Appian Way Asset Management LP Grows Position in MasTec, Inc. (NYSE:MTZ)

Appian Way Asset Management LP lifted its position in MasTec, Inc. (NYSE:MTZ) by 21.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 155,874 shares of the construction company’s stock after purchasing an additional 27,191 shares during the quarter. MasTec accounts for 4.3% of Appian Way Asset Management LP’s portfolio, making the stock its 8th largest position. Appian Way Asset Management LP’s holdings in MasTec were worth $16,677,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pacer Advisors Inc. raised its stake in shares of MasTec by 15,067.0% in the 2nd quarter. Pacer Advisors Inc. now owns 1,365,638 shares of the construction company’s stock valued at $146,110,000 after buying an additional 1,356,634 shares in the last quarter. D1 Capital Partners L.P. bought a new stake in MasTec in the second quarter valued at about $79,494,000. Norges Bank acquired a new position in MasTec in the fourth quarter worth about $46,970,000. Point72 Asset Management L.P. raised its position in MasTec by 96.4% in the fourth quarter. Point72 Asset Management L.P. now owns 1,022,700 shares of the construction company’s stock worth $77,439,000 after purchasing an additional 502,039 shares in the last quarter. Finally, Hood River Capital Management LLC lifted its stake in MasTec by 59.8% during the second quarter. Hood River Capital Management LLC now owns 1,194,250 shares of the construction company’s stock worth $127,773,000 after purchasing an additional 446,762 shares during the period. 78.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MTZ has been the topic of several analyst reports. Truist Financial reiterated a “hold” rating and issued a $112.00 price objective (up from $109.00) on shares of MasTec in a research note on Monday, August 5th. Stifel Nicolaus increased their price objective on MasTec from $120.00 to $121.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Citigroup lifted their price objective on MasTec from $118.00 to $122.00 and gave the company a “buy” rating in a report on Monday, July 22nd. DA Davidson upped their target price on shares of MasTec from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, B. Riley increased their target price on shares of MasTec from $132.00 to $134.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $117.50.

MasTec Trading Down 0.6 %

Shares of NYSE MTZ opened at $125.38 on Tuesday. MasTec, Inc. has a 1-year low of $44.65 and a 1-year high of $127.97. The company has a 50-day moving average of $109.05 and a two-hundred day moving average of $102.82. The company has a market cap of $9.96 billion, a PE ratio of -895.57 and a beta of 1.70. The company has a current ratio of 1.27, a quick ratio of 1.23 and a debt-to-equity ratio of 0.86.

MasTec (NYSE:MTZ) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.09. MasTec had a net margin of 0.06% and a return on equity of 6.42%. The firm had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the previous year, the company posted $0.81 EPS. MasTec’s revenue was up 3.0% on a year-over-year basis. As a group, equities analysts expect that MasTec, Inc. will post 2.71 earnings per share for the current fiscal year.

Insider Transactions at MasTec

In related news, Director C Robert Campbell sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $116.26, for a total value of $348,780.00. Following the transaction, the director now owns 48,173 shares in the company, valued at $5,600,592.98. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 21.30% of the stock is currently owned by corporate insiders.

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.