MasTec (NYSE:MTZ) Price Target Raised to $270.00 at Truist Financial

MasTec (NYSE:MTZ) had its target price boosted by research analysts at Truist Financial from $253.00 to $270.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. Truist Financial’s target price would suggest a potential upside of 25.08% from the stock’s current price.

A number of other analysts have also commented on MTZ. Mizuho set a $254.00 price objective on shares of MasTec in a research note on Monday, November 3rd. Robert W. Baird upped their price target on shares of MasTec from $238.00 to $249.00 and gave the company an “outperform” rating in a research report on Monday, November 3rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MasTec in a research note on Monday. Roth Capital lifted their price objective on shares of MasTec from $210.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Finally, Wall Street Zen lowered MasTec from a “strong-buy” rating to a “buy” rating in a report on Sunday, October 19th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $232.06.

MasTec Trading Up 3.2%

Shares of NYSE MTZ traded up $6.60 during mid-day trading on Thursday, hitting $215.87. 192,491 shares of the company traded hands, compared to its average volume of 999,103. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 0.69. MasTec has a 1 year low of $99.70 and a 1 year high of $233.14. The stock has a market capitalization of $17.03 billion, a price-to-earnings ratio of 51.28 and a beta of 1.94. The business has a 50 day moving average of $207.12 and a two-hundred day moving average of $189.99.

Insiders Place Their Bets

In related news, CAO Timothy Michael Love sold 1,929 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $206.15, for a total transaction of $397,663.35. Following the completion of the sale, the chief accounting officer directly owned 9,757 shares in the company, valued at approximately $2,011,405.55. This trade represents a 16.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director C Robert Campbell sold 2,000 shares of the business’s stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $210.39, for a total value of $420,780.00. Following the completion of the transaction, the director owned 33,277 shares in the company, valued at $7,001,148.03. This trade represents a 5.67% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On MasTec

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Salomon & Ludwin LLC grew its position in MasTec by 344.4% in the third quarter. Salomon & Ludwin LLC now owns 120 shares of the construction company’s stock worth $26,000 after acquiring an additional 93 shares in the last quarter. Caldwell Trust Co acquired a new stake in shares of MasTec in the 2nd quarter valued at $29,000. Parkside Financial Bank & Trust boosted its holdings in MasTec by 253.7% in the second quarter. Parkside Financial Bank & Trust now owns 191 shares of the construction company’s stock worth $33,000 after purchasing an additional 137 shares in the last quarter. Princeton Global Asset Management LLC acquired a new position in MasTec during the third quarter worth $43,000. Finally, Ameritas Advisory Services LLC acquired a new position in MasTec during the second quarter worth $35,000. Institutional investors own 78.10% 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.