Quanta Services , Inc. (NYSE:PWR) Executive Vice President and General Counsel, Donald Wayne, has sold a portion of his company stock, according to a recent filing with the Securities and Exchange Commission. The transactions occurred over two consecutive days, reflecting a combined sale of company shares worth over $288,000.
On March 27, 2024, Wayne sold 1,101 shares of Quanta Services at an average price of $261.94 per share, totaling approximately $288,395. This sale was conducted under a pre-arranged 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying and selling stocks at a time when they are not in possession of material non-public information.
The filing also disclosed that on March 26, shares were withheld to cover taxes associated with the vesting of restricted stock units issued under an equity incentive plan. The withheld shares amounted to 788, with a total value of $201,365, at a price of $255.54 each. These transactions are a routine practice for settling tax obligations related to the vesting of equity awards.
Following the sale, Wayne's direct holdings in Quanta Services decreased, but he still retains a significant amount of shares in the company. Investors often monitor insider buying and selling activities as an indicator of executive confidence in the company's prospects.
Quanta Services, headquartered in Houston, Texas, is a leading provider of specialized contracting services, delivering infrastructure solutions for the electric power, oil and gas, and communication industries.
InvestingPro Insights
Quanta Services (NYSE:PWR) has been a notable performer in the Construction & Engineering industry, with its stock price reflecting a robust growth trajectory. According to PRONEWS24, investors can access more insights on Quanta Services with a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
InvestingPro Data shows that Quanta Services has a market capitalization of $37.78 billion, affirming its significant presence in the market. The company's P/E ratio stands at a high 50.47 based on the last twelve months as of Q4 2023, which could suggest that the stock is trading at a premium compared to earnings. Additionally, Quanta has experienced impressive revenue growth, with a 22.3% increase over the last twelve months as of Q4 2023, highlighting its successful expansion and operational efficiency.
InvestingPro Tips highlight that Quanta Services is trading near its 52-week high, with the price reaching 99.14% of this peak. This could indicate strong market confidence or potential overvaluation, a sentiment echoed by the RSI suggesting that the stock is in overbought territory. Moreover, analysts have revised their earnings expectations downwards for the upcoming period, which may warrant investor caution. Despite these concerns, Quanta Services has demonstrated a strong return over the last year, with a 60.18% return, showcasing the stock's attractive performance to investors.
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