Horizon Kinetics Asset Management LLC Purchases Shares of 900 Quanta Services, Inc. (NYSE:PWR)

Horizon Kinetics Asset Management LLC purchased a new stake in Quanta Services, Inc. (NYSE:PWR) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 900 shares of the construction company’s stock, valued at approximately $268,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Diversified LLC grew its holdings in shares of Quanta Services by 13.4% during the third quarter. Diversified LLC now owns 1,246 shares of the construction company’s stock worth $371,000 after purchasing an additional 147 shares during the last quarter. DRW Securities LLC purchased a new position in shares of Quanta Services during the third quarter worth about $481,000. Fisher Asset Management LLC purchased a new position in shares of Quanta Services during the third quarter worth about $211,000. Daiwa Securities Group Inc. grew its holdings in shares of Quanta Services by 11.6% during the third quarter. Daiwa Securities Group Inc. now owns 67,522 shares of the construction company’s stock worth $20,132,000 after purchasing an additional 7,010 shares during the last quarter. Finally, Marco Investment Management LLC grew its holdings in shares of Quanta Services by 12.6% during the third quarter. Marco Investment Management LLC now owns 17,276 shares of the construction company’s stock worth $5,151,000 after purchasing an additional 1,933 shares during the last quarter. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Quanta Services Price Performance

Shares of NYSE:PWR opened at $346.54 on Wednesday. The firm’s 50 day moving average is $310.67 and its two-hundred day moving average is $280.88. Quanta Services, Inc. has a 52 week low of $180.97 and a 52 week high of $350.19. The firm has a market capitalization of $51.15 billion, a P/E ratio of 63.94 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.

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

Quanta Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.12%. The ex-dividend date is Thursday, January 2nd. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. Quanta Services’s dividend payout ratio (DPR) is currently 6.64%.

Analyst Upgrades and Downgrades

PWR has been the topic of a number of research reports. TD Cowen raised their price target on Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. UBS Group raised their price target on Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. B. Riley raised their price target on Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Citigroup raised their price target on Quanta Services from $302.00 to $348.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Finally, Truist Financial lifted their price objective on Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Four research 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 has an average rating of “Moderate Buy” and a consensus 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.