RPG Investment Advisory LLC, a prominent institutional investor, recently reduced its stake in Quanta Services, Inc. by 2.6% during the second quarter. This move has garnered attention as it demonstrates a change in strategy for RPG Investment Advisory LLC, who now holds Quanta Services as their 5th biggest position.
The reduction resulted in RPG Investment Advisory LLC selling 2,450 shares of Quanta Services’ stock, leaving them with a current holding of 91,809 shares. The value of the shares sold amounts to approximately $18,036,000, highlighting the significance of RPG Investment Advisory LLC’s decision.
This insider activity is not unique to RPG Investment Advisory LLC, as other hedge funds and institutional investors have also been adjusting their positions in Quanta Services. Notably, Norges Bank entered the scene and bought a new position in Quanta Services, valued at around $180,853,000. FMR LLC, Great Lakes Advisors LLC, Royal Bank of Canada, and Bank of Montreal Can have all made recent moves as well, further indicating the active investment landscape surrounding Quanta Services.
Meanwhile, EVP Donald Wayne made headlines by selling 5,000 shares of Quanta Services stock in an individual transaction. He sold these shares at an average price of $210.92 per share, resulting in a total transaction value of $1,054,600. This sale has increased the percentage of stock ownership held by insiders to 1.20%, highlighting insider confidence in the company.
Despite the recent insider activity, Quanta Services’ stock has shown resilience, with a 0.5% increase. The stock is currently trading at $184.03, showing stability in the face of significant movements in the institutional and insider landscape.
As investors eagerly await further developments at Quanta Services, experts maintain a positive outlook for the company. Wall Street analysts have issued a “Moderate Buy” rating, with a consensus target price of $209.17 per share. This positive sentiment is fueled by Quanta Services’ robust market cap of $26.74 billion and its presence in the infrastructure solutions industry.
Frequently Asked Questions (FAQ)
Q: Who is RPG Investment Advisory LLC?
A: RPG Investment Advisory LLC is a notable institutional investor that holds a diversified investment portfolio consisting of various companies, including Quanta Services, Inc.
Q: What does it mean when an institutional investor reduces its stake in a company?
A: When an institutional investor reduces its stake in a company, it typically indicates a change in investment strategy or the need to rebalance the investment portfolio.