Integrated Wealth Concepts LLC lifted its holdings in Quanta Services, Inc. (NYSE:PWR – Free Report) by 20.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 36,163 shares of the construction company’s stock after acquiring an additional 6,240 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Quanta Services were worth $26,039,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Cedar Mountain Advisors LLC boosted its position in Quanta Services by 321.4% during the 4th quarter. Cedar Mountain Advisors LLC now owns 59 shares of the construction company’s stock worth $25,000 after acquiring an additional 45 shares during the period. Darwin Wealth Management LLC purchased a new stake in shares of Quanta Services in the second quarter worth approximately $26,000. Boreal Capital Management LLC acquired a new stake in shares of Quanta Services during the first quarter worth approximately $27,000. MV Capital Management Inc. purchased a new position in Quanta Services during the fourth quarter valued at approximately $30,000. Finally, Meeder Asset Management Inc. grew its position in 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 in the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.
Quanta Services Trading Up 2.3%
Shares of NYSE:PWR opened at $639.02 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 1.05 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $96.07 billion, a PE ratio of 73.20, a P/E/G ratio of 2.05 and a beta of 1.20. Quanta Services, Inc. has a 1 year low of $370.27 and a 1 year high of $788.75. The firm has a fifty day moving average price of $648.40 and a 200 day moving average price of $644.97.
Quanta Services Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid a dividend of $0.11 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.44 annualized dividend and a yield of 0.1%. Quanta Services’s dividend payout ratio is presently 5.04%.
Quanta Services announced that its board has initiated a share repurchase plan on Friday, May 22nd that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the construction company to purchase up to 0.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on PWR shares. Citigroup increased their target price on shares of Quanta Services from $837.00 to $871.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Robert W. Baird set a $728.00 price objective on Quanta Services in a report on Friday, July 31st. CICC Research began coverage on Quanta Services in a research report on Thursday, May 21st. They set an “outperform” rating and a $872.00 price objective for the company. Guggenheim raised Quanta Services from a “neutral” rating to a “buy” rating and set a $800.00 target price on the stock in a research report on Friday, July 31st. Finally, BTIG Research downgraded Quanta Services to a “hold” rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $767.72.
View Our Latest Analysis on Quanta Services
Quanta Services Company Profile
Quanta Services, Inc is an infrastructure solutions provider serving the electric power, communications, pipeline, industrial and renewable energy industries. The company designs, installs, repairs and maintains infrastructure used to generate, transmit and distribute electricity, as well as systems that support telecommunications, natural gas and other energy-related activities.
Its services include engineering, procurement and construction; utility and substation work; transmission and distribution projects; storm restoration; fiber-optic and wireless network deployment; pipeline construction and maintenance; and development of renewable energy and energy storage infrastructure.
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