State of Michigan Retirement System Purchases 100 Shares of Quanta Services, Inc. (NYSE:PWR)

State of Michigan Retirement System grew its position in shares of Quanta Services, Inc. (NYSE:PWR) by 0.3% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 39,848 shares of the construction company’s stock after buying an additional 100 shares during the quarter. State of Michigan Retirement System’s holdings in Quanta Services were worth $10,353,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PWR. Private Ocean LLC bought a new position in Quanta Services in the 1st quarter valued at $26,000. Hazlett Burt & Watson Inc. grew its position in Quanta Services by 47.3% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 162 shares of the construction company’s stock valued at $34,000 after buying an additional 52 shares during the period. Newbridge Financial Services Group Inc. purchased a new stake in Quanta Services during the fourth quarter worth about $34,000. Valley National Advisers Inc. bought a new stake in Quanta Services in the fourth quarter worth about $41,000. Finally, Vestor Capital LLC purchased a new position in Quanta Services in the fourth quarter valued at about $42,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Analyst Ratings Changes

PWR has been the subject of several research analyst reports. Truist Financial restated a “buy” rating and set a $305.00 price target (up previously from $301.00) on shares of Quanta Services in a research note on Monday, May 6th. Robert W. Baird raised their target price on Quanta Services from $265.00 to $287.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. B. Riley upped their price target on Quanta Services from $246.00 to $286.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Evercore ISI lifted their price objective on Quanta Services from $255.00 to $288.00 and gave the stock an “outperform” rating in a report on Tuesday, May 7th. Finally, Citigroup increased their target price on shares of Quanta Services from $275.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $268.85.

Quanta Services Price Performance

Quanta Services stock traded up $0.17 during midday trading on Tuesday, reaching $247.78. 1,010,651 shares of the stock were exchanged, compared to its average volume of 942,412. The company’s fifty day moving average is $268.84 and its 200-day moving average is $241.22. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.36. Quanta Services, Inc. has a 52 week low of $153.74 and a 52 week high of $286.87. The firm has a market cap of $36.27 billion, a PE ratio of 47.99 and a beta of 1.03.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The company had revenue of $5.03 billion for the quarter, compared to the consensus estimate of $4.96 billion. Quanta Services had a return on equity of 16.25% and a net margin of 3.57%. On average, sell-side analysts forecast that Quanta Services, Inc. will post 7.69 EPS for the current year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Monday, July 1st will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.15%. The ex-dividend date of this dividend is Monday, July 1st. Quanta Services’s payout ratio is 6.98%.

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.