Bornite Capital Management LP Has $17.46 Million Stake in Quanta Services, Inc. (NYSE:PWR)

Key Points

• Bornite Capital Management LP increased its stake in Quanta Services by 21.4%, owning a total of 68,700 shares valued at approximately $17.46 million as of the latest quarter.
• Quanta Services reported a quarterly EPS of $2.48, surpassing analysts' expectations and showing a 21.1% increase in revenue year-over-year.
• Institutional investors and hedge funds own 90.49% of Quanta Services, with several firms upping their holdings and adjusting their stock price targets.

Bornite Capital Management LP lifted its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 21.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 68,700 shares of the construction company's stock after purchasing an additional 12,100 shares during the quarter. Quanta Services accounts for approximately 4.5% of Bornite Capital Management LP's holdings, making the stock its 12th largest position. Bornite Capital Management LP's holdings in Quanta Services were worth $17,462,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PWR. SCP Investment LP acquired a new stake in shares of Quanta Services in the first quarter valued at $966,000. Brighton Jones LLC acquired a new stake in shares of Quanta Services in the fourth quarter valued at $298,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Quanta Services by 3.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 68,770 shares of the construction company's stock valued at $17,480,000 after buying an additional 2,479 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Quanta Services by 60.0% in the first quarter. Farther Finance Advisors LLC now owns 1,568 shares of the construction company's stock valued at $404,000 after buying an additional 588 shares during the period. Finally, Objectivity Squared LLC acquired a new stake in shares of Quanta Services in the first quarter valued at $213,000. Institutional investors own 90.49% of the company's stock.

Quanta Services Stock Up 1.9%

PWR stock traded up $7.43 during mid-day trading on Tuesday, hitting $391.55. The stock had a trading volume of 858,704 shares, compared to its average volume of 1,259,859. The company has a current ratio of 1.37, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. Quanta Services, Inc. has a 1-year low of $227.08 and a 1-year high of $424.94. The company has a fifty day moving average of $381.71 and a 200 day moving average of $320.88. The stock has a market capitalization of $58.34 billion, a price-to-earnings ratio of 60.61, a PEG ratio of 2.28 and a beta of 1.10.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The construction company reported $2.48 EPS for the quarter, beating analysts' consensus estimates of $2.44 by $0.04. The business had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.55 billion. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%. The firm's revenue for the quarter was up 21.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.90 EPS. On average, equities analysts expect that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.1%. Quanta Services's dividend payout ratio is currently 6.19%.

Analysts Set New Price Targets

PWR has been the subject of several research analyst reports. The Goldman Sachs Group restated a "buy" rating and issued a $414.00 price objective (up previously from $364.00) on shares of Quanta Services in a report on Wednesday, June 4th. Sanford C. Bernstein downgraded Quanta Services from an "outperform" rating to a "market perform" rating and set a $410.00 target price for the company. in a report on Monday, July 28th. Roth Capital reaffirmed a "buy" rating and set a $450.00 target price (up from $350.00) on shares of Quanta Services in a report on Tuesday, July 29th. Stifel Nicolaus upped their target price on Quanta Services from $411.00 to $432.00 and gave the company a "buy" rating in a report on Monday, August 4th. Finally, Northland Securities downgraded Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 target price for the company. in a report on Wednesday, July 2nd. Twelve analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $392.45.

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.