OP Asset Management Ltd purchased a new position in Quanta Services, Inc. (NYSE:PWR – Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 102,779 shares of the construction company’s stock, valued at approximately $56,428,000. OP Asset Management Ltd owned about 0.07% of Quanta Services at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the stock. Cedar Mountain Advisors LLC grew its position in Quanta Services by 321.4% during the fourth quarter. Cedar Mountain Advisors LLC now owns 59 shares of the construction company’s stock worth $25,000 after buying an additional 45 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new position in Quanta Services in the 4th quarter valued at approximately $28,000. Darwin Wealth Management LLC bought a new stake in shares of Quanta Services in the 2nd quarter worth approximately $26,000. MV Capital Management Inc. acquired a new stake in shares of Quanta Services during the 4th quarter worth approximately $30,000. Finally, Meeder Asset Management Inc. increased its position in shares of Quanta Services by 221.7% during the fourth quarter. Meeder Asset Management Inc. now owns 74 shares of the construction company’s stock valued at $31,000 after purchasing an additional 51 shares during the period. Institutional investors and hedge funds own 90.49% of the company’s stock.
Quanta Services Stock Performance
Shares of NYSE:PWR opened at $702.98 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.14 and a quick ratio of 1.09. The business’s fifty day moving average price is $698.13 and its two-hundred day moving average price is $571.80. Quanta Services, Inc. has a fifty-two week low of $363.01 and a fifty-two week high of $788.75. The stock has a market capitalization of $105.49 billion, a price-to-earnings ratio of 96.43, a price-to-earnings-growth ratio of 2.76 and a beta of 1.20.
Quanta Services Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend is Wednesday, July 1st. Quanta Services’s payout ratio is presently 6.04%.
Quanta Services announced that its Board of Directors has authorized a share repurchase plan on Friday, May 22nd that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the construction company to buy up to 0.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on PWR. Stifel Nicolaus set a $784.00 target price on Quanta Services in a research report on Friday, May 1st. Citigroup boosted their price target on shares of Quanta Services from $640.00 to $733.00 and gave the company a “buy” rating in a report on Monday, April 27th. The Goldman Sachs Group increased their price objective on shares of Quanta Services from $685.00 to $826.00 and gave the company a “buy” rating in a research note on Monday, May 4th. JPMorgan Chase & Co. lifted their target price on shares of Quanta Services from $627.00 to $805.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Finally, Evercore upped their target price on shares of Quanta Services from $635.00 to $800.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $733.87.
Read Our Latest Analysis on Quanta Services
Insider Buying and Selling
In related news, CEO Earl C. Jr. Austin sold 25,992 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $770.71, for a total transaction of $20,032,294.32. Following the completion of the sale, the chief executive officer directly owned 16,508 shares of the company’s stock, valued at $12,722,880.68. This trade represents a 61.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Paul Nobel sold 4,000 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $756.98, for a total value of $3,027,920.00. Following the completion of the sale, the chief accounting officer owned 8,080 shares of the company’s stock, valued at approximately $6,116,398.40. This trade represents a 33.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 159,992 shares of company stock worth $123,244,714. 0.60% of the stock is owned by corporate insiders.
About Quanta Services
Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.
In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.
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