Bridges Investment Management Inc. has increased its investment in Quanta Services, Inc. (NYSE:PWR) by 22.9% during the first quarter, as revealed in its recent Form 13F filing with the Securities and Exchange Commission. The firm now holds 1,592 shares of the construction company’s stock, having acquired an additional 297 shares in the period, which brings the value of its holdings to approximately $405,000.
This move is part of a broader trend, with several institutional investors adjusting their positions in Quanta Services. Brighton Jones LLC established a new stake in the company valued at around $298,000 in the fourth quarter. Proficio Capital Partners LLC also entered the fold, acquiring shares worth approximately $53.9 million. Additionally, Independent Advisor Alliance raised its stake by 8.5%, owning 11,073 shares valued at $3.5 million after purchasing an extra 864 shares. Other notable entries include Sage Mountain Advisors LLC and Natural Investments LLC, with new positions valued at $204,000 and $216,000, respectively. Currently, institutional investors hold 90.49% of Quanta Services’ stock.
Quanta Services Performance and Dividend Announcement
As of the latest trading session, Quanta Services’ stock opened at $380.06. Over the past year, the stock has experienced a low of $227.08 and a high of $388.00. The company boasts a market capitalization of $56.35 billion, with a price-to-earnings ratio of 61.30. Recent financial metrics indicate a quick ratio of 1.26, a current ratio of 1.31, and a debt-to-equity ratio of 0.58.
Quanta Services also announced a quarterly dividend of $0.10 per share, scheduled for payment on July 11, 2023. Shareholders of record as of July 1 will be eligible for this dividend. This amounts to an annualized dividend of $0.40, yielding approximately 0.11%. The company’s dividend payout ratio currently stands at 6.45%.
Analyst Ratings and Future Outlook
Quanta Services has attracted attention from various analysts in recent weeks. Seaport Res Ptn upgraded the stock to a “hold” rating, while DA Davidson raised its target price from $295.00 to $305.00, maintaining a “neutral” rating. Citigroup adjusted its target price downward from $366.00 to $342.00 but still rates it a “buy.” Evercore ISI updated its target price from $331.00 to $360.00, giving the stock an “outperform” rating. Stifel Nicolaus followed suit with a price target increase from $306.00 to $363.00, also rating the stock a “buy.”
Presently, nine analysts have rated Quanta Services with a hold rating, while fourteen have issued buy ratings, including two strong buy ratings. Data from MarketBeat.com indicates an average rating of “Moderate Buy” and a consensus price target of $350.95.
About Quanta Services
Quanta Services, Inc. provides infrastructure solutions across various sectors, including electric and gas utilities, renewable energy, communications, and pipelines. Their operations extend beyond the United States, with significant activities in Canada, Australia, and other international markets. The company’s Electric Power Infrastructure Solutions segment focuses on the design, construction, and maintenance of electric power transmission and distribution infrastructure, as well as the installation of smart grid technologies.
For more detailed insights into Quanta Services, including recent hedge fund activities and stock performance updates, investors can visit HoldingsChannel.com.
