MidAtlantic Capital Management Inc. Buys New Stake in Quanta Services, Inc. (NYSE:PWR)

MidAtlantic Capital Management Inc. purchased a new stake in shares of Quanta Services, Inc. (NYSE:PWR) during the third quarter, HoldingsChannel reports. The fund purchased 137 shares of the construction company’s stock, valued at approximately $41,000.

Several other institutional investors have also bought and sold shares of PWR. Tower Wealth Partners Inc. raised its position in shares of Quanta Services by 3.1% during the 3rd quarter. Tower Wealth Partners Inc. now owns 1,122 shares of the construction company’s stock valued at $335,000 after buying an additional 34 shares in the last quarter. Huntington National Bank boosted its holdings in shares of Quanta Services by 2.9% in the 3rd quarter. Huntington National Bank now owns 1,240 shares of the construction company’s stock worth $370,000 after purchasing an additional 35 shares during the period. Terra Nova Asset Management LLC increased its position in shares of Quanta Services by 0.3% during the 3rd quarter. Terra Nova Asset Management LLC now owns 12,779 shares of the construction company’s stock valued at $3,810,000 after purchasing an additional 38 shares during the last quarter. Greenleaf Trust raised its holdings in Quanta Services by 1.2% during the 3rd quarter. Greenleaf Trust now owns 3,154 shares of the construction company’s stock valued at $940,000 after buying an additional 38 shares during the period. Finally, EP Wealth Advisors LLC lifted its position in Quanta Services by 0.6% in the second quarter. EP Wealth Advisors LLC now owns 6,994 shares of the construction company’s stock worth $1,777,000 after buying an additional 39 shares during the last quarter. Institutional investors own 90.49% of the company’s stock.

Insider Buying and Selling at Quanta Services

In other news, insider Karl W. Studer sold 23,357 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the transaction, the insider now owns 10,631 shares in the company, valued at approximately $2,875,791.81. This trade represents a 68.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.10% of the company’s stock.

Quanta Services Stock Performance

Shares of PWR stock opened at $328.41 on Tuesday. The company has a market capitalization of $48.48 billion, a price-to-earnings ratio of 60.59 and a beta of 1.01. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58. The stock’s fifty day simple moving average is $303.37 and its 200-day simple moving average is $278.35. Quanta Services, Inc. has a 1-year low of $180.97 and a 1-year high of $335.00.

Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.26. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The business had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. During the same quarter last year, the company posted $2.08 earnings per share. Quanta Services’s quarterly revenue was up 15.5% on a year-over-year basis. On average, sell-side analysts predict that Quanta Services, Inc. will post 7.88 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were issued a dividend of $0.09 per share. The ex-dividend date was Tuesday, October 1st. This represents a $0.36 annualized dividend and a yield of 0.11%. Quanta Services’s dividend payout ratio (DPR) is currently 6.64%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PWR. B. Riley boosted their price objective on shares of Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. assumed coverage on shares of Quanta Services in a research report on Monday, October 7th. They issued a “neutral” rating and a $297.00 price objective on the stock. TD Cowen increased their target price on Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Stifel Nicolaus lifted their price objective on Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Northland Securities reiterated an “outperform” rating and set a $328.00 price objective (up previously from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Quanta Services currently has an average rating of “Moderate Buy” and an average price target of $314.27.

Quanta Services Company Profile

Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries in the United States, Canada, Australia, and internationally. The company’s Electric Power Infrastructure Solutions segment engages in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; installation, maintenance, and upgrade of electric power infrastructure projects; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings.