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

Malaga Cove Capital LLC lessened its position in shares of Quanta Services, Inc. (NYSE:PWR) by 2.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,944 shares of the construction company’s stock after selling 372 shares during the quarter. Quanta Services comprises 1.6% of Malaga Cove Capital LLC’s holdings, making the stock its 13th biggest position. Malaga Cove Capital LLC’s holdings in Quanta Services were worth $4,051,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. EntryPoint Capital LLC acquired a new stake in Quanta Services in the 1st quarter worth approximately $25,000. Private Ocean LLC purchased a new stake in shares of Quanta Services during the first quarter valued at $26,000. Salomon & Ludwin LLC acquired a new position in shares of Quanta Services in the 1st quarter valued at $26,000. Cambridge Trust Co. acquired a new stake in Quanta Services during the 1st quarter worth about $26,000. Finally, Quest Partners LLC purchased a new stake in Quanta Services during the 2nd quarter valued at about $35,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

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 stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the completion of the transaction, the insider now directly owns 21,286 shares of the company’s stock, valued at approximately $5,490,297.98. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 593,402 shares in the company, valued at $155,595,938.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of Quanta Services stock in a transaction 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 sale, the insider now directly owns 21,286 shares of the company’s stock, valued at $5,490,297.98. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 202,357 shares of company stock valued at $53,115,572. 1.10% of the stock is currently owned by corporate insiders.

Quanta Services Trading Up 0.9 %

Shares of PWR stock opened at $250.06 on Tuesday. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.45. The company’s 50-day moving average price is $259.38 and its 200-day moving average price is $259.64. Quanta Services, Inc. has a twelve month low of $153.74 and a twelve month high of $286.87. The stock has a market cap of $36.84 billion, a price-to-earnings ratio of 48.46 and a beta of 1.01.

Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.15. The company had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.47 earnings per share. As a group, equities analysts predict that Quanta Services, Inc. will post 7.8 earnings per share for the current 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 given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date is Tuesday, October 1st. Quanta Services’s payout ratio is 6.98%.

Analysts Set New Price Targets

PWR has been the subject of several research analyst reports. TD Cowen raised their price objective on Quanta Services from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Jefferies Financial Group assumed coverage on shares of Quanta Services in a research note on Wednesday, September 4th. They set a “hold” rating and a $256.00 price objective for the company. The Goldman Sachs Group upped their price objective on shares of Quanta Services from $259.00 to $286.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Truist Financial reissued a “buy” rating and set a $319.00 target price (up previously from $305.00) on shares of Quanta Services in a report on Monday, August 5th. Finally, Citigroup upped their price target on shares of Quanta Services from $299.00 to $302.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $284.50.

Quanta Services Company 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.