Guided Capital Wealth Management LLC has acquired a new stake in Quanta Services, Inc. (NYSE:PWR), investing approximately $1.86 million during the third quarter of 2023. The firm purchased 4,497 shares of the construction company, which now represents 1.6% of its investment portfolio, making it the firm’s 23rd largest holding.
This investment comes alongside a trend of increased activity from other institutional investors in Quanta Services. Brighton Jones LLC entered the fray during the fourth quarter with a new stake valued at around $298,000. In the first quarter, Brooklyn Investment Group raised its position by 25%, now owning 615 shares worth $156,000 after acquiring an additional 123 shares. Similarly, Wellington Management Group LLP increased its holdings by 10.5%, owning 1,193 shares valued at $303,000 following a purchase of 113 shares.
Banco Bilbao Vizcaya Argentaria S.A. also expanded its investment in Quanta Services by 3%, bringing its total to 3,518 shares valued at $894,000. GM Advisory Group LLC entered with a new position worth approximately $548,000. Overall, institutional investors own 90.49% of Quanta Services’ stock.
Analysts Maintain Positive Outlook
Several equities research analysts have issued favorable ratings for Quanta Services. Weiss Ratings reaffirmed a “buy (B-)” rating, while Citigroup raised its target price from $517.00 to $526.00. Robert W. Baird set a price target of $490.00, and Stifel Nicolaus established a $495.00 price objective. Argus also set a target of $540.00. Currently, fourteen analysts rate the stock as a “buy” and eleven as “hold,” leading to a consensus rating of “Moderate Buy” on MarketBeat.com, with a target price of $449.24.
Insider Trading Activity
Recent insider trading activity has seen some significant moves. On November 3, Bernard Fried, a director at Quanta Services, sold 4,000 shares at an average price of $452.19, totaling $1,808,760. Following this transaction, Fried holds 12,493 shares, valued at approximately $5,649,209.67, representing a 24.25% decrease in his holdings.
Another insider, Gerald A. Ducey, Jr., sold 7,653 shares on November 6 at an average price of $446.08, amounting to $3,413,850.24. Post-transaction, Ducey owns 19,960 shares, valued at approximately $8,903,756.80, a 27.72% decrease from his previous stake. Over the past 90 days, insiders have sold a total of 32,002 shares worth $14,295,857, with insiders currently owning 1.10% of the stock.
Quanta Services shares opened at $421.16 on October 30 and have a market capitalization of $62.80 billion. The company’s stock has shown impressive performance, with a 1-year low of $227.08 and a 1-year high of $473.99. The firm reported earnings of $3.33 per share for the quarter, exceeding analysts’ expectations of $3.24, and has projected earnings per share guidance for FY 2025 between $10.330 and $10.830.
Quanta Services, Inc. provides critical infrastructure solutions across various sectors, including electric and gas utilities, renewable energy, and communications. The company operates in the United States, Canada, Australia, and other regions, and its services encompass the design, construction, maintenance, and upgrade of electric power infrastructure.
For those interested in tracking institutional investments in Quanta Services, Holdings Channel offers up-to-date reports on 13F filings and insider trades.
