MasTec (NYSE:MTZ) Shares Down 7% – Here’s What Happened

MasTec, Inc. (NYSE:MTZ)’s share price traded down 7% on Thursday . The stock traded as low as $218.06 and last traded at $219.2080. 388,804 shares were traded during trading, a decline of 66% from the average session volume of 1,132,455 shares. The stock had previously closed at $235.75.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. UBS Group upped their target price on MasTec from $206.00 to $252.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. Zacks Research raised MasTec from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 30th. Citigroup lifted their target price on MasTec from $219.00 to $248.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Wolfe Research raised shares of MasTec from a “peer perform” rating to an “outperform” rating and set a $227.00 price target for the company in a research report on Wednesday, September 17th. Finally, Jefferies Financial Group lifted their price objective on shares of MasTec from $218.00 to $252.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, MasTec presently has an average rating of “Buy” and an average target price of $233.06.

MasTec Price Performance

The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.30 and a current ratio of 1.33. The stock has a 50 day moving average of $212.44 and a 200-day moving average of $196.55. The company has a market cap of $17.09 billion, a PE ratio of 51.30 and a beta of 1.91.

Insiders Place Their Bets

In other MasTec news, CAO Timothy Michael Love sold 1,929 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $206.15, for a total value of $397,663.35. Following the completion of the transaction, the chief accounting officer directly owned 9,757 shares of the company’s stock, valued at approximately $2,011,405.55. The trade was a 16.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new stake in shares of MasTec during the 4th quarter valued at about $227,000. NewEdge Advisors LLC grew its holdings in MasTec by 32.6% in the first quarter. NewEdge Advisors LLC now owns 4,408 shares of the construction company’s stock valued at $514,000 after purchasing an additional 1,083 shares during the period. Goldman Sachs Group Inc. increased its position in shares of MasTec by 163.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,043,981 shares of the construction company’s stock valued at $121,843,000 after buying an additional 648,184 shares in the last quarter. United Services Automobile Association acquired a new position in shares of MasTec during the 1st quarter worth approximately $467,000. Finally, Geneos Wealth Management Inc. lifted its position in shares of MasTec by 15.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 764 shares of the construction company’s stock valued at $89,000 after buying an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 78.10% of the company’s stock.

MasTec Company Profile

MasTec, Inc is a diversified infrastructure construction company that provides engineering, fabrication, installation and maintenance services across a broad range of end markets. Its principal activities encompass the development of communications networks, oil and gas pipeline systems, electrical transmission and distribution facilities, industrial installations and renewable energy projects.

The company traces its roots to a small cable installation operation in Miami and has grown through a series of strategic acquisitions to become one of the largest infrastructure contractors in North America.