MasTec, Inc. (NYSE:MTZ) Shares Sold by M&T Bank Corp

M&T Bank Corp reduced its stake in MasTec, Inc. (NYSE:MTZ) by 2.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,420 shares of the construction company’s stock after selling 85 shares during the period. M&T Bank Corp’s holdings in MasTec were worth $399,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership acquired a new stake in shares of MasTec in the fourth quarter valued at approximately $59,910,000. First Trust Advisors LP increased its stake in shares of MasTec by 173.8% in the fourth quarter. First Trust Advisors LP now owns 587,788 shares of the construction company’s stock valued at $80,021,000 after purchasing an additional 373,145 shares during the period. Balyasny Asset Management L.P. increased its stake in shares of MasTec by 137.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 627,670 shares of the construction company’s stock valued at $85,451,000 after purchasing an additional 363,502 shares during the period. Merewether Investment Management LP acquired a new stake in shares of MasTec in the fourth quarter valued at approximately $46,612,000. Finally, Freestone Grove Partners LP acquired a new stake in shares of MasTec in the fourth quarter valued at approximately $31,730,000. 78.10% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director C Robert Campbell sold 3,000 shares of the firm’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 transaction of $461,670.00. Following the completion of the transaction, the director owned 39,782 shares in the company, valued at $6,122,051.98. This trade represents a 7.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 21.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Wolfe Research assumed coverage on shares of MasTec in a research note on Monday, March 31st. They issued a “peer perform” rating on the stock. B. Riley reaffirmed a “buy” rating and issued a $165.00 price target (up from $151.00) on shares of MasTec in a research note on Wednesday, March 19th. Wall Street Zen lowered shares of MasTec from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 5th. Guggenheim reaffirmed a “buy” rating and issued a $195.00 price target on shares of MasTec in a research note on Monday, May 5th. Finally, Piper Sandler lifted their price objective on shares of MasTec from $134.00 to $175.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, MasTec presently has an average rating of “Buy” and a consensus price target of $171.24.

MasTec Stock Performance

MTZ opened at $174.55 on Thursday. The firm has a market capitalization of $13.77 billion, a P/E ratio of 64.17 and a beta of 1.75. The stock’s 50 day moving average price is $162.37 and its two-hundred day moving average price is $141.93. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 0.69. MasTec, Inc. has a 12-month low of $89.96 and a 12-month high of $175.11.

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

MasTec 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.