MasTec, Inc. (NYSE:MTZ) Sees Significant Decrease in Short Interest

MasTec, Inc. (NYSE:MTZ) saw a large decrease in short interest in the month of May. As of May 31st, there was short interest totalling 1,020,000 shares, a decrease of 30.1% from the May 15th total of 1,460,000 shares. Based on an average daily volume of 1,060,000 shares, the days-to-cover ratio is presently 1.0 days. Approximately 1.7% of the shares of the company are sold short.

Analyst Ratings Changes

A number of research firms have recently weighed in on MTZ. Robert W. Baird cut their target price on MasTec from $162.00 to $153.00 and set a “neutral” rating for the company in a research report on Monday, March 3rd. The Goldman Sachs Group raised shares of MasTec from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $156.00 to $195.00 in a research report on Friday, June 6th. Barclays increased their price objective on shares of MasTec from $130.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 4th. Wall Street Zen upgraded shares of MasTec from a “buy” rating to a “strong-buy” rating in a research report on Monday, June 9th. Finally, Jefferies Financial Group started coverage on shares of MasTec in a research report on Friday, May 16th. They set a “buy” rating and a $188.00 price target on the stock. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, MasTec has an average rating of “Buy” and an average price target of $166.75.

MasTec Stock Performance

NYSE:MTZ opened at $163.65 on Tuesday. The company has a market capitalization of $12.91 billion, a PE ratio of 146.12 and a beta of 1.75. MasTec has a fifty-two week low of $89.96 and a fifty-two 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 has a 50 day simple moving average of $142.78 and a two-hundred day simple moving average of $137.16.

MasTec (NYSE:MTZ) last posted its quarterly earnings data on Thursday, May 1st. The construction company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.17. The firm had revenue of $2.85 billion during the quarter, compared to analyst estimates of $2.71 billion. MasTec had a return on equity of 8.27% and a net margin of 0.73%. The business’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period last year, the company posted ($0.13) EPS. Research analysts anticipate that MasTec will post 3.44 earnings per share for the current year.

Insider Activity

In related news, Director Ernst N. Csiszar sold 2,517 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $131.63, for a total transaction of $331,312.71. Following the transaction, the director now directly owns 23,000 shares of the company’s stock, valued at approximately $3,027,490. This trade represents a 9.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction, the director now owns 39,782 shares in the company, 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. 21.30% of the stock is owned by insiders.

Hedge Funds Weigh In On MasTec

A number of institutional investors and hedge funds have recently modified their holdings of MTZ. Hodges Capital Management Inc. increased its stake in shares of MasTec by 10.3% in the 1st quarter. Hodges Capital Management Inc. now owns 27,753 shares of the construction company’s stock valued at $3,239,000 after acquiring an additional 2,594 shares in the last quarter. Strs Ohio acquired a new stake in MasTec in the first quarter worth $1,082,000. Geneos Wealth Management Inc. raised its holdings in shares of MasTec by 15.8% during the first quarter. Geneos Wealth Management Inc. now owns 764 shares of the construction company’s stock valued at $89,000 after purchasing an additional 104 shares during the period. Belpointe Asset Management LLC boosted its position in shares of MasTec by 42.7% during the 1st quarter. Belpointe Asset Management LLC now owns 3,252 shares of the construction company’s stock worth $380,000 after purchasing an additional 973 shares in the last quarter. Finally, Bayforest Capital Ltd grew its stake in shares of MasTec by 294.3% in the 1st quarter. Bayforest Capital Ltd now owns 6,419 shares of the construction company’s stock valued at $749,000 after buying an additional 4,791 shares during the period. 78.10% of the stock is currently owned by institutional investors.

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.