Healthcare of Ontario Pension Plan Trust Fund purchased a new position in MasTec, Inc. (NYSE:MTZ – Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,700 shares of the construction company’s stock, valued at approximately $5,051,000.
Other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC purchased a new stake in MasTec in the 4th quarter valued at about $227,000. NewEdge Advisors LLC increased its position in shares of MasTec by 32.6% during the first quarter. NewEdge Advisors LLC now owns 4,408 shares of the construction company’s stock worth $514,000 after acquiring an additional 1,083 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of MasTec during the second quarter valued at approximately $271,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of MasTec by 105.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 355 shares of the construction company’s stock valued at $61,000 after acquiring an additional 182 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of MasTec by 793.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,027 shares of the construction company’s stock valued at $175,000 after purchasing an additional 912 shares during the period. Hedge funds and other institutional investors own 78.10% of the company’s stock.
Insider Activity
In other MasTec news, Director Ernst N. Csiszar sold 6,500 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $371.17, for a total value of $2,412,605.00. Following the completion of the transaction, the director directly owned 10,816 shares in the company, valued at approximately $4,014,574.72. The trade was a 37.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director C Robert Campbell sold 3,000 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $417.00, for a total transaction of $1,251,000.00. Following the completion of the transaction, the director owned 30,646 shares of the company’s stock, valued at $12,779,382. This represents a 8.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 21.40% of the stock is owned by insiders.
MasTec Trading Down 8.1%
MasTec (NYSE:MTZ – Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.41. MasTec had a return on equity of 17.15% and a net margin of 2.94%.The firm had revenue of $3.83 billion during the quarter, compared to analysts’ expectations of $3.47 billion. During the same period in the prior year, the business posted $0.51 EPS. The firm’s quarterly revenue was up 34.5% on a year-over-year basis. As a group, equities research analysts predict that MasTec, Inc. will post 9.18 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on the company. CICC Research initiated coverage on MasTec in a research report on Thursday, May 21st. They set an “outperform” rating and a $480.00 target price for the company. Weiss Ratings downgraded MasTec from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Cantor Fitzgerald raised their price target on MasTec from $545.00 to $581.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Truist Financial lifted their price objective on MasTec from $518.00 to $550.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Finally, TD Cowen upped their price objective on shares of MasTec from $445.00 to $470.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Nineteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $466.89.
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.
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