Fifth Third Bancorp Boosts Holdings in Quanta Services, Inc. $PWR

Key Points

• Fifth Third Bancorp increased its stake in Quanta Services by 500.6% in the first quarter, buying an additional 31,969 shares and bringing its total holding to 38,355 shares worth about $21.1 million.
• Quanta Services reported better-than-expected quarterly results, with EPS of $2.68 versus $2.04 estimated and revenue of $7.87 billion versus $7 billion expected; revenue rose 26.3% year over year.
• The company also announced a $1.0 billion share buyback and paid a quarterly dividend of $0.11 per share, while analysts overall maintain a Moderate Buy rating with a consensus price target of $751.86.

Fifth Third Bancorp boosted its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 500.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,355 shares of the construction company's stock after purchasing an additional 31,969 shares during the quarter. Fifth Third Bancorp's holdings in Quanta Services were worth $21,058,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Cedar Mountain Advisors LLC boosted 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 valued at $25,000 after purchasing an additional 45 shares during the last quarter. Darwin Wealth Management LLC bought a new stake in shares of Quanta Services in the second quarter worth about $26,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Quanta Services in the fourth quarter worth about $28,000. MV Capital Management Inc. purchased a new stake in shares of Quanta Services in the fourth quarter worth about $30,000. Finally, Meeder Asset Management Inc. boosted its stake in Quanta Services by 221.7% during the fourth quarter. Meeder Asset Management Inc. now owns 74 shares of the construction company's stock valued at $31,000 after buying an additional 51 shares during the last quarter. 90.49% of the stock is owned by hedge funds and other institutional investors.

Quanta Services Trading Down 1.8%

PWR stock opened at $646.72 on Tuesday. Quanta Services, Inc. has a twelve month low of $363.01 and a twelve month high of $788.75. The stock has a market capitalization of $97.05 billion, a price-to-earnings ratio of 88.71, a price-to-earnings-growth ratio of 2.59 and a beta of 1.21. The company has a quick ratio of 1.09, a current ratio of 1.14 and a debt-to-equity ratio of 0.57. The firm's fifty day simple moving average is $713.16 and its two-hundred day simple moving average is $593.52.

Quanta Services (NYSE:PWR - Get Free Report) last released its earnings results on Thursday, April 30th. The construction company reported $2.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.64. Quanta Services had a net margin of 3.67% and a return on equity of 18.64%. The firm had revenue of $7.87 billion during the quarter, compared to analyst estimates of $7 billion. During the same quarter last year, the business earned $1.78 EPS. The business's revenue was up 26.3% on a year-over-year basis. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. As a group, analysts anticipate that Quanta Services, Inc. will post 12.8 earnings per share for the current year.

Quanta Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st were paid a $0.11 dividend. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.44 annualized dividend and a yield of 0.1%. Quanta Services's dividend payout ratio (DPR) is presently 6.04%.

Quanta Services announced that its Board of Directors has initiated a share buyback plan on Friday, May 22nd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the construction company to purchase up to 0.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PWR. BMO Capital Markets lifted their price objective on Quanta Services from $650.00 to $800.00 and gave the stock an "outperform" rating in a research note on Friday, May 1st. Mizuho raised their target price on shares of Quanta Services from $580.00 to $693.00 and gave the company a "neutral" rating in a report on Friday, May 1st. Jefferies Financial Group reduced their price target on shares of Quanta Services from $857.00 to $784.00 and set a "buy" rating on the stock in a research report on Friday. Wall Street Zen raised shares of Quanta Services from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. Finally, Cantor Fitzgerald increased their price objective on shares of Quanta Services from $630.00 to $901.00 and gave the company an "overweight" rating in a research report on Monday, May 11th. Nineteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $751.86.

Insider Activity at Quanta Services

In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $770.65, for a total transaction of $100,184,500.00. Following the transaction, the chief executive officer owned 556,911 shares of the company's stock, valued at approximately $429,183,462.15. This represents a 18.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Paul Nobel sold 4,000 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was 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 owned 8,080 shares in the company, valued at approximately $6,116,398.40. The trade was a 33.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 159,992 shares of company stock valued at $123,244,714 in the last 90 days. Company insiders own 0.60% of the company's stock.

About Quanta Services

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.

Want to see what other hedge funds are holding PWR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Quanta Services, Inc. (NYSE:PWR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.