Castleark Management LLC Sells 4,300 Shares of MasTec, Inc. $MTZ

Castleark Management LLC lessened its holdings in shares of MasTec, Inc. (NYSE:MTZ) by 54.8% in the second quarter, Holdings Channel.com reports. The fund owned 3,540 shares of the construction company’s stock after selling 4,300 shares during the quarter. Castleark Management LLC’s holdings in MasTec were worth $603,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in MTZ. Voya Investment Management LLC increased its position in shares of MasTec by 33.1% during the first quarter. Voya Investment Management LLC now owns 46,446 shares of the construction company’s stock worth $5,421,000 after acquiring an additional 11,551 shares in the last quarter. Bridge City Capital LLC boosted its stake in MasTec by 27.2% in the 2nd quarter. Bridge City Capital LLC now owns 49,357 shares of the construction company’s stock worth $8,412,000 after purchasing an additional 10,565 shares during the period. Schroder Investment Management Group bought a new position in MasTec during the 2nd quarter worth about $12,366,000. Sterling Capital Management LLC raised its stake in shares of MasTec by 16.3% in the 2nd quarter. Sterling Capital Management LLC now owns 79,049 shares of the construction company’s stock valued at $13,472,000 after purchasing an additional 11,071 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in shares of MasTec in the 2nd quarter valued at about $5,022,000. Institutional investors own 78.10% of the company’s stock.

MasTec Price Performance

Shares of MTZ opened at $220.86 on Monday. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.69. The company’s fifty day simple moving average is $207.15 and its 200 day simple moving average is $188.97. MasTec, Inc. has a 1-year low of $99.70 and a 1-year high of $233.14. The company has a market cap of $17.43 billion, a price-to-earnings ratio of 52.46 and a beta of 1.94.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. KeyCorp increased their price objective on MasTec from $236.00 to $246.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Guggenheim reiterated a “neutral” rating and issued a $215.00 price objective on shares of MasTec in a report on Wednesday, October 15th. Barclays increased their target price on shares of MasTec from $200.00 to $240.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. Jefferies Financial Group lifted their price target on shares of MasTec from $218.00 to $252.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Finally, Wall Street Zen cut shares of MasTec from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 19th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $229.44.

Insider Activity

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

MasTec Company Profile

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.