MasTec Inc. (MTZ) Stock Price Down 2.8%
MasTec Inc. (NYSE:MTZ)’s share price dropped 2.8% during mid-day trading on Tuesday . The stock traded as low as $27.71 and last traded at $27.74, with a volume of 239,480 shares trading hands. The stock had previously closed at $28.53.
A number of brokerages have recently issued reports on MTZ. Robert W. Baird assumed coverage on MasTec in a research note on Thursday, August 25th. They issued a “neutral” rating and a $16.00 price target on the stock. Zacks Investment Research raised MasTec from a “hold” rating to a “strong-buy” rating and set a $28.00 price objective on the stock in a report on Wednesday, July 27th. Citigroup Inc. upped their price objective on MasTec from $26.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, August 8th. Wunderlich upped their price objective on MasTec from $28.00 to $35.00 and gave the company a “buy” rating in a report on Monday, August 8th. Finally, Maxim Group upped their price objective on MasTec from $26.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. MasTec currently has a consensus rating of “Buy” and a consensus target price of C$27.55.
The stock’s market capitalization is $2.21 billion. The company’s 50 day moving average price is $28.90 and its 200 day moving average price is $23.81.
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MasTec (NYSE:MTZ) last issued its earnings results on Thursday, August 4th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.14. MasTec had a positive return on equity of 6.18% and a negative net margin of 1.10%. The firm had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the previous year, the firm posted $0.10 earnings per share. The business’s revenue was up 15.5% compared to the same quarter last year. Equities analysts expect that MasTec Inc. will post $1.58 EPS for the current fiscal year.
In other news, COO Robert E. Apple sold 13,739 shares of MasTec stock in a transaction that occurred on Wednesday, June 22nd. The shares were sold at an average price of C$23.77, for a total transaction of C$326,576.03. Following the completion of the sale, the chief operating officer now owns 207,306 shares of the company’s stock, valued at C$4,927,663.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 20.40% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the company. BlackRock Group LTD increased its position in shares of MasTec by 27.4% in the first quarter. BlackRock Group LTD now owns 41,648 shares of the company’s stock worth $843,000 after buying an additional 8,954 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of MasTec by 1.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,611,808 shares of the company’s stock worth $32,623,000 after buying an additional 24,673 shares during the last quarter. Peconic Partners LLC increased its position in shares of MasTec by 5.4% in the first quarter. Peconic Partners LLC now owns 4,878,991 shares of the company’s stock worth $98,751,000 after buying an additional 250,000 shares during the last quarter. Daruma Capital Management LLC increased its position in shares of MasTec by 9.8% in the first quarter. Daruma Capital Management LLC now owns 2,872,171 shares of the company’s stock worth $58,133,000 after buying an additional 257,060 shares during the last quarter. Finally, TIAA CREF Investment Management LLC increased its position in shares of MasTec by 18.0% in the first quarter. TIAA CREF Investment Management LLC now owns 275,051 shares of the company’s stock worth $5,567,000 after buying an additional 41,880 shares during the last quarter. 72.54% of the stock is owned by institutional investors.
MasTec, Inc is an infrastructure construction company. The Company operates primarily across North America through a range of industries. Its primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as wireless, wireline or fiber and satellite communications; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation, and industrial infrastructure.
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