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

OLD National Bancorp IN decreased its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 64.9% during the 1st quarter, Holdings Channel reports. The firm owned 4,878 shares of the construction company’s stock after selling 9,023 shares during the quarter. OLD National Bancorp IN’s holdings in Quanta Services were worth $2,678,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Evoke Wealth LLC bought a new position in shares of Quanta Services during the 4th quarter worth about $368,000. Sequoia Financial Advisors LLC raised its stake in Quanta Services by 3.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 130,436 shares of the construction company’s stock worth $55,052,000 after buying an additional 3,966 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Quanta Services by 9.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,602 shares of the construction company’s stock worth $21,357,000 after buying an additional 4,568 shares during the period. Lebenthal Global Advisors LLC boosted its holdings in Quanta Services by 9.8% in the fourth quarter. Lebenthal Global Advisors LLC now owns 9,277 shares of the construction company’s stock worth $3,915,000 after acquiring an additional 830 shares in the last quarter. Finally, North Dakota State Investment Board acquired a new stake in Quanta Services in the fourth quarter valued at approximately $2,131,000. Institutional investors and hedge funds own 90.49% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Earl C. Jr. Austin sold 130,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 556,911 shares of the company’s stock, valued at approximately $429,183,462.15. The trade was a 18.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Paul Nobel sold 4,000 shares of the stock in a transaction dated 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 transaction, the chief accounting officer owned 8,080 shares of the company’s stock, valued at approximately $6,116,398.40. The trade was a 33.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 159,992 shares of company stock valued at $123,244,714 in the last 90 days. Corporate insiders own 0.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on PWR shares. Evercore upped their target price on Quanta Services from $635.00 to $800.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. CICC Research initiated coverage on shares of Quanta Services in a research note on Thursday, May 21st. They set an “outperform” rating and a $872.00 price target for the company. Citigroup upped their price objective on shares of Quanta Services from $640.00 to $733.00 and gave the stock a “buy” rating in a report on Monday, April 27th. The Goldman Sachs Group raised their price objective 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. Finally, UBS Group lifted their price objective on shares of Quanta Services from $646.00 to $900.00 and gave the company a “buy” rating in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Quanta Services currently has an average rating of “Moderate Buy” and an average price target of $733.87.

Quanta Services Trading Down 4.4%

NYSE:PWR opened at $686.73 on Friday. Quanta Services, Inc. has a 52 week low of $363.01 and a 52 week high of $788.75. The firm has a 50-day moving average price of $702.52 and a two-hundred day moving average price of $574.40. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.09 and a current ratio of 1.14. The firm has a market cap 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.

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

Quanta Services declared that its board has authorized 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 repurchase up to 0.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Quanta Services Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $0.44 annualized dividend and a yield of 0.1%. Quanta Services’s payout ratio is currently 6.04%.

Quanta Services 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.