Allspring Global Investments Holdings LLC Sells 1,284 Shares of MasTec, Inc. (NYSE:MTZ)

Allspring Global Investments Holdings LLC reduced its position in shares of MasTec, Inc. (NYSE:MTZ) by 4.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 27,857 shares of the construction company’s stock after selling 1,284 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in MasTec were worth $3,307,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its stake in shares of MasTec by 181.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 180 shares of the construction company’s stock worth $25,000 after purchasing an additional 116 shares during the last quarter. Colonial Trust Co SC grew its holdings in MasTec by 335.7% during the fourth quarter. Colonial Trust Co SC now owns 183 shares of the construction company’s stock valued at $25,000 after purchasing an additional 141 shares during the period. Rothschild Investment LLC grew its holdings in MasTec by 2,023.1% during the first quarter. Rothschild Investment LLC now owns 276 shares of the construction company’s stock valued at $32,000 after purchasing an additional 263 shares during the period. Smartleaf Asset Management LLC grew its holdings in MasTec by 93.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 265 shares of the construction company’s stock valued at $36,000 after purchasing an additional 128 shares during the period. Finally, Harbor Investment Advisory LLC grew its holdings in MasTec by 147.1% during the first quarter. Harbor Investment Advisory LLC now owns 336 shares of the construction company’s stock valued at $39,000 after purchasing an additional 200 shares during the period. 78.10% of the stock is owned by institutional investors and hedge funds.

MasTec Stock Up 1.5%

MTZ opened at $171.89 on Monday. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 0.69. The company has a market cap of $13.56 billion, a P/E ratio of 63.19 and a beta of 1.75. MasTec, Inc. has a 12 month low of $89.96 and a 12 month high of $173.24. The business’s 50-day moving average price is $156.81 and its 200-day moving average price is $140.12.

MasTec (NYSE:MTZ) last posted its earnings results on Thursday, May 1st. The construction company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.17. The company had revenue of $2.85 billion for the quarter, compared to analysts’ expectations of $2.71 billion. MasTec had a return on equity of 11.65% and a net margin of 1.72%. MasTec’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period last year, the firm earned ($0.13) earnings per share. On average, equities analysts expect that MasTec, Inc. will post 3.44 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Roth Capital assumed coverage on MasTec in a report on Tuesday, July 1st. They issued a “buy” rating and a $210.00 price target for the company. Piper Sandler raised their price target on MasTec from $134.00 to $175.00 and gave the stock an “overweight” rating in a report on Monday, May 5th. Wolfe Research assumed coverage on MasTec in a report on Monday, March 31st. They issued a “peer perform” rating for the company. B. Riley reaffirmed a “buy” rating and issued a $165.00 price target (up from $151.00) on shares of MasTec in a report on Wednesday, March 19th. Finally, Guggenheim reiterated a “buy” rating and issued a $195.00 price objective on shares of MasTec in a research report on Monday, May 5th. Two research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $169.29.

Insiders Place Their Bets

In other news, Director C Robert Campbell sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the sale, the director directly owned 39,782 shares of the company’s stock, valued at $6,122,051.98. The trade was a 7.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 21.30% of the company’s stock.

About MasTec

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.