Merlin Capital LLC, a hedge fund, has raised its stake in Quanta Services, Inc., a construction company listed on the New York Stock Exchange. The fund increased its holdings by 23.7% during the 2nd quarter, according to its filing with the Securities and Exchange Commission. With the purchase of an additional 1,247 shares, Merlin Capital now owns a total of 6,514 shares of Quanta Services stock. This represents 1.6% of Merlin Capital’s investment portfolio, making it the 14th biggest holding for the fund. The total value of Merlin Capital’s Quanta Services holdings is $816,000.
In addition to Merlin Capital, other hedge funds have also made changes to their holdings of Quanta Services. Norges Bank, for example, acquired a new position in the company during the fourth quarter, while FMR LLC raised its holdings by 19.7% during the first quarter. Great Lakes Advisors LLC and Royal Bank of Canada also increased their positions in Quanta Services in the first quarter, with Great Lakes Advisors adding a new position and Royal Bank of Canada raising its holdings by over 50%. Bank of Montreal Can, on the other hand, acquired a new position in the second quarter.
Overall, 87.86% of Quanta Services stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Analysts have recently released reports on Quanta Services, providing new price targets for the company’s shares. Citigroup, for example, raised its price objective from $192.00 to $234.00, giving Quanta Services a “buy” rating. Robert W. Baird reaffirmed an “outperform” rating and set a price objective of $219.00. Credit Suisse Group, StockNews.com, and Argus also released reports with positive ratings and increased price targets for Quanta Services. According to MarketBeat, the average rating for the company is a “Moderate Buy” with an average price target of $208.91.
Insider Transactions and Price Performance
EVP Donald Wayne recently sold 5,000 shares of Quanta Services stock at an average price of $210.92, with a total transaction value of $1,054,600.00. Following this sale, Wayne now owns 41,323 shares of Quanta Services stock. Corporate insiders currently hold 1.20% of the company’s stock.
Shares of Quanta Services traded at $174.07 during mid-day trading on Friday, with a total trading volume of 1,406,032 shares. The company has a market cap of $25.29 billion and a price-to-earnings ratio of 37.12. Quanta Services has a 12-month low of $134.61 and a 12-month high of $212.82. The stock has a 50-day simple moving average of $181.56 and a 200-day simple moving average of $186.76. The company has a debt-to-equity ratio of 0.66 and a current ratio of 1.61.
Quanta Services Announces Dividend
Quanta Services recently disclosed a quarterly dividend, with stockholders of record on October 2nd receiving a dividend of $0.08 per share. This represents an annualized dividend of $0.32 and a dividend yield of 0.18%. The ex-dividend date for this dividend was September 29th. Quanta Services currently has a dividend payout ratio of 6.82%.
Quanta Services Company Profile
Quanta Services, Inc. is a global provider of infrastructure solutions for various industries, including electric and gas utilities, renewable energy, communications, and pipeline and energy. The company’s Electric Power Infrastructure Solutions segment is engaged in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities, as well as the installation of smart grid technologies. Quanta Services also specializes in the design, installation, maintenance, and repair of commercial and industrial wirings.
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