Fmr LLC raised its stake in shares of MasTec, Inc. (NYSE:MTZ) by 3,576.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,999,733 shares of the construction company’s stock after purchasing an additional 1,945,344 shares during the quarter. Fmr LLC owned 2.62% of MasTec worth $96,187,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MTZ. Endurance Wealth Management Inc. acquired a new stake in MasTec during the first quarter valued at approximately $29,000. Johnson Financial Group Inc. acquired a new stake in MasTec during the fourth quarter valued at approximately $53,000. Amundi Pioneer Asset Management Inc. acquired a new stake in MasTec during the fourth quarter valued at approximately $101,000. Brandywine Global Investment Management LLC acquired a new stake in MasTec during the fourth quarter valued at approximately $113,000. Finally, Neuburgh Advisers LLC acquired a new stake in MasTec during the fourth quarter valued at approximately $186,000. 84.59% of the stock is currently owned by institutional investors.
In other news, Director Robert J. Dwyer sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $51.66, for a total value of $516,600.00. Following the transaction, the director now directly owns 23,587 shares of the company’s stock, valued at approximately $1,218,504.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 22.00% of the stock is owned by insiders.
Shares of MTZ opened at $49.06 on Friday. The firm has a market cap of $3.72 billion, a P/E ratio of 13.48, a P/E/G ratio of 1.35 and a beta of 1.44. The company has a quick ratio of 1.70, a current ratio of 1.79 and a debt-to-equity ratio of 1.18. MasTec, Inc. has a one year low of $37.24 and a one year high of $53.80. The stock has a 50 day simple moving average of $48.10.
MasTec (NYSE:MTZ) last announced its earnings results on Thursday, May 2nd. The construction company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.39 by $0.19. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.43 billion. MasTec had a return on equity of 21.31% and a net margin of 3.93%. MasTec’s revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.35 EPS. Sell-side analysts anticipate that MasTec, Inc. will post 4.4 EPS for the current fiscal year.
MTZ has been the topic of several recent analyst reports. Zacks Investment Research raised MasTec from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a report on Monday, April 8th. KeyCorp boosted their target price on MasTec from $60.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, May 6th. Barclays reissued a “buy” rating and issued a $57.00 target price on shares of MasTec in a report on Wednesday, March 13th. ValuEngine raised MasTec from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Finally, B. Riley reduced their target price on MasTec from $71.00 to $61.00 and set a “buy” rating on the stock in a report on Tuesday, March 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $60.11.
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, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other.
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