Quanta Services, Inc. (NYSE:PWR) Shares Acquired by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd increased its stake in Quanta Services by 160.3%, acquiring an additional 17,677 shares, bringing its total ownership to 28,707 shares valued at $7.3 million.
• Quanta Services reported a 23.9% year-over-year revenue growth, reaching $6.23 billion, with an earnings per share of $1.78, surpassing estimates.
• Investment analysts currently rate Quanta Services with a consensus of "Moderate Buy" and have set a target price averaging $362.25.

Mediolanum International Funds Ltd boosted its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 160.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,707 shares of the construction company's stock after acquiring an additional 17,677 shares during the quarter. Mediolanum International Funds Ltd's holdings in Quanta Services were worth $7,300,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. First Heartland Consultants Inc. lifted its position in Quanta Services by 5.4% during the 1st quarter. First Heartland Consultants Inc. now owns 1,627 shares of the construction company's stock worth $414,000 after acquiring an additional 83 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Quanta Services by 3.4% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 30,795 shares of the construction company's stock valued at $7,827,000 after buying an additional 1,000 shares during the period. Zweig DiMenna Associates LLC lifted its holdings in shares of Quanta Services by 10.0% in the 1st quarter. Zweig DiMenna Associates LLC now owns 96,325 shares of the construction company's stock valued at $24,484,000 after buying an additional 8,725 shares during the period. Neo Ivy Capital Management lifted its holdings in shares of Quanta Services by 634.6% in the 1st quarter. Neo Ivy Capital Management now owns 8,330 shares of the construction company's stock valued at $2,117,000 after buying an additional 7,196 shares during the period. Finally, Cetera Investment Advisers acquired a new stake in shares of Quanta Services in the 1st quarter valued at approximately $12,169,000. 90.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on PWR shares. TD Cowen raised their price target on Quanta Services from $335.00 to $355.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Northland Securities cut Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 price target for the company. in a report on Wednesday, July 2nd. B. Riley lifted their price objective on Quanta Services from $300.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Argus set a $375.00 price objective on Quanta Services in a report on Monday, May 5th. Finally, Northland Capmk cut Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Eleven equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $375.23.

Quanta Services Trading Up 0.4%

Shares of NYSE:PWR traded up $1.78 during midday trading on Wednesday, reaching $412.77. The company's stock had a trading volume of 584,469 shares, compared to its average volume of 1,426,847. Quanta Services, Inc. has a 1 year low of $227.08 and a 1 year high of $424.94. The firm has a market cap of $61.20 billion, a price-to-earnings ratio of 66.58, a price-to-earnings-growth ratio of 2.83 and a beta of 1.08. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.58. The business has a 50 day moving average price of $371.30 and a 200 day moving average price of $317.20.

Quanta Services (NYSE:PWR - Get Free Report) last issued its earnings results on Thursday, May 1st. The construction company reported $1.78 earnings per share for the quarter, beating analysts' consensus estimates of $1.72 by $0.06. Quanta Services had a return on equity of 18.06% and a net margin of 3.74%. The firm had revenue of $6.23 billion for the quarter, compared to analysts' expectations of $5.88 billion. During the same quarter last year, the firm earned $1.41 earnings per share. The firm's revenue for the quarter was up 23.9% compared to the same quarter last year. Research analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Announces Dividend

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

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.