Monarch Capital Management Inc. Cuts Stake in Quanta Services, Inc. (NYSE:PWR)

Monarch Capital Management Inc. lessened its holdings in Quanta Services, Inc. (NYSE:PWR) by 6.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,484 shares of the construction company’s stock after selling 1,883 shares during the quarter. Quanta Services accounts for 1.9% of Monarch Capital Management Inc.’s investment portfolio, making the stock its 18th biggest position. Monarch Capital Management Inc.’s holdings in Quanta Services were worth $6,475,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. EntryPoint Capital LLC purchased a new position in shares of Quanta Services in the first quarter worth about $25,000. Private Ocean LLC bought a new stake in Quanta Services in the first quarter valued at approximately $26,000. Salomon & Ludwin LLC bought a new stake in Quanta Services in the first quarter valued at approximately $26,000. Cambridge Trust Co. purchased a new stake in shares of Quanta Services during the first quarter valued at approximately $26,000. Finally, CarsonAllaria Wealth Management Ltd. bought a new position in shares of Quanta Services in the second quarter worth approximately $38,000. 90.49% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of Quanta Services stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the completion of the transaction, the insider now directly owns 21,286 shares in the company, valued at $5,490,297.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the sale, the insider now owns 21,286 shares in the company, valued at approximately $5,490,297.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the transaction, the insider now owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 202,357 shares of company stock worth $53,115,572. 1.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. B. Riley increased their price target on shares of Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Evercore ISI raised their target price on Quanta Services from $255.00 to $288.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 7th. Citigroup boosted their price target on Quanta Services from $299.00 to $302.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Truist Financial reiterated a “buy” rating and issued a $319.00 price objective (up previously from $305.00) on shares of Quanta Services in a report on Monday, August 5th. Finally, Argus upped their target price on Quanta Services from $285.00 to $310.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $287.09.

Quanta Services Stock Up 2.0 %

Shares of NYSE PWR traded up $5.37 during mid-day trading on Friday, hitting $273.17. 504,110 shares of the stock traded hands, compared to its average volume of 945,343. The company has a market cap of $39.99 billion, a price-to-earnings ratio of 52.94 and a beta of 1.03. The stock has a fifty day moving average price of $260.90 and a 200-day moving average price of $255.07. Quanta Services, Inc. has a 52 week low of $153.74 and a 52 week high of $286.87. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.25 and a current ratio of 1.30.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The firm had revenue of $5.59 billion for the quarter, compared to analysts’ expectations of $5.51 billion. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.47 EPS. Research analysts anticipate that Quanta Services, Inc. will post 7.72 EPS for the current year.

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.