On September 26, 2023, it was reported that Pacer Advisors Inc. had reduced its position in Quanta Services, Inc. (NYSE:PWR) by 15.3% during the second quarter of this year, according to a recent filing with the Securities and Exchange Commission (SEC). The fund now holds 9,103 shares of the construction company’s stock, having sold 1,646 shares during the period. As of the most recent filing with the SEC, Pacer Advisors Inc.’s holdings in Quanta Services were valued at $1,788,000.
Quanta Services recently released its quarterly earnings data on August 3rd. The construction company reported earnings per share (EPS) of $1.47 for the quarter, falling short of analysts’ consensus estimates by $0.06. The company generated revenue of $5.05 billion during the quarter, surpassing analysts’ expectations of $4.69 billion. Additionally, Quanta Services achieved a return on equity of 15.48% and a net margin of 3.16%. Analysts are predicting that the company will post earnings per share of 6.47 for the current fiscal year.
A number of equities analysts have recently shared their thoughts on Quanta Services’ performance and prospects. StockNews.com initiated coverage on Quanta Services in a research note on August 17th and issued a “hold” rating for the stock. UBS Group raised their price objective for Quanta Services from $195.00 to $228.00 in a report released on July 10th. DA Davidson also increased their price target on shares of Quanta Services from $170 to $190 and assigned a “neutral” rating in an August 7th report.
Robert W.Baird reaffirmed an “outperform” rating and set a target price of $219 on shares of Quanta Services in a research note on September 14th. Lastly, Argus raised their price target for Quanta Services from $234 to $248 and gave the company a “buy” rating in a research note published on September 6th. Out of the total analysts who cover the stock, three have assigned it a hold rating and five have given it a buy rating. According to data compiled from Bloomberg, the average rating for Quanta Services among analysts is currently “Moderate Buy”, with an average target price of $205.27.
Investors and market observers will be monitoring Quanta Services closely given recent developments in its holdings and financial performance. As always, it is important for individual investors to conduct thorough analysis before making any investment decisions.
Quanta Services, Inc.
PWR
Strong Buy
Updated on: 05/12/2023
Financial Health
Very Healthy
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Hedge Funds Increase Holdings in Quanta Services, Inc. as Institutional Investors Show Confidence
Quanta Services, Inc., a leading provider of specialized infrastructure services, has recently seen modifications in the holdings of several hedge funds. Old North State Trust LLC, for instance, increased its position in the company by 45.7% during the first quarter of this year. This resulted in the acquisition of an additional 164 shares, bringing their total ownership to 523 shares worth $87,000.
Similarly, Seeyond, another hedge fund, grew its stake in Quanta Services by 33.5% during the fourth quarter of last year. By purchasing an additional 1,173 shares, they now own 4,678 shares valued at $667,000.
Lagoda Investment Management L.P., on the other hand, raised its position in Quanta Services by 17.1% during the first quarter. With an additional acquisition of 175 shares, they currently hold 1,200 shares worth $200,000.
Raymond James Financial Services Advisors Inc., following suit with a slight boost of 6.7%, acquired an extra 6,550 shares during the last quarter. With a total ownership of 104,952 shares valued at $17,489,000.
Finally, Everhart Financial Group Inc., showed a growth rate of 12.5% during the first quarter as well. With an additional acquisition of 261 shares bringing their total to 2.347 shares worth $391,000.
These recent modifications made by institutional investors serve as indicators of confidence and belief in Quanta Services’ ability to generate strong returns and maintain stability within the market.
In terms of executive activity within the company itself; it was highlighted that EVP Donald Wayne sold off 5,o00 shares on Friday September first for approximately $210.92 per share resulting in a total transaction value amounting up to $1,o54,o600,. Following this transaction Donald Wayne now directly possesses about forty one thousand, three hundred and twenty three shares in the company valued at more than eight million seven hundred thousand US dollars.
Quanta Services operates primarily within the construction industry with diversified services that include infrastructure development, maintenance, and engineering solutions. The company has positioned itself as a reliable provider of key services to both public and private sectors.
Recently, Quanta Services’ stock has been trading on the NYSE at an opening price of $187.58. The company’s 50-day simple moving average stands at $202.54, while its two-hundred-day simple moving average is recorded at $184.49.
With a debt-to-equity ratio of 0.74, Quanta Services maintains a healthy financial standing and exhibits strong liquidity with current and quick ratios of 1.68 and 1.64 respectively.
Having experienced a notable low of $123.25 during the past year, Quanta Services reached its highest value at $212.82 within the same period. With a market capitalization amounting to around $27.24 billion, Quanta Services holds considerable weight in the construction services industry.
Displaying a price-to-earnings (PE) ratio of 47.85, it is evident that investors perceive Quanta Services as an attractive investment opportunity in spite of its inherently volatile nature as reflected by the beta score of 1.08.
To access more detailed information regarding these recent developments relating to Quanta Services Inc., interested parties may refer to the Securities and Exchange Commission (SEC) filing accessible through this hyperlink.
As of now, institutional investors own approximately 87% of the total shares available for Quanta Services Inc., providing further testament to their confidence in the company’s potential for growth and stability in the future.
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