CIBC Asset Management Inc Acquires 14,665 Shares of Quanta Services, Inc. $PWR

Key Points

• CIBC Asset Management increased its stake in Quanta Services by 71.9% in the fourth quarter, buying 14,665 additional shares and bringing its total holdings to 35,056 shares worth about $14.8 million.
• Insider selling was notable, with CAO Paul Nobel and CEO Earl C. Jr. Austin selling shares in May; insiders have sold 159,992 shares worth $123.2 million over the past 90 days.
• Quanta Services reported strong quarterly results, beating EPS and revenue estimates, while analysts have turned more bullish with multiple price-target increases and a consensus rating of “Moderate Buy.”

CIBC Asset Management Inc lifted its holdings in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 71.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,056 shares of the construction company's stock after purchasing an additional 14,665 shares during the quarter. CIBC Asset Management Inc's holdings in Quanta Services were worth $14,796,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Sunburst Financial Group LLC raised its holdings in Quanta Services by 2.0% during the fourth quarter. Sunburst Financial Group LLC now owns 1,147 shares of the construction company's stock valued at $484,000 after buying an additional 22 shares in the last quarter. Spirepoint Private Client LLC boosted its holdings in shares of Quanta Services by 2.0% during the 4th quarter. Spirepoint Private Client LLC now owns 1,107 shares of the construction company's stock worth $467,000 after buying an additional 22 shares during the period. Vista Capital Partners Inc. grew its stake in Quanta Services by 3.1% in the 4th quarter. Vista Capital Partners Inc. now owns 742 shares of the construction company's stock valued at $313,000 after buying an additional 22 shares during the last quarter. Headinvest LLC raised its holdings in Quanta Services by 2.2% in the 4th quarter. Headinvest LLC now owns 1,001 shares of the construction company's stock worth $422,000 after acquiring an additional 22 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC lifted its position in Quanta Services by 0.5% during the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 4,750 shares of the construction company's stock worth $1,968,000 after acquiring an additional 23 shares during the last quarter. Institutional investors and hedge funds own 90.49% of the company's stock.

Insider Activity at Quanta Services

In related news, CAO Paul Nobel sold 4,000 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $756.98, for a total transaction of $3,027,920.00. Following the completion of the transaction, the chief accounting officer owned 8,080 shares in the company, valued at $6,116,398.40. This trade represents a 33.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $770.65, for a total value of $100,184,500.00. Following the completion of the sale, the chief executive officer owned 556,911 shares in the company, valued at $429,183,462.15. This trade represents a 18.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 159,992 shares of company stock valued at $123,244,714 in the last 90 days. 0.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently weighed in on PWR shares. Wall Street Zen upgraded Quanta Services from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. The Goldman Sachs Group lifted their price target on Quanta Services from $685.00 to $826.00 and gave the stock a "buy" rating in a research report on Monday, May 4th. Jefferies Financial Group increased their price objective on Quanta Services from $654.00 to $857.00 and gave the company a "buy" rating in a research report on Monday, May 4th. Argus raised their price objective on shares of Quanta Services from $540.00 to $650.00 and gave the stock a "buy" rating in a research note on Tuesday, February 24th. Finally, Cantor Fitzgerald upped their target price on shares of Quanta Services from $630.00 to $901.00 and gave the company an "overweight" rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Quanta Services currently has an average rating of "Moderate Buy" and a consensus price target of $733.87.

Quanta Services Trading Up 0.4%

Shares of PWR stock opened at $718.32 on Friday. The firm has a fifty day moving average of $658.94 and a 200-day moving average of $546.71. The stock has a market cap of $107.79 billion, a price-to-earnings ratio of 98.53, a P/E/G ratio of 2.82 and a beta of 1.20. Quanta Services, Inc. has a 52-week low of $341.93 and a 52-week high of $788.75. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.09 and a current ratio of 1.14.

Quanta Services (NYSE:PWR - Get Free Report) last posted its earnings results on Thursday, April 30th. The construction company reported $2.68 earnings per share for the quarter, beating analysts' consensus estimates of $2.04 by $0.64. Quanta Services had a net margin of 3.67% and a return on equity of 18.64%. The business had revenue of $7.87 billion for the quarter, compared to analysts' expectations of $7 billion. During the same quarter in the previous year, the firm posted $1.78 earnings per share. The firm's revenue for the quarter was up 26.3% on a year-over-year basis. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. On average, equities research analysts forecast that Quanta Services, Inc. will post 12.81 earnings per share for the current fiscal year.

Quanta Services announced that its Board of Directors has initiated a share repurchase program on Friday, May 22nd that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the construction company to buy up to 0.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its stock is undervalued.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be issued a $0.11 dividend. The ex-dividend date of this dividend 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 presently 6.04%.

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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