Exchange Traded Concepts LLC Raises Stock Position in MasTec, Inc. (NYSE:MTZ)

Exchange Traded Concepts LLC raised its stake in MasTec, Inc. (NYSE:MTZ) by 42.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,630 shares of the construction company’s stock after buying an additional 1,389 shares during the period. Exchange Traded Concepts LLC’s holdings in MasTec were worth $570,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. UMB Bank n.a. increased its stake in shares of MasTec by 46.3% during the 3rd quarter. UMB Bank n.a. now owns 379 shares of the construction company’s stock worth $47,000 after purchasing an additional 120 shares in the last quarter. Blue Trust Inc. increased its stake in shares of MasTec by 32.6% during the 2nd quarter. Blue Trust Inc. now owns 561 shares of the construction company’s stock worth $60,000 after purchasing an additional 138 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of MasTec by 64.9% during the 2nd quarter. GAMMA Investing LLC now owns 366 shares of the construction company’s stock worth $39,000 after purchasing an additional 144 shares in the last quarter. DMC Group LLC increased its stake in shares of MasTec by 5.5% during the 1st quarter. DMC Group LLC now owns 2,841 shares of the construction company’s stock worth $265,000 after purchasing an additional 147 shares in the last quarter. Finally, Second Line Capital LLC increased its stake in shares of MasTec by 0.8% during the 1st quarter. Second Line Capital LLC now owns 30,026 shares of the construction company’s stock worth $2,800,000 after purchasing an additional 225 shares in the last quarter. 78.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at MasTec

In related news, COO Robert E. Apple sold 800 shares of MasTec stock in a transaction on Monday, October 7th. The shares were sold at an average price of $130.04, for a total transaction of $104,032.00. Following the transaction, the chief operating officer now owns 216,402 shares in the company, valued at approximately $28,140,916.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, COO Robert E. Apple sold 800 shares of MasTec stock in a transaction on Monday, October 7th. The shares were sold at an average price of $130.04, for a total transaction of $104,032.00. Following the transaction, the chief operating officer now owns 216,402 shares in the company, valued at approximately $28,140,916.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director C Robert Campbell sold 3,000 shares of MasTec stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $116.26, for a total transaction of $348,780.00. Following the transaction, the director now owns 48,173 shares in the company, valued at $5,600,592.98. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,800 shares of company stock worth $2,978,212. 21.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of MasTec from $115.00 to $130.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. DA Davidson raised their target price on shares of MasTec from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. started coverage on shares of MasTec in a research report on Monday, October 7th. They set an “overweight” rating and a $153.00 target price on the stock. B. Riley raised 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. Finally, Truist Financial raised their target price on shares of MasTec from $112.00 to $133.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $127.62.

MasTec Stock Down 0.1 %

Shares of MTZ opened at $127.15 on Friday. The firm has a market cap of $10.10 billion, a PE ratio of -908.21 and a beta of 1.70. The company’s fifty day moving average is $116.10 and its two-hundred day moving average is $107.18. MasTec, Inc. has a fifty-two week low of $44.65 and a fifty-two week high of $130.22. The company has a quick ratio of 1.23, a current ratio of 1.27 and a debt-to-equity ratio of 0.86.

MasTec (NYSE:MTZ) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.09. The company had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.09 billion. MasTec had a net margin of 0.06% and a return on equity of 6.42%. MasTec’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter last year, the business earned $0.81 EPS. Analysts forecast that MasTec, Inc. will post 2.69 earnings per share for the current year.

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.