Shellback Capital LP Makes New $8.01 Million Investment in MasTec, Inc. (NYSE:MTZ)

Shellback Capital LP acquired a new stake in MasTec, Inc. (NYSE:MTZ) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 74,900 shares of the construction company’s stock, valued at approximately $8,014,000.

Several other hedge funds also recently bought and sold shares of MTZ. Mackenzie Financial Corp increased its holdings in shares of MasTec by 43.8% in the 2nd quarter. Mackenzie Financial Corp now owns 387,140 shares of the construction company’s stock valued at $41,420,000 after acquiring an additional 118,000 shares during the period. Makena Capital Management LLC acquired a new stake in MasTec during the 2nd quarter worth about $6,592,000. Decade Renewable Partners LP lifted its stake in MasTec by 25.8% during the 2nd quarter. Decade Renewable Partners LP now owns 96,030 shares of the construction company’s stock valued at $10,274,000 after acquiring an additional 19,701 shares during the period. AQR Capital Management LLC raised its position in MasTec by 3,439.7% during the second quarter. AQR Capital Management LLC now owns 262,504 shares of the construction company’s stock valued at $28,085,000 after acquiring an additional 255,088 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of MasTec in the second quarter worth about $86,000. Institutional investors own 78.10% of the company’s stock.

MasTec Stock Down 0.7 %

Shares of MTZ opened at $122.73 on Friday. The company’s 50-day simple moving average is $110.18 and its 200-day simple moving average is $103.32. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.23 and a current ratio of 1.27. MasTec, Inc. has a 1 year low of $44.65 and a 1 year high of $127.97. The stock has a market capitalization of $9.75 billion, a PE ratio of -876.64 and a beta of 1.70.

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

Insiders Place Their Bets

In other news, Director C Robert Campbell sold 3,000 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $116.26, for a total transaction of $348,780.00. Following the completion of the transaction, the director now directly owns 48,173 shares of the company’s stock, valued at $5,600,592.98. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director C Robert Campbell sold 3,000 shares of the stock in a transaction on 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 of the company’s stock, valued at $5,600,592.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Robert E. Apple sold 20,000 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $126.27, for a total value of $2,525,400.00. Following the completion of the sale, the chief operating officer now owns 217,202 shares in the company, valued at $27,426,096.54. The disclosure for this sale can be found here. 21.30% of the stock is owned by company insiders.

Analyst Ratings Changes

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

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.