In recent news, the Teacher Retirement System of Texas has cut its position in shares of Quanta Services, Inc. by 23.5%. According to information disclosed with the Securities and Exchange Commission (SEC), the fund owned 15,747 shares of Quanta Services’ stock worth $2,244,000 at the end of the quarter after selling 4,837 shares during the period. This move raises some interesting questions about Quanta Services’ standing in the market and whether this is just a minor blip or part of a larger trend.
However, this is not all that happened with Quanta Services recently. There have also been sales of company stock by top executives like EVP Donald Wayne and EVP Derrick A. Jensen. Wayne sold 3,956 shares in March for a total value of $644,234.60 while Jensen sold 100,000 shares in May for a total transaction value of $16,936,000.00. Insiders have sold a total of 238,956 shares valued at $40,698,935 over the past three months.
While this news may sound alarming to investors at first glance, it’s important to keep the company’s overall performance and financial standing in mind when analyzing these events. As it stands currently on the New York Stock Exchange (NYSE), PWR opened at $180.08 at time of publication with a market capitalization of $26.14 billion and a price-to-earnings ratio of 53.12.
Quanta Services does face some challenges going forward – including making strategic investments to stay ahead in an increasingly competitive industry – but their overall performance has been solid so far and there is still room for growth and innovation within their field.
Moving forward into 2021 and beyond it will be interesting to see how Quanta Services handles these insider sales along with other changes that may arise within their industry or as part of external factors impacting the market more broadly. However, with a strong current standing and a history of success under their belt, it seems likely that Quanta Services will continue to adapt and innovate within their field in order to meet new challenges head on.
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Institutional Investors and Hedge Funds Show Increased Interest in Quanta Services, Driving Growth and Rising Target Prices
Quanta Services, a construction company specializing in infrastructure services, has garnered interest from a number of institutional investors and hedge funds. Future Fund LLC, Hollow Brook Wealth Management LLC, Bank of America Corp DE, Creative Planning, and Wade G W & Inc., all increased their holdings in Quanta Services during the fourth quarter of 2016. This recent surge in investment has resulted in 89.29% of the company’s stock now being owned by institutional investors and hedge funds.
Several research analysts have offered insight into this growth for Quanta Services. The Goldman Sachs Group rated the company as “neutral” and raised their target price from $150.00 to $171.00 per share. Meanwhile, Argus ranked Quanta Services as a “buy” and raised their target price from $168.00 to $189.00 per share.
Other research analysts such as Northland Securities and DA Davidson also increased their target prices on Quanta Services shares recently.
Quanta Services recently announced that it will pay a quarterly dividend to stockholders on July 14th. The transaction will occur following record-keeping on July 3rd and will include a dividend worth $0.08 for each share held by eligible shareholders before June 30th.
Overall Bloomberg.com reports that Quanta Services has developed a consensus rating of “Moderate Buy,” with an average target price for the company’s shares at $177.91 per share.
The future certainly looks bright for this leading construction company that specializes in major infrastructural projects throughout North America and beyond with the current trends indicating increasing investments towards its stocks among institutionalists who are known for making sound investment decisions backed by extensive analysis of market data coupled with insights from expert analysts who follow up closely with evolving developments affecting companies’ performances within respective ecosystems.