Raymond James Financial Inc. Makes New $17.78 Million Investment in MasTec, Inc. (NYSE:MTZ)

Raymond James Financial Inc. acquired a new position in MasTec, Inc. (NYSE:MTZ) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 130,573 shares of the construction company’s stock, valued at approximately $17,776,000. Raymond James Financial Inc. owned approximately 0.16% of MasTec as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in MTZ. New York State Teachers Retirement System boosted its stake in shares of MasTec by 21.7% during the 4th quarter. New York State Teachers Retirement System now owns 32,307 shares of the construction company’s stock worth $4,398,000 after buying an additional 5,750 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its position in MasTec by 45.8% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 28,498 shares of the construction company’s stock valued at $3,880,000 after purchasing an additional 8,948 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in MasTec by 286.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 17,871 shares of the construction company’s stock valued at $2,433,000 after purchasing an additional 13,241 shares in the last quarter. Merit Financial Group LLC acquired a new position in shares of MasTec during the 4th quarter worth approximately $415,000. Finally, CWA Asset Management Group LLC bought a new stake in shares of MasTec during the 4th quarter worth approximately $485,000. Institutional investors and hedge funds own 78.10% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on MTZ. Citigroup raised their target price on shares of MasTec from $156.00 to $167.00 and gave the company a “buy” rating in a research note on Monday, March 3rd. Stifel Nicolaus lowered their price objective on shares of MasTec from $175.00 to $143.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. B. Riley reiterated a “buy” rating and issued a $165.00 target price (up from $151.00) on shares of MasTec in a research note on Wednesday, March 19th. Piper Sandler assumed coverage on MasTec in a research report on Tuesday, April 8th. They set an “overweight” rating and a $134.00 price target on the stock. Finally, Guggenheim reaffirmed a “buy” rating and issued a $195.00 price objective on shares of MasTec in a research report on Tuesday, March 25th. Three equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $152.00.

Insiders Place Their Bets

In related news, Director Ernst N. Csiszar sold 2,517 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $131.63, for a total transaction of $331,312.71. Following the sale, the director now owns 23,000 shares in the company, valued at approximately $3,027,490. This trade represents a 9.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 21.30% of the company’s stock.

MasTec Trading Down 1.2 %

MTZ stock opened at $115.97 on Monday. MasTec, Inc. has a 52 week low of $83.04 and a 52 week high of $166.95. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.20 and a current ratio of 1.24. The company’s 50-day simple moving average is $122.14 and its 200 day simple moving average is $132.85. The company has a market capitalization of $9.17 billion, a PE ratio of 103.55 and a beta of 1.62.

MasTec (NYSE:MTZ) last released its quarterly earnings results on Thursday, February 27th. The construction company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.08. MasTec had a net margin of 0.73% and a return on equity of 8.27%. The company had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.32 billion. As a group, sell-side analysts anticipate that MasTec, Inc. will post 3.44 earnings per share for the current year.

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.