Absolute Capital Management LLC Buys 2,200 Shares of Quanta Services, Inc. $PWR

Absolute Capital Management LLC increased its position in Quanta Services, Inc. (NYSE:PWR) by 146.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,700 shares of the construction company’s stock after purchasing an additional 2,200 shares during the period. Absolute Capital Management LLC’s holdings in Quanta Services were worth $1,533,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Freedom Day Solutions LLC purchased a new stake in shares of Quanta Services during the second quarter worth about $2,465,000. Mediolanum International Funds Ltd boosted its stake in Quanta Services by 15.5% in the 2nd quarter. Mediolanum International Funds Ltd now owns 33,158 shares of the construction company’s stock worth $12,642,000 after purchasing an additional 4,451 shares during the period. Calamos Advisors LLC grew its holdings in Quanta Services by 17.1% during the 3rd quarter. Calamos Advisors LLC now owns 105,401 shares of the construction company’s stock valued at $43,680,000 after buying an additional 15,388 shares in the last quarter. Exchange Traded Concepts LLC raised its position in shares of Quanta Services by 59.9% during the third quarter. Exchange Traded Concepts LLC now owns 44,392 shares of the construction company’s stock valued at $18,397,000 after buying an additional 16,637 shares during the last quarter. Finally, Choreo LLC lifted its holdings in shares of Quanta Services by 4.1% in the second quarter. Choreo LLC now owns 7,734 shares of the construction company’s stock worth $2,924,000 after buying an additional 303 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors.

Quanta Services Stock Performance

NYSE PWR opened at $481.55 on Thursday. The business’s 50 day moving average price is $446.21 and its 200-day moving average price is $421.27. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $487.00. The company has a market cap of $71.81 billion, a P/E ratio of 71.34, a P/E/G ratio of 2.32 and a beta of 1.16. 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 (NYSE:PWR) last posted its quarterly earnings data on Thursday, October 30th. The construction company reported $3.33 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $7.41 billion. During the same period in the previous year, the firm earned $2.72 earnings per share. Quanta Services’s quarterly revenue was up 17.5% compared to the same quarter last year. Sell-side analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Insider Activity

In other Quanta Services news, Director Bernard Fried sold 4,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director owned 12,493 shares in the company, valued at $5,649,209.67. The trade was a 24.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Donald Wayne sold 14,000 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $443.81, for a total value of $6,213,340.00. Following the transaction, the executive vice president directly owned 34,575 shares in the company, valued at approximately $15,344,730.75. This represents a 28.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 32,002 shares of company stock valued at $14,295,857 in the last quarter. 1.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Evercore ISI lifted their price target on shares of 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 Quanta Services in a research report on Friday, January 23rd. They set an “overweight” rating and a $520.00 price objective for the company. Sanford C. Bernstein reduced their target price on Quanta Services from $432.00 to $428.00 and set a “market perform” rating on the stock in a report on Friday, December 19th. Truist Financial increased their price target on Quanta Services from $472.00 to $521.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. raised Quanta Services from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $457.00 to $515.00 in a research note on Monday, December 8th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $462.00.

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.