Bank of Nova Scotia Trims Stock Position in MasTec, Inc. $MTZ

Bank of Nova Scotia lessened its stake in shares of MasTec, Inc. (NYSE:MTZ) by 23.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 71,045 shares of the construction company’s stock after selling 22,307 shares during the period. Bank of Nova Scotia’s holdings in MasTec were worth $12,108,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Parkside Financial Bank & Trust increased its holdings in MasTec by 253.7% during the 2nd quarter. Parkside Financial Bank & Trust now owns 191 shares of the construction company’s stock worth $33,000 after purchasing an additional 137 shares during the period. Ameritas Advisory Services LLC bought a new position in shares of MasTec during the 2nd quarter worth $35,000. Evelyn Partners Asset Management Ltd bought a new position in shares of MasTec during the 2nd quarter worth $43,000. Farther Finance Advisors LLC increased its stake in shares of MasTec by 228.6% during the second quarter. Farther Finance Advisors LLC now owns 276 shares of the construction company’s stock valued at $47,000 after buying an additional 192 shares during the period. Finally, Cullen Frost Bankers Inc. bought a new stake in shares of MasTec in the second quarter valued at about $49,000. Hedge funds and other institutional investors own 78.10% of the company’s stock.

Wall Street Analyst Weigh In

MTZ has been the topic of several recent research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of MasTec in a report on Monday. Wall Street Zen downgraded shares of MasTec from a “strong-buy” rating to a “buy” rating in a research note on Sunday, October 19th. Barclays lifted their price objective on shares of MasTec from $200.00 to $240.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Mizuho set a $254.00 target price on MasTec in a report on Monday, November 3rd. Finally, Roth Capital increased their target price on MasTec from $210.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $229.44.

MasTec Price Performance

NYSE MTZ opened at $228.53 on Thursday. The firm’s fifty day simple moving average is $206.71 and its two-hundred day simple moving average is $187.72. The firm has a market capitalization of $18.03 billion, a P/E ratio of 54.28 and a beta of 1.94. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.69. MasTec, Inc. has a 12-month low of $99.70 and a 12-month high of $231.98.

Insider Buying and Selling

In related news, COO Robert E. Apple sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $200.44, for a total transaction of $2,004,400.00. Following the transaction, the chief operating officer directly owned 184,249 shares of the company’s stock, valued at $36,930,869.56. This represents a 5.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Timothy Michael Love sold 1,929 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $206.15, for a total value of $397,663.35. Following the completion of the sale, the chief accounting officer owned 9,757 shares of the company’s stock, valued at approximately $2,011,405.55. This trade represents a 16.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,929 shares of company stock worth $2,822,843 in the last ninety days. 21.30% of the stock is owned by insiders.

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.