acquired a new position in Quanta Services during the 1st quarter worth approximately $26,000. Valley Wealth Managers Inc. purchased a new position in Quanta Services in the 2nd quarter worth approximately $33,000. Quest Partners LLC purchased a new position in shares of Quanta Services in the second quarter valued at $35,000. Finally, MidAtlantic Capital Management Inc. purchased a new stake in Quanta Services during the 3rd quarter worth $41,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Quanta Services Stock Performance

Shares of NYSE PWR opened at $346.54 on Wednesday. Quanta Services, Inc. has a 12-month low of $180.97 and a 12-month high of $350.19. The company has a market cap of $51.15 billion, a PE ratio of 63.94 and a beta of 1.01. The stock has a 50 day simple moving average of $310.67 and a 200-day simple moving average of $280.88. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.26. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The company had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.56 billion. During the same quarter in the prior year, the business posted $2.08 earnings per share. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, equities research analysts forecast that Quanta Services, Inc. will post 7.88 EPS for the current year.

Quanta Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.12%. This is an increase from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date is Thursday, January 2nd. Quanta Services’s payout ratio is 7.38%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PWR. JPMorgan Chase & Co. initiated coverage on Quanta Services in a report on Monday, October 7th. They issued a “neutral” rating and a $297.00 price target for the company. Jefferies Financial Group began coverage on Quanta Services in a research note on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price target for the company. Citigroup raised their price objective on Quanta Services from $302.00 to $348.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. TD Cowen boosted their target price on shares of Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, Truist Financial raised their price target on shares of Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Quanta Services presently has an average rating of “Moderate Buy” and an average price target of $314.27.

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.