MasTec, Inc. $MTZ Stock: M&G PLC Grows Holdings

M&G PLC lifted its stake in MasTec, Inc. (NYSE:MTZ) by 9,802.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 57,730 shares of the construction company’s stock after purchasing an additional 57,147 shares during the quarter. M&G PLC’s holdings in MasTec were worth $12,354,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. TFR Capital LLC. bought a new stake in shares of MasTec during the 2nd quarter valued at $1,978,000. Bruni J V & Co. Co. acquired a new stake in shares of MasTec during the 2nd quarter worth $6,708,968. PensionDanmark Pensionsforsikringsaktieselskab grew its holdings in shares of MasTec by 93.7% during the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 13,229 shares of the construction company’s stock worth $5,504,000 after purchasing an additional 6,400 shares in the last quarter. Bank of America Corp DE bought a new position in shares of MasTec in the second quarter worth $555,825,000. Finally, Legal & General Group Plc bought a new position in shares of MasTec in the second quarter worth $75,670,000. Institutional investors and hedge funds own 78.10% of the company’s stock.

Analyst Upgrades and Downgrades

MTZ has been the subject of a number of analyst reports. Wall Street Zen downgraded MasTec from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $274.00 price objective on shares of MasTec in a research report on Thursday, October 22nd. Jefferies Financial Group reiterated a “buy” rating and set a $353.00 price objective on shares of MasTec in a research note on Wednesday, November 4th. Truist Financial reissued a “buy” rating and issued a $332.00 target price (down from $380.00) on shares of MasTec in a report on Monday, November 2nd. Finally, Weiss Ratings upgraded shares of MasTec from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, October 30th. Twenty investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $345.60.

MasTec Stock Down 4.4%

NYSE MTZ opened at $180.65 on Wednesday. The business has a fifty day moving average price of $205.88 and a two-hundred day moving average price of $298.44. The stock has a market capitalization of $14.51 billion, a PE ratio of 29.52 and a beta of 1.91. MasTec, Inc. has a fifty-two week low of $147.49 and a fifty-two week high of $441.43. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.39 and a quick ratio of 1.36.

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

Insiders Place Their Bets

In related news, CAO Timothy Love sold 366 shares of the firm’s stock in a transaction dated Monday, November 2nd. The stock was 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 $1,970,509.52. This trade represents a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 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. 21.40% of the stock is owned by company insiders.

MasTec Profile

MasTec, Inc. is an infrastructure construction and engineering company that builds and maintains systems used to deliver energy, communications and other essential services. Its work includes planning, installation, upgrading and maintenance of infrastructure for customers across a range of industries. The company’s activities include communications networks such as fiber and wireless systems; electric power transmission and distribution; clean-energy and other infrastructure projects; and pipelines and related facilities.