Legacy Capital Group California Inc. Has $237,000 Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Key Points

• Legacy Capital Group California Inc. has reduced its stake in Quanta Services, Inc. by 79.4%, owning only 932 shares post-sale, valued at approximately $237,000.
• Quanta Services reported $2.48 earnings per share for the latest quarter, surpassing analysts' estimates, with revenue growing by 21.1% year-over-year.
• The company's stock has a current market capitalization of $57.53 billion and is rated as a "Moderate Buy" by analysts, with an average target price of $392.45.

Legacy Capital Group California Inc. cut its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 79.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 932 shares of the construction company's stock after selling 3,599 shares during the period. Legacy Capital Group California Inc.'s holdings in Quanta Services were worth $237,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PWR. Banque Transatlantique SA acquired a new stake in Quanta Services in the 4th quarter valued at approximately $25,000. Quarry LP acquired a new position in Quanta Services in the fourth quarter worth $26,000. Cullen Frost Bankers Inc. acquired a new position in Quanta Services in the first quarter worth $25,000. OLD Second National Bank of Aurora acquired a new position in Quanta Services in the first quarter worth $42,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in Quanta Services in the first quarter worth $43,000. 90.49% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PWR has been the subject of a number of recent research reports. Evercore ISI boosted their target price on Quanta Services from $360.00 to $410.00 and gave the stock an "outperform" rating in a research report on Friday. Argus set a $375.00 target price on Quanta Services in a research note on Monday, May 5th. The Goldman Sachs Group reissued a "buy" rating and issued a $414.00 target price (up from $364.00) on shares of Quanta Services in a research note on Wednesday, June 4th. Wall Street Zen raised Quanta Services from a "hold" rating to a "buy" rating in a research report on Friday, June 27th. Finally, Truist Financial increased their price target on Quanta Services from $375.00 to $472.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Twelve equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $392.45.

Quanta Services Price Performance

Quanta Services stock traded down $3.82 during mid-day trading on Monday, reaching $382.33. 239,099 shares of the company were exchanged, compared to its average volume of 1,424,985. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $424.94. The company has a fifty day simple moving average of $380.24 and a 200-day simple moving average of $320.20. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.37 and a quick ratio of 1.32. The firm has a market cap of $56.97 billion, a PE ratio of 59.18, a PEG ratio of 2.30 and a beta of 1.10.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.44 by $0.04. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%. The company had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.55 billion. During the same quarter last year, the company posted $1.90 EPS. The company's revenue for the quarter was up 21.1% compared to the same quarter last year. As a group, equities research analysts expect that Quanta Services, Inc. will post 9.34 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, July 11th. Shareholders of record on Tuesday, July 1st were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.40 annualized dividend and a yield of 0.1%. Quanta Services's payout ratio is presently 6.19%.

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.