360 Financial Inc. Invests $585,000 in Quanta Services, Inc. (NYSE:PWR)

Key Points

• 360 Financial Inc. acquired a new stake in Quanta Services, Inc., buying 2,300 shares valued at approximately $585,000 during the first quarter of the year.
• Analysts have mixed views on the stock, with Northland Securities downgrading its rating from "outperform" to "market perform," while UBS Group raised its price target from $413.00 to $474.00.
• Quanta Services reported earnings of $1.78 per share, exceeding expectations, with revenue growth of 23.9% year-over-year, highlighting the company's strong performance in the infrastructure sector.

360 Financial Inc. acquired a new stake in Quanta Services, Inc. (NYSE:PWR - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 2,300 shares of the construction company's stock, valued at approximately $585,000.

Several other hedge funds also recently modified their holdings of the stock. Banque Transatlantique SA bought a new stake in shares of Quanta Services in the 4th quarter worth $25,000. Cullen Frost Bankers Inc. bought a new stake in shares of Quanta Services in the 1st quarter worth $25,000. Quarry LP bought a new stake in shares of Quanta Services in the 4th quarter worth $26,000. OLD Second National Bank of Aurora purchased a new position in shares of Quanta Services in the 1st quarter worth about $42,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in shares of Quanta Services in the 1st quarter worth about $43,000. Institutional investors own 90.49% of the company's stock.

Quanta Services Price Performance

Shares of PWR stock traded down $10.95 during trading hours on Friday, hitting $395.18. 2,094,000 shares of the company's stock were exchanged, compared to its average volume of 1,447,719. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.58. Quanta Services, Inc. has a 12-month low of $227.08 and a 12-month high of $424.94. The company has a market capitalization of $58.59 billion, a PE ratio of 63.74, a PEG ratio of 2.83 and a beta of 1.08. The business's 50 day simple moving average is $374.19 and its 200-day simple moving average is $318.48.

Quanta Services (NYSE:PWR - Get Free Report) last issued its earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.44 by $0.04. Quanta Services had a net margin of 3.74% and a return on equity of 18.06%. The firm had revenue of $6.77 billion for the quarter, compared to analysts' expectations of $6.55 billion. During the same quarter last year, the business earned $1.90 earnings per share. The business's revenue was up 21.1% on a year-over-year basis. On average, equities research analysts anticipate that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Tuesday, July 1st. Quanta Services's payout ratio is 6.45%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PWR shares. Daiwa America raised shares of Quanta Services from a "hold" rating to a "strong-buy" rating in a report on Friday, April 11th. Truist Financial dropped their price objective on shares of Quanta Services from $398.00 to $324.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Northland Securities lowered shares of Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 target price for the company. in a research report on Wednesday, July 2nd. TD Cowen increased their target price on shares of Quanta Services from $335.00 to $355.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Finally, Argus set a $375.00 target price on shares of Quanta Services in a research report on Monday, May 5th. Eleven equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Quanta Services has an average rating of "Moderate Buy" and an average target price of $379.32.

About Quanta Services

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.