Commonwealth Equity Services LLC Trims Stake in MasTec, Inc. $MTZ

Commonwealth Equity Services LLC lowered its position in shares of MasTec, Inc. (NYSE:MTZ) by 15.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,974 shares of the construction company’s stock after selling 6,979 shares during the period. Commonwealth Equity Services LLC’s holdings in MasTec were worth $8,294,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of MasTec by 92.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 65,027 shares of the construction company’s stock valued at $13,981,000 after purchasing an additional 31,218 shares during the last quarter. Voya Investment Management LLC increased its position in MasTec by 33.1% during the 1st quarter. Voya Investment Management LLC now owns 46,446 shares of the construction company’s stock valued at $5,421,000 after buying an additional 11,551 shares in the last quarter. Bridge City Capital LLC raised its stake in MasTec by 27.2% in the second quarter. Bridge City Capital LLC now owns 49,357 shares of the construction company’s stock valued at $8,412,000 after buying an additional 10,565 shares during the last quarter. Schroder Investment Management Group purchased a new stake in MasTec in the second quarter valued at about $12,366,000. Finally, Sterling Capital Management LLC boosted its holdings in MasTec by 16.3% in the second quarter. Sterling Capital Management LLC now owns 79,049 shares of the construction company’s stock worth $13,472,000 after acquiring an additional 11,071 shares in the last quarter. 78.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MTZ has been the topic of several recent analyst reports. Robert W. Baird upped their price objective on shares of MasTec from $238.00 to $249.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. JPMorgan Chase & Co. upped their price target on shares of MasTec from $214.00 to $235.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Mizuho set a $254.00 price objective on shares of MasTec in a research note on Monday, November 3rd. Roth Capital boosted their price objective on shares of MasTec from $210.00 to $250.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Finally, Truist Financial raised their target price on MasTec from $253.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, December 18th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, MasTec has a consensus rating of “Buy” and an average target price of $233.06.

MasTec Trading Up 2.4%

Shares of MasTec stock opened at $224.06 on Tuesday. The stock has a market cap of $17.68 billion, a PE ratio of 53.22 and a beta of 1.91. The firm has a fifty day moving average price of $213.29 and a 200 day moving average price of $197.84. MasTec, Inc. has a 1 year low of $99.70 and a 1 year high of $237.76. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.33 and a quick ratio of 1.30.

Insider Transactions at MasTec

In other MasTec news, CAO Timothy Michael Love sold 1,929 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $206.15, for a total value of $397,663.35. Following the sale, the chief accounting officer owned 9,757 shares in the company, valued at approximately $2,011,405.55. This represents a 16.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 21.30% of the company’s stock.

MasTec Profile

MasTec, Inc is a diversified infrastructure construction company that provides engineering, fabrication, installation and maintenance services across a broad range of end markets. Its principal activities encompass the development of communications networks, oil and gas pipeline systems, electrical transmission and distribution facilities, industrial installations and renewable energy projects.

The company traces its roots to a small cable installation operation in Miami and has grown through a series of strategic acquisitions to become one of the largest infrastructure contractors in North America.