MasTec (NYSE:MTZ) Stock Falls 10.8% on Insider Selling

Shares of MasTec, Inc. (NYSE:MTZ) traded down 10.8% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $175.30 and last traded at $176.6760. Approximately 419,235 shares changed hands during trading, a decline of 66% from the average session volume of 1,224,855 shares. The stock had previously closed at $198.10.

Specifically, CAO Timothy Love sold 366 shares of the company’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 sale, the chief accounting officer directly owned 9,926 shares in the company, valued at $1,970,509.52. This represents a 3.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MTZ. Stifel Nicolaus reduced their price objective on MasTec from $376.00 to $305.00 and set a “buy” rating on the stock in a research note on Thursday, October 8th. TD Cowen reduced their price target on MasTec from $320.00 to $310.00 and set a “buy” rating for the company in a report on Monday. Weiss Ratings raised shares of MasTec from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, October 30th. Jefferies Financial Group reissued a “buy” rating and set a $353.00 price target on shares of MasTec in a research report on Wednesday. Finally, Citigroup reduced their price target on shares of MasTec from $408.00 to $308.00 and set a “buy” rating on the stock in a research report on Friday, October 23rd. Nineteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $347.80.

MasTec Stock Up 9.1%

The company has a quick ratio of 1.36, a current ratio of 1.39 and a debt-to-equity ratio of 0.95. The firm has a market cap of $13.92 billion, a price-to-earnings ratio of 28.40 and a beta of 1.91. The stock’s 50 day moving average is $209.63 and its 200 day moving average is $299.36.

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 analysts’ expectations of $4.94 billion. During the same period last year, the firm earned $2.48 EPS. The firm’s revenue for the quarter was up 29.9% on a year-over-year basis. Analysts forecast that MasTec, Inc. will post 8.77 EPS for the current year.

Hedge Funds Weigh In On MasTec

Several hedge funds have recently made changes to their positions in MTZ. TFR Capital LLC. bought a new stake in MasTec during the 2nd quarter worth about $1,978,000. Bruni J V & Co. Co. bought a new position in shares of MasTec in the 2nd quarter valued at about $6,708,968. PensionDanmark Pensionsforsikringsaktieselskab boosted its stake in shares of MasTec by 93.7% in the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 13,229 shares of the construction company’s stock valued at $5,504,000 after purchasing an additional 6,400 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of MasTec during the 2nd quarter worth approximately $555,825,000. Finally, Legal & General Group Plc acquired a new stake in shares of MasTec during the 2nd quarter worth approximately $75,670,000. Institutional investors and hedge funds own 78.10% of the company’s stock.

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.