MasTec (NYSE:MTZ) Hits New 1-Year High – Here’s What Happened

MasTec, Inc. (NYSE:MTZ)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $277.31 and last traded at $275.1030, with a volume of 304455 shares traded. The stock had previously closed at $264.18.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on MTZ shares. Robert W. Baird upped their target price on MasTec from $238.00 to $249.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. Zacks Research raised MasTec from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 30th. Cantor Fitzgerald began coverage on shares of MasTec in a report on Friday, January 23rd. They issued an “overweight” rating and a $274.00 target price on the stock. KeyCorp reiterated an “overweight” rating and issued a $264.00 price objective on shares of MasTec in a research note on Wednesday, January 7th. Finally, Wall Street Zen cut shares of MasTec from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $238.16.

MasTec Stock Up 2.8%

The firm has a fifty day moving average price of $236.98 and a 200 day moving average price of $211.48. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $21.43 billion, a price-to-earnings ratio of 64.55 and a beta of 1.94.

Institutional Investors Weigh In On MasTec

A number of institutional investors and hedge funds have recently made changes to their positions in MTZ. Victory Capital Management Inc. raised its position in shares of MasTec by 178.6% during the 4th quarter. Victory Capital Management Inc. now owns 2,637,451 shares of the construction company’s stock valued at $573,304,000 after acquiring an additional 1,690,896 shares during the last quarter. Peconic Partners LLC grew its stake in MasTec by 113.3% in the fourth quarter. Peconic Partners LLC now owns 1,600,000 shares of the construction company’s stock valued at $347,792,000 after purchasing an additional 850,000 shares in the last quarter. Coatue Management LLC acquired a new stake in shares of MasTec in the fourth quarter valued at approximately $147,357,000. Qube Research & Technologies Ltd lifted its stake in shares of MasTec by 370.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 506,857 shares of the construction company’s stock worth $86,384,000 after buying an additional 399,007 shares during the last quarter. Finally, 140 Summer Partners LP acquired a new position in shares of MasTec in the third quarter valued at approximately $81,514,000. 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.