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

Malaga Cove Capital LLC grew its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 2.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,913 shares of the construction company’s stock after purchasing an additional 415 shares during the quarter. Quanta Services makes up approximately 1.7% of Malaga Cove Capital LLC’s portfolio, making the stock its 11th biggest position. Malaga Cove Capital LLC’s holdings in Quanta Services were worth $4,045,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Legacy Capital Wealth Partners LLC lifted its stake in Quanta Services by 3.4% in the first quarter. Legacy Capital Wealth Partners LLC now owns 1,089 shares of the construction company’s stock worth $277,000 after acquiring an additional 36 shares during the period. Commerzbank Aktiengesellschaft FI lifted its position in Quanta Services by 2.6% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 1,436 shares of the construction company’s stock valued at $365,000 after buying an additional 37 shares during the period. Kerntke Otto McGlone Wealth Management Group lifted its position in Quanta Services by 3.0% during the first quarter. Kerntke Otto McGlone Wealth Management Group now owns 1,356 shares of the construction company’s stock valued at $345,000 after buying an additional 39 shares during the period. HHM Wealth Advisors LLC lifted its position in Quanta Services by 16.7% during the first quarter. HHM Wealth Advisors LLC now owns 280 shares of the construction company’s stock valued at $71,000 after buying an additional 40 shares during the period. Finally, Quent Capital LLC lifted its position in Quanta Services by 3.2% during the first quarter. Quent Capital LLC now owns 1,362 shares of the construction company’s stock valued at $346,000 after buying an additional 42 shares during the period. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PWR. JPMorgan Chase & Co. raised their price objective on Quanta Services from $345.00 to $392.00 and gave the company a “neutral” rating in a research report on Tuesday, July 22nd. Truist Financial lowered their price objective on Quanta Services from $398.00 to $324.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. Wall Street Zen raised Quanta Services from a “hold” rating to a “buy” rating in a research report on Friday, June 27th. Sanford C. Bernstein lowered Quanta Services from an “outperform” rating to a “market perform” rating and set a $410.00 price objective for the company. in a research report on Monday. Finally, Stifel Nicolaus raised their price objective on Quanta Services from $363.00 to $411.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Eleven investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Quanta Services presently has a consensus rating of “Moderate Buy” and an average target price of $379.32.

Quanta Services Price Performance

NYSE PWR opened at $395.18 on Friday. Quanta Services, Inc. has a one year low of $227.08 and a one year high of $424.94. The stock has a 50-day moving average of $375.39 and a 200 day moving average of $319.00. The company has a market capitalization of $58.59 billion, a price-to-earnings ratio of 61.17, a PEG ratio of 2.79 and a beta of 1.08. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.26 and a current ratio of 1.37.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, July 31st. The construction company reported $2.48 EPS for the quarter, topping the consensus estimate of $2.44 by $0.04. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%. The company had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.55 billion. During the same period last year, the company earned $1.90 EPS. Quanta Services’s revenue for the quarter was up 21.1% on a year-over-year basis. On average, sell-side analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Tuesday, July 1st. Quanta Services’s payout ratio is currently 6.19%.

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.