Gladstone Capital Management LLP purchased a new position in shares of Quanta Services, Inc. (NYSE:PWR – Free Report) during the fourth quarter, Holdings Channel reports. The firm purchased 180,981 shares of the construction company’s stock, valued at approximately $76,385,000. Quanta Services accounts for approximately 8.0% of Gladstone Capital Management LLP’s investment portfolio, making the stock its 5th largest holding.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank acquired a new position in shares of Quanta Services during the 4th quarter worth approximately $817,285,000. Bank of America Corp DE grew its stake in Quanta Services by 35.6% in the 3rd quarter. Bank of America Corp DE now owns 2,916,540 shares of the construction company’s stock valued at $1,208,672,000 after acquiring an additional 765,822 shares during the period. Victory Capital Management Inc. increased its holdings in Quanta Services by 35.2% in the 4th quarter. Victory Capital Management Inc. now owns 2,915,440 shares of the construction company’s stock worth $1,230,493,000 after acquiring an additional 758,862 shares in the last quarter. Sands Capital Management LLC acquired a new position in Quanta Services during the fourth quarter worth $243,485,000. Finally, Select Equity Group L.P. lifted its holdings in Quanta Services by 69.3% during the second quarter. Select Equity Group L.P. now owns 1,017,123 shares of the construction company’s stock valued at $384,554,000 after purchasing an additional 416,395 shares in the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.
Quanta Services Stock Performance
NYSE:PWR opened at $720.15 on Wednesday. The company’s 50-day moving average price is $681.67 and its 200-day moving average price is $561.11. The company has a current ratio of 1.14, a quick ratio of 1.09 and a debt-to-equity ratio of 0.57. The company has a market cap of $108.07 billion, a P/E ratio of 98.79, a P/E/G ratio of 2.85 and a beta of 1.20. Quanta Services, Inc. has a twelve month low of $353.69 and a twelve month high of $788.75.
Quanta Services announced that its board has initiated a stock buyback program on Friday, May 22nd that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the construction company to purchase up to 0.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Quanta Services Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be given a $0.11 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.1%. Quanta Services’s dividend payout ratio is 6.04%.
Insider Activity at Quanta Services
In related news, CEO Earl C. Jr. Austin sold 25,992 shares of Quanta Services stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $770.71, for a total transaction of $20,032,294.32. Following the transaction, the chief executive officer owned 16,508 shares in the company, valued at approximately $12,722,880.68. This trade represents a 61.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Paul Nobel sold 4,000 shares of the business’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $756.98, for a total value of $3,027,920.00. Following the transaction, the chief accounting officer directly owned 8,080 shares in the company, valued at $6,116,398.40. This trade represents a 33.11% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 159,992 shares of company stock valued at $123,244,714. Insiders own 0.60% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on the stock. Oppenheimer upgraded shares of Quanta Services from a “market perform” rating to an “outperform” rating and set a $800.00 target price on the stock in a research report on Thursday, May 28th. Roth Mkm raised their price target on shares of Quanta Services from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Monday, April 6th. Weiss Ratings upgraded Quanta Services from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 20th. Bank of America boosted their price objective on Quanta Services from $500.00 to $610.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Finally, TD Cowen raised their target price on Quanta Services from $570.00 to $775.00 and gave the company a “buy” rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $733.87.
Check Out Our Latest Research Report on PWR
Quanta Services Company Profile
Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.
In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.
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