OLD National Bancorp IN Sells 9,023 Shares of Quanta Services, Inc. $PWR

Key Points

• OLD National Bancorp IN cut its Quanta Services position by 64.9% in the first quarter, selling 9,023 shares and leaving it with 4,878 shares valued at about $2.68 million.
• Quanta Services posted strong first-quarter results, with EPS of $2.68 beating estimates and revenue of $7.87 billion topping forecasts; revenue rose 26.3% year over year.
• Analysts remain broadly bullish on PWR, with an average rating of Moderate Buy and an average target price of $733.87; the company also announced a quarterly dividend and a $1 billion share buyback.

OLD National Bancorp IN cut its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 64.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,878 shares of the construction company's stock after selling 9,023 shares during the period. OLD National Bancorp IN's holdings in Quanta Services were worth $2,678,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Louisiana State Employees Retirement System acquired a new position in Quanta Services in the 1st quarter valued at about $4,173,000. KFG Wealth Management LLC grew its position in shares of Quanta Services by 2.6% in the first quarter. KFG Wealth Management LLC now owns 1,261 shares of the construction company's stock valued at $692,000 after purchasing an additional 32 shares during the last quarter. Ritholtz Wealth Management increased its stake in shares of Quanta Services by 22.7% during the first quarter. Ritholtz Wealth Management now owns 6,175 shares of the construction company's stock worth $3,390,000 after purchasing an additional 1,143 shares during the period. KFA Private Wealth Group LLC acquired a new stake in Quanta Services during the 1st quarter worth approximately $254,000. Finally, Factor Wealth Management LTD bought a new stake in Quanta Services in the 1st quarter valued at $204,000. Institutional investors own 90.49% of the company's stock.

Analyst Upgrades and Downgrades

PWR has been the topic of a number of research reports. Weiss Ratings raised Quanta Services from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, May 20th. Oppenheimer raised shares of Quanta Services from a "market perform" rating to an "outperform" rating and set a $800.00 target price for the company in a research report on Thursday, May 28th. The Goldman Sachs Group upped their price target on shares of Quanta Services from $685.00 to $826.00 and gave the company a "buy" rating in a research note on Monday, May 4th. JPMorgan Chase & Co. raised their price target on shares of Quanta Services from $627.00 to $805.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Finally, Evercore lifted their price objective on shares of Quanta Services from $635.00 to $800.00 and gave the stock an "outperform" rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $733.87.

Quanta Services Stock Performance

Shares of NYSE:PWR opened at $686.73 on Friday. Quanta Services, Inc. has a 1 year low of $363.01 and a 1 year high of $788.75. The stock has a market capitalization of $103.05 billion, a price-to-earnings ratio of 94.20, a price-to-earnings-growth ratio of 2.83 and a beta of 1.20. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.14 and a quick ratio of 1.09. The company's 50 day simple moving average is $702.52 and its 200 day simple moving average is $574.40.

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 for the quarter, topping the consensus estimate of $2.04 by $0.64. The firm had revenue of $7.87 billion during the quarter, compared to analysts' expectations of $7 billion. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The company's quarterly revenue was up 26.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.78 earnings per share. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. As a group, research analysts predict that Quanta Services, Inc. will post 12.81 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date is Wednesday, July 1st. Quanta Services's payout ratio is currently 6.04%.

Quanta Services announced that its Board of Directors has approved a stock buyback plan on Friday, May 22nd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the construction company to purchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at Quanta Services

In related news, CAO Paul Nobel sold 4,000 shares of the company's stock in a transaction that occurred on Monday, May 4th. The shares were 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 directly owned 8,080 shares in the company, valued at $6,116,398.40. This represents a 33.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Earl C. Jr. Austin sold 25,992 shares of the company's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $770.71, for a total transaction of $20,032,294.32. Following the transaction, the chief executive officer owned 16,508 shares of the company's stock, valued at $12,722,880.68. This trade represents a 61.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 159,992 shares of company stock worth $123,244,714 over the last ninety days. 0.60% of the stock is currently owned by insiders.

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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