June 22, 2023 – Smith Anglin Financial LLC has made a strategic move by purchasing a new stake in Quanta Services, Inc. (NYSE:PWR), according to its most recent Form 13F filing with the Securities & Exchange Commission. The company acquired 1,384 shares of the renowned construction company’s stock valued at approximately $231,000 during the first quarter of this year.
Quanta Services (NYSE:PWR) is known for delivering infrastructure solutions for electric power systems, telecommunications networks, and pipeline and gas facilities all across North America. Its impressive track record is reflected in its latest quarterly earnings report on May 4th when it reported a much-better-than-expected EPS of $1.09 per share compared to the consensus estimate pegged at $0.94 per share—a notable difference of $0.15 per share.
Further analysis reveals that Quanta Services generated revenues amounting to $4.43 billion during the quarter compared to analyst estimates of $4.08 billion—an impressive feat that further cements its glittery reputation in the industry. Predictions from equities analysts indicate that Quanta Services could post an estimated EPS figure of 6.42 for the current fiscal year.
However, notable insider trading activities have been observed in recent times. EVP Donald Wayne sold a whopping 3,956 shares of the company’s stock worth over $640K in March this year followed by another sale by Derrick A Jensen who sold off around 100K shares worth over USD16M last month at an average price of $169 per share.
A total of 251,030 shares have been off-loaded collectively by insiders last quarter, with corporate insiders accounting for about 1.30% ownership of company stocks at present.
In conclusion,Smith Anglin Financial LLC’s decision to invest in Quanta Services should not be taken lightly as their recent prowess demonstrated from its Q1 earnings report attests to their viability. However, potential investors are advised to keep an eye on the recent insider selling activities in order to make informed investment decisions.
[bs_slider_forecast ticker=”PWR”]
Institutional Investors Flock to Quanta Services Amid Impressive Financial Performance
Quanta Services, a leading provider of infrastructure solutions for the electric power and oil and gas industries, has witnessed a surge in institutional investments. Vanguard Personalized Indexing Management LLC added 2.3% to its holdings during the fourth quarter, Bremer Bank National Association increased its stake by 85.8%, Alpha Cubed Investments LLC grew by 10.3%, Commonwealth Equity Services LLC elevated its holdings by 26.2% while Impax Asset Management Group plc upped it’s by 5.3%. A whopping 88.80% of Quanta Services’ stock is now owned by institutional investors and hedge funds.
PWR stock opened at $190.94 on Thursday following which Quanta Services announced that they will pay their quarterly dividend of $0.08 to shareholders on July 14th who are recorded as shareholders on July 3rd. This represents an annualized dividend of $0.32 per share and a yield of 0.17%. Although small, this gesture appeals to investors who invest in the long-term stability of their companies.
All eyes are on this giant corporation in the industry with market capitalization estimated at $27.72 billion, a PE ratio of 56.32 and beta standing at an average level of 1.07 which indicates low risk compared to broader markets.The company has witnessed smooth liquidity with impressive ratios – quick ratio at 1.58 and current ratio at 1:63 which further increase the possibility that they will sustain any financial hardship that comes their way.
There have been several equity research analysts recommending buy ratings on the company’s stock such as Baird initiating coverage on Quanta raising target prices from $173 to $186 while Argus upgraded Quanta from “hold” rating to “buy”. In addition, according to Bloomberg.com, two investment analysts hold buy ratings.
Two senior executives also made significant sell-offs with EVP Donald Wayne selling 3,956 shares of the company’s stock in a transaction that occurred on Tuesday, March 28th and EVP Derrick A. Jensen pitching off 100,000 shares of the business’s stock in a transaction that occurred on Monday, May 8th. While insiders sold a total of 251,030 shares of company stock valued at $42,886,741 over the last quarter.Following their sales, their current holdings are estimated at $7,625,125.55 and $47,797,626 respectively.
Quanta Services has had a strong year with its impressive financial performance and remains confident for the coming quarters with predictions that it will continue to grow its market share across different sectors as well as increasing its customer base which is likely to drive revenue further up. With institutions reshuffling their stakes – only time will tell what this means for Quanta Services growth trajectory.