MasTec, Inc. $MTZ Shares Newly Acquired by Access Financial Services Inc.

Access Financial Services Inc. acquired a new position in MasTec, Inc. (NYSE:MTZ) in the 3rd quarter, Holdings Channel reports. The institutional investor acquired 4,316 shares of the construction company’s stock, valued at approximately $922,000.

Several other hedge funds also recently made changes to their positions in MTZ. BlackRock Inc. acquired a new stake in shares of MasTec in the second quarter valued at approximately $3,178,069,000. Hill City Capital LP acquired a new stake in MasTec during the second quarter worth approximately $896,609,300. Bank of America Corp DE acquired a new stake in MasTec during the second quarter worth approximately $555,825,000. First Trust Advisors LP grew its position 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 worth $454,163,000 after buying an additional 100,151 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in MasTec during the 2nd quarter worth $280,544,000. 78.10% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MTZ has been the subject of several analyst reports. Zacks Research cut MasTec from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 26th. KeyCorp reduced their target price on MasTec from $371.00 to $320.00 and set an “overweight” rating on the stock in a report on Thursday, October 15th. Wall Street Zen cut MasTec from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $274.00 price target on shares of MasTec in a research note on Thursday, October 22nd. Finally, Citigroup cut their price objective on shares of MasTec from $408.00 to $308.00 and set a “buy” rating for the company in a research report on Friday, October 23rd. Twenty analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, MasTec has a consensus rating of “Moderate Buy” and an average price target of $345.60.

MasTec Price Performance

NYSE:MTZ traded down $2.26 during mid-day trading on Friday, reaching $182.84. The stock had a trading volume of 977,455 shares, compared to its average volume of 1,922,387. MasTec, Inc. has a 12 month low of $147.49 and a 12 month high of $441.43. The stock has a market capitalization of $14.68 billion, a PE ratio of 29.88 and a beta of 1.91. 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 stock has a 50-day simple moving average of $202.89 and a two-hundred day simple moving average of $297.54.

MasTec (NYSE:MTZ) last released its earnings results on Thursday, October 29th. The construction company reported $2.96 earnings per share for the quarter, topping 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 firm had revenue of $5.15 billion during the quarter, compared to analysts’ expectations of $4.94 billion. During the same period in the prior year, the company earned $2.48 earnings per share. The company’s quarterly revenue was up 29.9% on a year-over-year basis. On average, equities analysts anticipate that MasTec, Inc. will post 8.79 earnings per share for the current year.

Insider Activity

In other news, CAO Timothy Love sold 366 shares of the business’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $198.52, for a total transaction of $72,658.32. Following the completion of the transaction, the chief accounting officer owned 9,926 shares of the company’s stock, valued at approximately $1,970,509.52. The trade was a 3.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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. Insiders own 21.40% of the company’s stock.

About MasTec

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.