Quanta Services, Inc. (NYSE: PWR) has experienced a slight reduction in investment from Malaga Cove Capital LLC, which has decreased its stake by 1.9% during the second quarter of this year. According to a recent filing with the Securities and Exchange Commission, the fund now holds 15,616 shares of Quanta Services after selling 297 shares in the period. This reduction makes Quanta Services the seventh largest position in Malaga Cove Capital’s investment portfolio, accounting for approximately 2.3% of its total holdings. The current value of Malaga Cove Capital’s investment in Quanta Services stands at about $5,904,000.
The investment landscape surrounding Quanta Services has been dynamic, with other significant investors also making adjustments to their positions. Vanguard Group Inc. increased its stake by 2.4% in the first quarter, acquiring an additional 407,878 shares. This brings Vanguard’s total ownership to 17,417,299 shares, valued at approximately $4.43 billion. Other notable investors include Kingstone Capital Partners Texas LLC, which established a new stake valued at around $650.96 million, and Nuveen LLC, which invested approximately $404.29 million in the same quarter.
As of recent reports, institutional investors now own approximately 90.49% of Quanta Services’ stock, illustrating strong institutional confidence in the company.
Quanta Services Stock Performance
On Friday, shares of Quanta Services opened at $442.74, reflecting a decline of 2.4% in trading. Over the past year, the stock has seen significant volatility, with a low of $227.08 and a high of $469.43. The company’s stock has a market capitalization of $66.02 billion, a price-to-earnings ratio of 68.54, and a PEG ratio of 2.66.
Quanta Services also announced its latest quarterly dividend, which was paid on October 10, 2023. Shareholders of record on October 1 received a dividend of $0.10, equating to an annualized dividend of $0.40 and a yield of 0.1%. The company maintains a dividend payout ratio of 5.93%.
Analyst Ratings and Insider Activity
Several equities analysts have recently updated their ratings for Quanta Services. Stifel Nicolaus set a price target of $495.00 in a report on October 30, while JPMorgan Chase & Co. raised its target from $436.00 to $457.00, maintaining a “neutral” rating. TD Cowen increased its price target from $355.00 to $425.00, recommending a “buy” rating. Other firms, including Sanford C. Bernstein and UBS Group, have also adjusted their ratings, with UBS setting a new target of $474.00.
In insider trading news, Director Bernard Fried sold 4,000 shares of Quanta Services on November 3, at an average price of $452.19, totaling approximately $1,808,760. Following this transaction, Fried retains 12,493 shares, valued at around $5.65 million, representing a 24.25% decrease in his holdings.
Quanta Services continues to play a significant role in providing infrastructure solutions across various industries, including electric and gas utilities, renewable energy, communications, and pipeline sectors, both in the United States and internationally. The company’s diverse portfolio and strong market presence underscore its importance in the evolving energy landscape.
