Malaga Cove Capital LLC Decreases Position in Quanta Services, Inc. (NYSE:PWR)

Malaga Cove Capital LLC reduced its stake in Quanta Services, Inc. (NYSE:PWR) by 2.3% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 15,944 shares of the construction company’s stock after selling 372 shares during the period. Quanta Services makes up 1.6% of Malaga Cove Capital LLC’s investment portfolio, making the stock its 13th largest position. Malaga Cove Capital LLC’s holdings in Quanta Services were worth $4,051,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Quanta Services by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 16,341,230 shares of the construction company’s stock valued at $4,245,452,000 after purchasing an additional 105,355 shares during the period. JPMorgan Chase & Co. grew its position in shares of Quanta Services by 2.4% during the first quarter. JPMorgan Chase & Co. now owns 6,760,260 shares of the construction company’s stock worth $1,756,316,000 after acquiring an additional 156,627 shares during the last quarter. Capital World Investors increased its holdings in shares of Quanta Services by 10.7% in the 1st quarter. Capital World Investors now owns 6,643,733 shares of the construction company’s stock valued at $1,726,042,000 after acquiring an additional 643,011 shares during the period. Artisan Partners Limited Partnership raised its position in Quanta Services by 384.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,438,653 shares of the construction company’s stock valued at $526,261,000 after purchasing an additional 1,935,786 shares during the last quarter. Finally, Norges Bank acquired a new stake in Quanta Services during the 4th quarter worth $335,777,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on PWR shares. Robert W. Baird upped their target price on shares of Quanta Services from $287.00 to $288.00 and gave the company an “outperform” rating in a report on Friday, July 19th. B. Riley upped their price objective on Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Argus lifted their target price on Quanta Services from $285.00 to $310.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Citigroup upped their price target on Quanta Services from $299.00 to $302.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, Truist Financial reiterated a “buy” rating and issued a $319.00 price objective (up from $305.00) on shares of Quanta Services in a research report on Monday, August 5th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $284.50.

Quanta Services Stock Performance

Shares of PWR opened at $250.06 on Tuesday. The company has a market capitalization of $36.84 billion, a PE ratio of 48.46 and a beta of 1.01. Quanta Services, Inc. has a 52-week low of $153.74 and a 52-week high of $286.87. The company has a 50-day simple moving average of $259.38 and a 200-day simple moving average of $259.64. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The company had revenue of $5.59 billion during the quarter, compared to the consensus estimate of $5.51 billion. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the firm earned $1.47 EPS. Equities research analysts predict that Quanta Services, Inc. will post 7.8 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.14%. The ex-dividend date of this dividend is Tuesday, October 1st. Quanta Services’s dividend payout ratio (DPR) is 6.98%.

Insider Activity

In other Quanta Services news, insider Gerald A. Ducey, Jr. sold 15,000 shares of Quanta Services stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the completion of the transaction, the insider now owns 21,286 shares in the company, valued at $5,490,297.98. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of Quanta Services stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the completion of the transaction, the insider now directly owns 21,286 shares in the company, valued at approximately $5,490,297.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total value of $34,087,300.00. Following the sale, the chief executive officer now owns 593,402 shares in the company, valued at approximately $155,595,938.42. The disclosure for this sale can be found here. Insiders sold a total of 202,357 shares of company stock worth $53,115,572 over the last 90 days. 1.10% of the stock is currently owned by corporate insiders.

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.