Jennison Associates LLC Sells 505,347 Shares of Quanta Services, Inc. $PWR

Jennison Associates LLC decreased its holdings in Quanta Services, Inc. (NYSE:PWR) by 81.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 115,626 shares of the construction company’s stock after selling 505,347 shares during the period. Jennison Associates LLC owned 0.08% of Quanta Services worth $43,716,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PWR. Brighton Jones LLC bought a new stake in Quanta Services in the fourth quarter worth about $298,000. KBC Group NV increased its stake in Quanta Services by 20.6% in the first quarter. KBC Group NV now owns 14,627 shares of the construction company’s stock worth $3,718,000 after purchasing an additional 2,502 shares during the period. DAVENPORT & Co LLC increased its stake in Quanta Services by 2.9% in the first quarter. DAVENPORT & Co LLC now owns 9,719 shares of the construction company’s stock worth $2,470,000 after purchasing an additional 272 shares during the period. Rossby Financial LCC purchased a new stake in Quanta Services in the first quarter worth $53,000. Finally, Novem Group bought a new stake in shares of Quanta Services during the first quarter valued at approximately $218,000. Institutional investors own 90.49% of the company’s stock.

Quanta Services Price Performance

NYSE PWR opened at $453.20 on Friday. The firm’s fifty day simple moving average is $406.70 and its two-hundred day simple moving average is $373.13. The company has a current ratio of 1.37, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. Quanta Services, Inc. has a 12-month low of $227.08 and a 12-month high of $460.86. The firm has a market capitalization of $67.53 billion, a P/E ratio of 70.15, a P/E/G ratio of 2.66 and a beta of 1.04.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, October 30th. The construction company reported $3.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.24 by $0.09. The business had revenue of $7.63 billion for the quarter, compared to analyst estimates of $7.41 billion. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. The business’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period in the previous year, the company earned $2.72 earnings per share. Quanta Services has set its FY 2025 guidance at 10.330-10.830 EPS. Analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Wednesday, October 1st were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.1%. Quanta Services’s payout ratio is 6.19%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. BMO Capital Markets lowered shares of Quanta Services from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $352.00 to $400.00 in a report on Thursday, July 17th. Evercore ISI raised their price objective on Quanta Services from $360.00 to $410.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. TD Cowen raised their price objective on Quanta Services from $355.00 to $425.00 and gave the company a “buy” rating in a research report on Tuesday, August 5th. Sanford C. Bernstein downgraded Quanta Services from an “outperform” rating to a “market perform” rating and set a $410.00 price objective on the stock. in a research report on Monday, July 28th. Finally, Seaport Res Ptn raised shares of Quanta Services to a “hold” rating in a report on Thursday, July 10th. Fourteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $414.09.

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.