Truist Financial Corp Cuts Stake in MasTec, Inc. (NYSE:MTZ)

Truist Financial Corp reduced its stake in shares of MasTec, Inc. (NYSE:MTZ) by 14.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,834 shares of the construction company’s stock after selling 15,770 shares during the quarter. Truist Financial Corp’s holdings in MasTec were worth $7,181,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in MasTec by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 5,970,130 shares of the construction company’s stock valued at $429,670,000 after buying an additional 33,592 shares in the last quarter. Nordea Investment Management AB grew its holdings in shares of MasTec by 35.0% in the fourth quarter. Nordea Investment Management AB now owns 3,963,774 shares of the construction company’s stock valued at $297,006,000 after purchasing an additional 1,027,085 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of MasTec by 0.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,658,067 shares of the construction company’s stock valued at $263,271,000 after purchasing an additional 17,369 shares in the last quarter. Electron Capital Partners LLC grew its holdings in shares of MasTec by 4.7% in the third quarter. Electron Capital Partners LLC now owns 1,486,335 shares of the construction company’s stock valued at $106,972,000 after purchasing an additional 66,589 shares in the last quarter. Finally, Vontobel Holding Ltd. grew its holdings in shares of MasTec by 16.2% in the fourth quarter. Vontobel Holding Ltd. now owns 1,036,101 shares of the construction company’s stock valued at $78,454,000 after purchasing an additional 144,180 shares in the last quarter. 78.10% of the stock is owned by hedge funds and other institutional investors.

MasTec Trading Up 11.9 %

Shares of NYSE MTZ opened at $101.80 on Friday. MasTec, Inc. has a twelve month low of $44.65 and a twelve month high of $123.33. The company has a quick ratio of 1.36, a current ratio of 1.40 and a debt-to-equity ratio of 1.06. The business has a fifty day simple moving average of $87.95 and a two-hundred day simple moving average of $73.02. The firm has a market cap of $8.09 billion, a PE ratio of -154.24 and a beta of 1.61.

MasTec (NYSE:MTZ) last released its quarterly earnings data on Thursday, February 29th. The construction company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.20. The company had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.26 billion. MasTec had a negative net margin of 0.42% and a positive return on equity of 4.82%. Analysts expect that MasTec, Inc. will post 2.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Robert W. Baird raised their target price on shares of MasTec from $70.00 to $89.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Barclays raised their target price on shares of MasTec from $55.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. Truist Financial started coverage on shares of MasTec in a research note on Thursday, March 14th. They set a “hold” rating and a $96.00 price objective for the company. UBS Group increased their target price on shares of MasTec from $89.00 to $92.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Finally, Citigroup lifted their price target on shares of MasTec from $99.00 to $104.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, MasTec currently has an average rating of “Moderate Buy” and an average price target of $96.85.

MasTec Company Profile

MasTec, Inc, an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, utility, and other infrastructure primarily in the United States and Canada. It operates through five segments: Communications, Clean Energy and Infrastructure, Oil and Gas, Power Delivery, and Other.