142,503 Shares in SOLV Energy Inc. $MWH Acquired by Wellington Management Group LLP

Key Points

• Wellington Management Group acquired 142,503 shares of SOLV Energy during the second quarter, valued at approximately $4.85 million and representing about 0.11% of the company.
• Analysts maintain a generally positive outlook, with SOLV Energy holding a consensus “Moderate Buy” rating and an average price target of $39.91, despite some target reductions and upgrades.
• SOLV Energy reported quarterly earnings of $0.30 per share, exceeding estimates of $0.26, while revenue rose 77.4% year over year to $951.24 million. Shares opened at $25.09, near their one-year low of $23.83.

Wellington Management Group LLP bought a new stake in SOLV Energy Inc. (NASDAQ:MWH - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 142,503 shares of the company's stock, valued at approximately $4,852,000. Wellington Management Group LLP owned approximately 0.11% of SOLV Energy at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Public Employees Retirement System of Ohio acquired a new position in shares of SOLV Energy during the second quarter worth $375,000. Neumeier Poma Investment Counsel LLC acquired a new stake in shares of SOLV Energy during the 2nd quarter valued at $18,320,262. Finally, Bank of New York Mellon Corp grew its position in SOLV Energy by 697.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 98,660 shares of the company's stock worth $3,359,000 after acquiring an additional 86,290 shares during the last quarter.

Analysts Set New Price Targets

MWH has been the subject of several research reports. Weiss Ratings upgraded SOLV Energy from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, August 14th. Robert W. Baird reduced their price target on SOLV Energy from $50.00 to $42.00 and set an "outperform" rating on the stock in a report on Friday, August 14th. UBS Group reiterated a "neutral" rating and issued a $50.00 price objective (up from $42.00) on shares of SOLV Energy in a report on Thursday, May 14th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating and set a $42.00 target price on shares of SOLV Energy in a research report on Friday, August 14th. Finally, TD Cowen boosted their target price on shares of SOLV Energy from $32.00 to $35.00 and gave the stock a "buy" rating in a report on Tuesday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.91.

SOLV Energy Price Performance

Shares of MWH opened at $25.09 on Thursday. The business has a 50-day moving average of $28.24 and a 200-day moving average of $31.93. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market capitalization of $5.08 billion and a price-to-earnings ratio of 83.63. SOLV Energy Inc. has a 1 year low of $23.83 and a 1 year high of $48.40.

SOLV Energy (NASDAQ:MWH - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported $0.30 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.04. The firm had revenue of $951.24 million for the quarter. SOLV Energy's quarterly revenue was up 77.4% on a year-over-year basis. As a group, equities research analysts anticipate that SOLV Energy Inc. will post 1.28 earnings per share for the current year.

SOLV Energy Profile

SOLV Energy NASDAQ: MWH is a renewable energy company that develops, constructs and operates solar and energy storage projects. The firm provides solutions aimed at reducing customers’ reliance on traditional grid power by pairing photovoltaic systems with battery storage where appropriate. SOLV’s activities are centered on delivering commercial-scale and distributed generation projects for business, institutional and public sector clients.

The company’s services encompass multiple phases of project delivery, including site assessment, system design, procurement, engineering and construction, and ongoing operations and maintenance.

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