Alpha Cubed Investments LLC Reduces Stock Holdings in Quanta Services, Inc. $PWR

Alpha Cubed Investments LLC cut its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 8.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 263,353 shares of the construction company’s stock after selling 23,219 shares during the quarter. Quanta Services comprises 3.8% of Alpha Cubed Investments LLC’s holdings, making the stock its 9th biggest position. Alpha Cubed Investments LLC’s holdings in Quanta Services were worth $109,139,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Brighton Jones LLC acquired a new stake in Quanta Services during the 4th quarter worth about $298,000. Woodline Partners LP raised its holdings in shares of Quanta Services by 40.7% during the first quarter. Woodline Partners LP now owns 12,471 shares of the construction company’s stock valued at $3,170,000 after acquiring an additional 3,606 shares during the period. Capital Investment Advisors LLC purchased a new stake in shares of Quanta Services in the 2nd quarter valued at approximately $217,000. Cooper Financial Group acquired a new position in Quanta Services in the 2nd quarter worth approximately $428,000. Finally, Institute for Wealth Management LLC. grew its position in Quanta Services by 5.5% during the 2nd quarter. Institute for Wealth Management LLC. now owns 2,284 shares of the construction company’s stock worth $864,000 after purchasing an additional 120 shares in the last quarter. 90.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PWR shares. Weiss Ratings upgraded Quanta Services from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. Citigroup raised their price objective on Quanta Services from $526.00 to $540.00 and gave the stock a “buy” rating in a research report on Monday. Evercore ISI upped their target price on Quanta Services from $410.00 to $480.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Cantor Fitzgerald started coverage on shares of Quanta Services in a report on Friday, January 23rd. They set an “overweight” rating and a $520.00 price target for the company. Finally, Sanford C. Bernstein lowered their price objective on shares of Quanta Services from $432.00 to $428.00 and set a “market perform” rating on the stock in a research report on Friday, December 19th. Thirteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $462.00.

Insider Buying and Selling at Quanta Services

In other Quanta Services news, EVP Donald Wayne sold 14,000 shares of the firm’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $443.81, for a total transaction of $6,213,340.00. Following the transaction, the executive vice president directly owned 34,575 shares in the company, valued at $15,344,730.75. This trade represents a 28.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bernard Fried sold 4,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $452.19, for a total value of $1,808,760.00. Following the sale, the director owned 12,493 shares of the company’s stock, valued at approximately $5,649,209.67. This trade represents a 24.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 32,002 shares of company stock valued at $14,295,857. Company insiders own 1.10% of the company’s stock.

Quanta Services Trading Up 0.3%

NYSE:PWR opened at $482.74 on Friday. The company has a market capitalization of $71.99 billion, a P/E ratio of 71.52, a P/E/G ratio of 2.34 and a beta of 1.16. The stock’s 50 day moving average price is $447.27 and its 200 day moving average price is $421.70. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.30 and a current ratio of 1.34. Quanta Services, Inc. has a 52 week low of $227.08 and a 52 week high of $489.06.

Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, October 30th. The construction company reported $3.33 EPS for the quarter, topping the consensus estimate of $3.24 by $0.09. The company had revenue of $7.63 billion during the quarter, compared to the consensus estimate of $7.41 billion. Quanta Services had a net margin of 3.74% and a return on equity of 18.74%. The company’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.72 earnings per share. On average, research analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Profile

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.