MasTec (NYSE:MTZ) CAO Sells $72,658.32 in Stock

MasTec, Inc. (NYSE:MTZ) CAO Timothy Love sold 366 shares of the company’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $198.52, for a total value of $72,658.32. Following the sale, the chief accounting officer directly owned 9,926 shares of the company’s stock, valued at approximately $1,970,509.52. This represents a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

MasTec Stock Up 9.8%

MTZ stock opened at $174.45 on Friday. MasTec, Inc. has a 12 month low of $147.49 and a 12 month high of $441.43. The firm has a 50 day simple moving average of $208.10 and a 200 day simple moving average of $299.03. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.39 and a quick ratio of 1.36. The firm has a market cap of $14.01 billion, a PE ratio of 23.54 and a beta of 1.91.

MasTec (NYSE:MTZ) last released its quarterly earnings data on Thursday, October 29th. The construction company reported $2.96 EPS for the quarter, beating the consensus estimate of $2.95 by $0.01. The company had revenue of $5.15 billion during the quarter, compared to the consensus estimate of $4.94 billion. MasTec had a return on equity of 17.89% and a net margin of 2.80%. The firm’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.48 EPS. Equities research analysts forecast that MasTec, Inc. will post 8.79 earnings per share for the current fiscal year.

Institutional Trading of MasTec

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in MasTec in the second quarter valued at $3,178,069,000. Hill City Capital LP acquired a new position in MasTec in the second quarter worth about $896,609,300. First Trust Advisors LP grew its holdings in MasTec by 7.6% during the first quarter. First Trust Advisors LP now owns 1,411,584 shares of the construction company’s stock valued at $454,163,000 after purchasing an additional 100,151 shares during the period. Bank of America Corp DE acquired a new stake in MasTec in the second quarter valued at $555,825,000. Finally, Bank of New York Mellon Corp bought a new stake in MasTec during the second quarter worth $280,544,000. 78.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on MTZ. Wall Street Zen cut shares of MasTec from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. TD Cowen dropped their target price on MasTec from $320.00 to $310.00 and set a “buy” rating for the company in a research report on Monday. Roth Capital restated a “buy” rating and set a $380.00 price objective (down from $500.00) on shares of MasTec in a research report on Monday, November 2nd. JPMorgan Chase & Co. cut their price target on MasTec from $369.00 to $303.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Finally, Morgan Stanley set a $369.00 target price on shares of MasTec in a research report on Friday, July 31st. Nineteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $347.80.

MasTec Company Profile

MasTec, Inc is an infrastructure construction and engineering company that provides services to the communications, energy, utility, and industrial sectors. The company designs, builds, installs, maintains, and upgrades infrastructure for wireless and wireline communications networks, including cellular, broadband, fiber-optic, and other connectivity systems.

MasTec also performs construction and maintenance work for electric transmission and distribution systems, renewable energy projects, and other power infrastructure.