Mediolanum International Funds Ltd Grows Position in Quanta Services, Inc. $PWR

Mediolanum International Funds Ltd increased its position in Quanta Services, Inc. (NYSE:PWR) by 52.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 50,463 shares of the construction company’s stock after purchasing an additional 17,305 shares during the period. Mediolanum International Funds Ltd’s holdings in Quanta Services were worth $20,645,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PWR. Norges Bank purchased a new stake in shares of Quanta Services in the 2nd quarter worth about $675,802,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in Quanta Services by 57.2% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,425,436 shares of the construction company’s stock worth $917,009,000 after purchasing an additional 882,209 shares during the period. Select Equity Group L.P. increased its stake in shares of Quanta Services by 69.3% during the second quarter. Select Equity Group L.P. now owns 1,017,123 shares of the construction company’s stock valued at $384,554,000 after purchasing an additional 416,395 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Quanta Services by 1.9% during the second quarter. Vanguard Group Inc. now owns 17,756,682 shares of the construction company’s stock valued at $6,713,446,000 after purchasing an additional 339,383 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Quanta Services by 150.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 419,098 shares of the construction company’s stock worth $156,026,000 after purchasing an additional 251,845 shares in the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Insider Transactions at Quanta Services

In other news, Director Bernard Fried sold 4,000 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $452.19, for a total transaction of $1,808,760.00. Following the transaction, the director directly owned 12,493 shares of the company’s stock, valued at $5,649,209.67. This represents a 24.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Worthing Jackman sold 6,349 shares of Quanta Services stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $450.45, for a total value of $2,859,907.05. Following the completion of the sale, the director directly owned 2,730 shares of the company’s stock, valued at $1,229,728.50. The trade was a 69.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 32,002 shares of company stock valued at $14,295,857 over the last 90 days. 1.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Truist Financial lifted their price objective on Quanta Services from $472.00 to $521.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Citigroup lifted their price target on Quanta Services from $526.00 to $540.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Roth Mkm set a $500.00 price objective on shares of Quanta Services and gave the company a “buy” rating in a research report on Friday, October 31st. JPMorgan Chase & Co. upgraded shares of Quanta Services from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $457.00 to $515.00 in a research note on Monday, December 8th. Finally, Mizuho set a $415.00 price target on shares of Quanta Services in a report on Tuesday, October 28th. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $462.00.

Quanta Services Stock Performance

Shares of NYSE PWR opened at $474.80 on Friday. The firm’s 50-day moving average price is $448.17 and its 200-day moving average price is $422.55. Quanta Services, Inc. has a 52-week low of $227.08 and a 52-week high of $489.05. The company has a market cap of $70.80 billion, a PE ratio of 70.34, a PEG ratio of 2.34 and a beta of 1.16. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 0.66.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, October 30th. The construction company reported $3.33 earnings per share for the quarter, beating analysts’ consensus estimates of $3.24 by $0.09. Quanta Services had a net margin of 3.74% and a return on equity of 18.74%. The company had revenue of $7.63 billion for the quarter, compared to the consensus estimate of $7.41 billion. During the same quarter in the prior year, the firm earned $2.72 earnings per share. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. As a group, analysts anticipate that Quanta Services, Inc. will post 9.34 EPS for the current 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.