Neo Ivy Capital Management Grows Stock Position in Quanta Services, Inc. (NYSE:PWR)

Key Points

• Neo Ivy Capital Management increased its stake in Quanta Services, Inc. by 634.6%, acquiring a total of 8,330 shares valued at approximately $2.12 million by the end of the first quarter.
• Quanta Services reported earnings per share of $1.78 for the latest quarter, surpassing analysts' estimates of $1.72, with revenues reaching $6.23 billion, a year-over-year increase of 23.9%.
• The company's stock received multiple upgrades, with a consensus rating of "Moderate Buy" and an average target price of $362.25 from analysts.

Neo Ivy Capital Management lifted its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 634.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,330 shares of the construction company's stock after buying an additional 7,196 shares during the quarter. Neo Ivy Capital Management's holdings in Quanta Services were worth $2,117,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Banque Transatlantique SA bought a new position in shares of Quanta Services during the 4th quarter worth $25,000. Quarry LP bought a new position in shares of Quanta Services during the 4th quarter worth $26,000. Cullen Frost Bankers Inc. bought a new position in shares of Quanta Services during the 1st quarter worth $25,000. OLD Second National Bank of Aurora bought a new position in shares of Quanta Services during the 1st quarter worth $42,000. Finally, Sound Income Strategies LLC grew its position in shares of Quanta Services by 77.9% during the 1st quarter. Sound Income Strategies LLC now owns 185 shares of the construction company's stock worth $47,000 after buying an additional 81 shares in the last quarter. Institutional investors own 90.49% of the company's stock.

Quanta Services Stock Performance

Shares of PWR traded down $9.63 during mid-day trading on Monday, reaching $412.05. The company had a trading volume of 807,910 shares, compared to its average volume of 1,426,330. Quanta Services, Inc. has a 52-week low of $227.08 and a 52-week high of $424.94. 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 stock has a market capitalization of $61.09 billion, a P/E ratio of 66.46, a PEG ratio of 2.90 and a beta of 1.08. The stock has a 50 day moving average of $368.62 and a two-hundred day moving average of $315.86.

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

Quanta Services Dividend Announcement

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

Wall Street Analyst Weigh In

PWR has been the subject of several recent research reports. Stifel Nicolaus boosted their price target on Quanta Services from $363.00 to $411.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. B. Riley boosted their price target on Quanta Services from $300.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. The Goldman Sachs Group reissued a "buy" rating and issued a $414.00 price target (up from $364.00) on shares of Quanta Services in a research report on Wednesday, June 4th. BMO Capital Markets lowered shares of Quanta Services from an "outperform" rating to a "market perform" rating and boosted their price objective for the stock from $352.00 to $400.00 in a research note on Thursday, July 17th. Finally, DA Davidson upped their target price on Quanta Services from $295.00 to $305.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Eleven equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $364.52.

Quanta Services 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.