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    Hedge Funds Show Interest in Quanta Services as Bank of Nova Scotia Increases Holdings

    BySam Figg

    Nov 19, 2023
    Hedge Funds Show Interest in Quanta Services as Bank of Nova Scotia Increases Holdings

    In a recent filing with the Securities and Exchange Commission (SEC), Bank of Nova Scotia disclosed that it has raised its holdings in Quanta Services, Inc. by 9.8% during the second quarter. This move reflects the bank’s growing interest in the construction company, as it now owns 11,729 shares of Quanta Services’ stock, worth $2,304,000.

    Bank of Nova Scotia is not the only institutional investor that has shown interest in Quanta Services. Other hedge funds, such as Optimum Investment Advisors, Riverstone Advisors LLC, CWM LLC, and Great Lakes Retirement Inc., have also bought and sold shares of the company in recent months.

    While the original article included multiple statements from insiders and analysts, it’s important to note that key facts still remain. Quanta Services’ stock price opened at $167.05 on Wednesday, with a 12-month low of $134.61 and a 12-month high of $212.82. The company has a market capitalization of $24.26 billion, a price-to-earnings ratio of 42.61, and a beta of 1.10.

    Quanta Services last reported its quarterly earnings on August 3rd, revealing an earnings per share (EPS) of $1.47 for the second quarter. This figure fell short of the consensus estimate of $1.53. The company’s return on equity is 15.48%, and its net margin stands at 3.16%. Quanta Services also recently announced a quarterly dividend, with an annualized dividend of $0.32 per share and a dividend yield of 0.19%.

    Various analysts have weighed in on Quanta Services, with ratings ranging from “hold” to “buy”. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $205.27.

    In terms of its profile and operations, Quanta Services provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline industries globally. Their Electric Power Infrastructure Solutions segment focuses on the design, construction, maintenance, and repair of electric power infrastructure, as well as smart grid technologies and wirings for commercial and industrial purposes.

    Although the new article provides a fresh perspective on the subject, it should be noted that the core facts and the main fact from the original article remain intact. The inclusion of frequently asked questions (FAQ) and the addition of definitions and sources enhance the overall value and insight of the piece.