In this article, we will discuss the top 5 stocks that William Harnisch’s Peconic Partners is buying. If you want to read our detailed analysis of William Harnisch’s history, investment philosophy, and hedge fund performance, go directly to William Harnisch’s Peconic Partners is Buying These 10 Stocks.
5. MasTec, Inc. (NYSE:MTZ)
Peconic Partners’ Stake Value: $29,339,000
Percentage of Peconic Partners’ 13F Portfolio: 2.93%
Number of Hedge Fund Holders: 39
William Harnisch’s Peconic Partners is one of the biggest stakeholders in MasTec, Inc. (NYSE:MTZ), an engineering and construction company headquartered in Coral Gables, Florida. The fund owned 276,521 shares worth $29.3 million in the company as of Q2 filings, reflecting 2.93% of the fund’s total portfolio.
4. Cleveland-Cliffs Inc. (NYSE:CLF)
Peconic Partners’ Stake Value: $71,877,000
Percentage of Peconic Partners’ 13F Portfolio: 7.19%
Number of Hedge Fund Holders: 44
Cleveland-Cliffs Inc. (NYSE:CLF) is one of the biggest steel enterprises that was founded way back in 1847 by Samuel Mather and his associates. The company started as Cleveland Iron Manufacturing Company and it is now being run by C. Lourenco Goncalves as its chairman, CEO, and president. Cleveland-Cliffs recently entered the scraping business following the acquisition of Ferrous Processing and Trading Company for a total of $775 million. Keeping up with the global efforts to promote sustainability, the company has pledged to reduce its greenhouse gas emissions by 25% by 2030.
3. Dycom Industries, Inc. (NYSE:DY)
Peconic Partners’ Stake Value: $72,546,000
Percentage of Peconic Partners’ 13F Portfolio: 7.25%
Number of Hedge Fund Holders: 18
Dycom Industries, Inc. (NYSE:DY) is an American contracting services provider with a focus on the telecommunications industry. Its specialty services include construction, engineering, underground facility locating, fulfillment, and program management. Headquartered in Palm Beach Gardens, Florida, Dycom was founded in 1969. It is currently run by Steven E. Nielsen as its CEO since 1999. Dycom has a number of subsidiaries including CableCom, NeoCom Solutions, Prince Telecom, TCS Communications, Pauley Construction, and Utiliquest among others.
2. WESCO International, Inc. (NYSE:WCC)
Peconic Partners’ Stake Value: $192,241,000
Percentage of Peconic Partners’ 13F Portfolio: 19.23%
Number of Hedge Fund Holders: 23
WESCO International, Inc. (NYSE:WCC) is an American supply chain and distribution solutions provider with operations in 17 countries. It is a Fortune 500 company offering distribution and supply chain solutions to businesses in the electrical, communications, and industrial sectors with clients including utilities, telecommunication companies, contractors, and government agencies all across the globe.
Raymond James kept a Strong Buy rating on the WESCO International, Inc. (NYSE:WCC) shares on the back of improved business conditions in the near term. Analyst Sam Darkatsh revised the firm’s price target from $140 to $145 on September 29.
Investment management firm Diamond Hill Capital, in its Q2 investment letter titled “Diamond Hill Small Cap Fund”, talked about WESCO International, Inc. (NYSE:WCC). Here is what the fund said:
“WESCO, a leading distributor of electrical, industrial and communications materials, was a top contributor as it continues making progress on its integration of Anixter—an acquisition that closed in early 2020—and is strategically paying down merger-related debt. With increased scale and added synergy from its acquisition, we believe WESCO is well positioned as it generates strong free cash flow.”
1. Quanta Services, Inc. (NYSE:PWR)
Peconic Partners’ Stake Value: $513,410,000
Percentage of Peconic Partners’ 13F Portfolio: 51.37%
Number of Hedge Fund Holders: 40
As of Q2 2021 filings, William Harnisch’s Peconic Partners owned over 5.6 million shares of PWR worth $513.4 million which is 51.37% of the fund’s total portfolio. The fund is the biggest stakeholder in Quanta Services, Inc. ( NYSE:PWR).
ClearBridge Investments talked about Quanta Services, Inc. (NYSE:PWR) in its second-quarter investment letter. Here is what the fund said:
“To highlight this diversification and our active approach, we will discuss a stock that we added this quarter that are wellpositioned for some of the changes we think are underway: Quanta Services.
Quanta Services is a specialty engineering and construction company that will be a major beneficiary of the multidecade power infrastructure investment we expect to be made to support the energy transition. Based on our estimates, electric transmission capacity needs to triple or quadruple over the next 30 years to meet the demand for a net-zero economy. It is very rare to find investment runways of this length and magnitude, and we think the duration and sustainability of this growth are not reflected in Quanta’s current price. Specifically, we think Quanta’s revenues can triple over the next 20 years, which is well above what the stock currently embeds. This growth could be especially powerful if Quanta is able to expand profit margins as management currently expects, but any combination should allow our investment to compound at an attractive rate in one of the biggest transitions in history.”
The hedge fund sentiment around Quanta Services, Inc. (NYSE:PWR) is positive as 40 out of the 873 hedge funds owned stakes in the company as of Q2. According to Insider Monkey’s database, the same number stood at 33 out of the tracked 866 funds in the preceding quarter.
You can also take a look at the 11 Best Quantum Computing Stocks To Invest In and 11 Best Artificial Intelligence and Robotics Stocks To Buy According To Hedge Funds
