MasTec, Inc. (NYSE:MTZ) Stake Cut by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS lessened its holdings in shares of MasTec, Inc. (NYSE:MTZ) by 3.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,400 shares of the construction company’s stock after selling 500 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in MasTec were worth $1,447,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of MTZ. Hood River Capital Management LLC boosted its holdings in shares of MasTec by 3.5% during the fourth quarter. Hood River Capital Management LLC now owns 1,531,104 shares of the construction company’s stock worth $208,444,000 after purchasing an additional 51,531 shares during the period. AQR Capital Management LLC lifted its position in MasTec by 13.3% in the 4th quarter. AQR Capital Management LLC now owns 779,472 shares of the construction company’s stock worth $106,117,000 after buying an additional 91,564 shares in the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of MasTec by 137.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 627,670 shares of the construction company’s stock valued at $85,451,000 after buying an additional 363,502 shares during the period. First Trust Advisors LP grew its holdings in shares of MasTec by 173.8% during the 4th quarter. First Trust Advisors LP now owns 587,788 shares of the construction company’s stock valued at $80,021,000 after acquiring an additional 373,145 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of MasTec by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 560,710 shares of the construction company’s stock worth $65,440,000 after acquiring an additional 4,024 shares during the last quarter. Hedge funds and other institutional investors own 78.10% of the company’s stock.

Analysts Set New Price Targets

MTZ has been the subject of a number of research reports. Stifel Nicolaus lifted their price objective on MasTec from $171.00 to $181.00 and gave the company a “buy” rating in a research report on Wednesday, May 28th. The Goldman Sachs Group raised MasTec from a “neutral” rating to a “buy” rating and boosted their price target for the company from $156.00 to $195.00 in a research note on Friday, June 6th. Wolfe Research initiated coverage on shares of MasTec in a research report on Monday, March 31st. They set a “peer perform” rating on the stock. Truist Financial lifted their target price on shares of MasTec from $154.00 to $184.00 and gave the company a “buy” rating in a research note on Monday, May 5th. Finally, Jefferies Financial Group initiated coverage on shares of MasTec in a research note on Friday, May 16th. They set a “buy” rating and a $188.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $176.94.

MasTec Price Performance

Shares of MasTec stock opened at $186.45 on Monday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.22 and a quick ratio of 1.18. The company has a market cap of $14.71 billion, a PE ratio of 68.55 and a beta of 1.75. The firm has a fifty day moving average price of $165.92 and a two-hundred day moving average price of $143.71. MasTec, Inc. has a fifty-two week low of $89.96 and a fifty-two week high of $188.74.

MasTec (NYSE:MTZ) last released its earnings results on Thursday, May 1st. The construction company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.17. MasTec had a net margin of 1.72% and a return on equity of 11.65%. The business had revenue of $2.85 billion during the quarter, compared to analysts’ expectations of $2.71 billion. During the same quarter last year, the company earned ($0.13) earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. Analysts expect that MasTec, Inc. will post 3.44 EPS for the current year.

Insiders Place Their Bets

In related news, Director C Robert Campbell sold 3,000 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the transaction, the director directly owned 39,782 shares of the company’s stock, valued at $6,122,051.98. This trade represents a 7.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Robert E. Apple sold 10,000 shares of the business’s stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $175.00, for a total transaction of $1,750,000.00. Following the completion of the sale, the chief operating officer directly owned 194,249 shares in the company, valued at $33,993,575. This trade represents a 4.90% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 21.30% of the company’s stock.

About MasTec

MasTec, Inc, an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, utility, and other infrastructure primarily in the United States and Canada. It operates through five segments: Communications, Clean Energy and Infrastructure, Oil and Gas, Power Delivery, and Other.