Victory Capital Management Inc. Buys 10,981 Shares of MasTec, Inc. (NYSE:MTZ)

Victory Capital Management Inc. raised its position in shares of MasTec, Inc. (NYSE:MTZ) by 50.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,815 shares of the construction company’s stock after purchasing an additional 10,981 shares during the period. Victory Capital Management Inc.’s holdings in MasTec were worth $3,830,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC acquired a new position in shares of MasTec during the 4th quarter valued at $227,000. American Century Companies Inc. boosted its holdings in MasTec by 62.2% during the fourth quarter. American Century Companies Inc. now owns 27,845 shares of the construction company’s stock worth $3,791,000 after purchasing an additional 10,679 shares during the last quarter. LPL Financial LLC lifted its holdings in MasTec by 1.5% during the fourth quarter. LPL Financial LLC now owns 20,520 shares of the construction company’s stock worth $2,794,000 after acquiring an additional 310 shares during the period. Blair William & Co. IL purchased a new stake in shares of MasTec during the 4th quarter valued at $201,000. Finally, Norges Bank bought a new stake in shares of MasTec during the 4th quarter worth $7,663,000. Institutional investors and hedge funds own 78.10% of the company’s stock.

MasTec Stock Up 2.6%

MTZ stock opened at $186.45 on Monday. The stock has a market cap of $14.71 billion, a PE ratio of 68.55 and a beta of 1.75. The firm’s 50-day simple moving average is $165.92 and its 200 day simple moving average is $143.71. MasTec, Inc. has a fifty-two week low of $89.96 and a fifty-two week high of $188.74. 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 (NYSE:MTZ) last issued its quarterly earnings results on Thursday, May 1st. The construction company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.17. MasTec had a return on equity of 11.65% and a net margin of 1.72%. The company had revenue of $2.85 billion for the quarter, compared to analyst estimates of $2.71 billion. During the same period last year, the company earned ($0.13) earnings per share. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. As a group, sell-side analysts predict that MasTec, Inc. will post 3.44 EPS for the current year.

Analyst Upgrades and Downgrades

MTZ has been the topic of a number of analyst reports. Jefferies Financial Group started coverage on MasTec in a research note on Friday, May 16th. They set a “buy” rating and a $188.00 price objective on the stock. Piper Sandler increased their target price on MasTec from $134.00 to $175.00 and gave the company an “overweight” rating in a research note on Monday, May 5th. KeyCorp lifted their price target on shares of MasTec from $171.00 to $196.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 16th. Barclays restated an “overweight” rating and set a $200.00 price target (up from $145.00) on shares of MasTec in a research report on Monday, July 21st. Finally, Guggenheim restated a “buy” rating and set a $195.00 price target on shares of MasTec in a 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $176.94.

Insiders Place Their Bets

In other news, COO Robert E. Apple sold 10,000 shares of the company’s stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $175.00, for a total value of $1,750,000.00. Following the transaction, the chief operating officer owned 194,249 shares in the company, valued at $33,993,575. This represents a 4.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director C Robert Campbell sold 3,000 shares of the 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 sale, the director owned 39,782 shares of the company’s stock, valued at approximately $6,122,051.98. The trade was a 7.01% decrease in their position. The disclosure for this sale can be found here. Insiders own 21.30% of the company’s stock.

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.