Malaga Cove Capital LLC has decreased its stake in Quanta Services, Inc. (NYSE:PWR) by 1.9% during the second quarter of 2023. According to the firm’s recent filing with the Securities and Exchange Commission, Malaga Cove Capital now holds 15,616 shares after selling 297 shares during the period. Quanta Services represents approximately 2.3% of Malaga Cove Capital’s investment portfolio, making it the firm’s seventh largest position. As of the latest filing, the value of its holdings in Quanta Services stands at approximately $5.9 million.
Other institutional investors have also adjusted their positions in Quanta Services recently. Vanguard Group Inc. increased its stake by 2.4% in the first quarter, bringing its total ownership to 17,417,299 shares, valued at around $4.43 billion. Additionally, Kingstone Capital Partners Texas LLC acquired a new stake valued at approximately $650.96 million during the second quarter. Nuveen LLC and Northern Trust Corp also made significant investments, with Nuveen acquiring a position worth about $404.29 million and Northern Trust increasing its holdings by 3.8% to a total value of $392.84 million. Furthermore, Amundi boosted its holdings by an impressive 188.3%, now owning 1,206,577 shares valued at $304.14 million. Currently, institutional investors own 90.49% of Quanta Services’ stock.
Quanta Services experienced a dip of 2.4% recently, with shares opening at $442.74 on Friday. The company’s stock has fluctuated significantly, with a one-year low of $227.08 and a one-year high of $469.43. Key financial metrics include a market capitalization of $66.02 billion, a price-to-earnings ratio of 68.54, and a PEG ratio of 2.66. The company maintains a debt-to-equity ratio of 0.59.
In recent news, Quanta Services announced a quarterly dividend of $0.10, which was paid on October 10, 2023. Shareholders on record as of October 1 received this dividend, translating to an annualized rate of $0.40 and a yield of 0.1%. The company’s dividend payout ratio is currently 5.93%.
Analysts have provided insights into Quanta Services with mixed ratings. Stifel Nicolaus set a price target of $495.00 for the stock, while JPMorgan Chase & Co. adjusted its target from $436.00 to $457.00 with a “neutral” rating. TD Cowen raised its target from $355.00 to $425.00 and rated the stock as a “buy.” In contrast, Sanford C. Bernstein downgraded Quanta Services from “outperform” to “market perform” with a target of $410.00. UBS Group also increased its target from $413.00 to $474.00, maintaining a “buy” rating. Overall, thirteen analysts currently rate the stock as a “buy,” while twelve recommend holding, leading to a consensus rating of “Moderate Buy” with an average price target of $438.64.
In insider trading news, Director Bernard Fried sold 4,000 shares of Quanta Services on November 3, 2023, at an average price of $452.19, totaling approximately $1.81 million. Following this transaction, Fried holds 12,493 shares valued at around $5.65 million, reflecting a 24.25% decrease in his position. The sale has been disclosed in a filing with the SEC.
Quanta Services, Inc. provides essential infrastructure solutions across various sectors, including electric and gas utilities, renewable energy, communications, and pipeline industries. The company operates in the United States, Canada, Australia, and other international markets. Its Electric Power Infrastructure Solutions segment focuses on the design, construction, maintenance, and repair of electric power transmission and distribution infrastructure, as well as the installation of smart grid technologies.
For ongoing updates about Quanta Services and institutional holdings, stakeholders can refer to financial news platforms and market analysis websites.
