Joho Capital LLC lessened its position in shares of Quanta Services, Inc. (NYSE:PWR – Free Report) by 96.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,110 shares of the construction company’s stock after selling 112,383 shares during the period. Quanta Services makes up approximately 0.4% of Joho Capital LLC’s investment portfolio, making the stock its 8th largest position. Joho Capital LLC’s holdings in Quanta Services were worth $1,735,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Cedar Mountain Advisors LLC grew its holdings in shares of Quanta Services by 321.4% during the 4th quarter. Cedar Mountain Advisors LLC now owns 59 shares of the construction company’s stock worth $25,000 after purchasing an additional 45 shares in the last quarter. Darwin Wealth Management LLC acquired a new stake in shares of Quanta Services in the 2nd quarter valued at approximately $26,000. Flagship Harbor Advisors LLC bought a new stake in shares of Quanta Services during the 4th quarter valued at approximately $28,000. Meeder Asset Management Inc. lifted its stake in Quanta Services by 221.7% in the 4th quarter. Meeder Asset Management Inc. now owns 74 shares of the construction company’s stock valued at $31,000 after purchasing an additional 51 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV increased its holdings in shares of Quanta Services by 266.7% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 77 shares of the construction company’s stock worth $32,000 after buying an additional 56 shares in the last quarter. 90.49% of the stock is owned by institutional investors and hedge funds.
Quanta Services Stock Performance
Shares of PWR stock opened at $714.41 on Thursday. The firm’s 50 day moving average is $684.87 and its 200 day moving average is $562.90. The company has a current ratio of 1.14, a quick ratio of 1.09 and a debt-to-equity ratio of 0.57. Quanta Services, Inc. has a 12 month low of $358.27 and a 12 month high of $788.75. The stock has a market capitalization of $107.20 billion, a P/E ratio of 98.00, a PEG ratio of 2.83 and a beta of 1.20.
Quanta Services Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a $0.11 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $0.44 annualized dividend and a yield of 0.1%. Quanta Services’s dividend payout ratio is currently 6.04%.
Quanta Services declared that its Board of Directors has approved a stock repurchase plan 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 shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
Analysts Set New Price Targets
A number of equities analysts have recently commented on PWR shares. CICC Research started coverage on shares of Quanta Services in a report on Thursday, May 21st. They set an “outperform” rating and a $872.00 price target on the stock. Truist Financial set a $851.00 target price on Quanta Services in a report on Friday, May 1st. B. Riley Financial reaffirmed a “neutral” rating on shares of Quanta Services in a research note on Friday, May 1st. Jefferies Financial Group boosted their price objective on Quanta Services from $654.00 to $857.00 and gave the company a “buy” rating in a report on Monday, May 4th. Finally, Citigroup raised their price objective on shares of Quanta Services from $640.00 to $733.00 and gave the company a “buy” rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $733.87.
Read Our Latest Stock Report on PWR
Insider Buying and Selling
In other Quanta Services news, CAO Paul Nobel sold 4,000 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $756.98, for a total value of $3,027,920.00. Following the completion of the sale, the chief accounting officer directly owned 8,080 shares of the company’s stock, valued at $6,116,398.40. The trade was a 33.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $770.65, for a total value of $100,184,500.00. Following the completion of the transaction, the chief executive officer owned 556,911 shares in the company, valued at approximately $429,183,462.15. This represents a 18.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 159,992 shares of company stock worth $123,244,714 over the last quarter. Company insiders own 0.60% of the company’s stock.
Quanta Services 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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