Freemont Management S.A. recently made a significant investment of $7.47 million in Quanta Services, Inc. This move by the hedge fund signals their confidence in the construction company’s potential for growth and success.
While Freemont Management S.A. remains tight-lipped about their reasons for this investment, Wall Street analysts have been enthusiastic about Quanta Services. Several brokerages have raised their target price for the stock, with Northland Securities increasing their price objective to $210.00 and Citigroup raising their target price to $234.00. Robert W. Baird has also reissued an “outperform” rating and set a target price of $219.00. Credit Suisse Group raised their target price even further to $238.00, calling Quanta Services an “outperform” stock.
Investors may be wondering what sets Quanta Services apart from its competitors. Quanta Services is a global infrastructure solutions provider, specializing in the electric and gas utility, renewable energy, communications, pipeline, and energy industries. They are involved in the design, construction, and maintenance of various infrastructure projects, including electric power transmission and distribution facilities, smart grid technologies, and commercial and industrial wirings.
Quanta Services has been performing well on the market, with its stock trading at $171.14 on the New York Stock Exchange. The company has a market cap of $24.86 billion and a P/E ratio of 43.31. It has a 52-week low of $134.61 and a 52-week high of $212.82.
In addition to the recent investment by Freemont Management S.A., other hedge funds and institutional investors have also shown interest in Quanta Services. Old North State Trust LLC, Lagoda Investment Management L.P., Apollon Wealth Management LLC, 180 Wealth Advisors LLC, and WealthPLAN Partners LLC have all increased their stakes in the company. In fact, 87.86% of the stock is owned by institutional investors and hedge funds, highlighting the confidence in Quanta Services.
FAQs:
Q: What is the target price for Quanta Services set by Wall Street analysts?
A: Several brokerages have raised their target price for Quanta Services, with estimates ranging from $210.00 to $238.00.
Q: What does Quanta Services specialize in?
A: Quanta Services is a global infrastructure solutions provider, specializing in the electric and gas utility, renewable energy, communications, pipeline, and energy industries.
Q: How has Quanta Services performed on the stock market?
A: Quanta Services currently trades at $171.14 on the New York Stock Exchange, with a market cap of $24.86 billion. The company has a 52-week low of $134.61 and a 52-week high of $212.82.
Q: Who else has invested in Quanta Services?
A: Besides Freemont Management S.A., other hedge funds and institutional investors, such as Old North State Trust LLC, Lagoda Investment Management L.P., Apollon Wealth Management LLC, 180 Wealth Advisors LLC, and WealthPLAN Partners LLC, have increased their stakes in Quanta Services. In total, 87.86% of the stock is owned by institutional investors and hedge funds.