State of Michigan Retirement System Decreases Stake in MasTec, Inc. (NYSE:MTZ)

State of Michigan Retirement System cut its position in shares of MasTec, Inc. (NYSE:MTZ) by 1.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,639 shares of the construction company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in MasTec were worth $1,566,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Hobbs Group Advisors LLC bought a new position in shares of MasTec during the 2nd quarter valued at approximately $27,000. GAMMA Investing LLC lifted its position in MasTec by 64.9% during the second quarter. GAMMA Investing LLC now owns 366 shares of the construction company’s stock valued at $39,000 after purchasing an additional 144 shares during the last quarter. Quarry LP purchased a new position in shares of MasTec in the 4th quarter worth $37,000. Blue Trust Inc. increased its holdings in shares of MasTec by 32.6% in the 2nd quarter. Blue Trust Inc. now owns 561 shares of the construction company’s stock worth $60,000 after buying an additional 138 shares during the last quarter. Finally, Rise Advisors LLC increased its holdings in shares of MasTec by 200.0% in the 2nd quarter. Rise Advisors LLC now owns 588 shares of the construction company’s stock worth $63,000 after buying an additional 392 shares during the last quarter. Hedge funds and other institutional investors own 78.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MTZ. Citigroup boosted their price objective on 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 MasTec from $120.00 to $121.00 and gave the company a “buy” rating in a report on Monday, August 5th. TD Cowen raised their price target on MasTec from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. StockNews.com raised shares of MasTec from a “hold” rating to a “buy” rating in a research note on Monday, May 6th. Finally, B. Riley increased their price objective 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. According to data from MarketBeat.com, MasTec presently has a consensus rating of “Moderate Buy” and an average price target of $117.50.

MasTec Price Performance

Shares of MTZ stock opened at $109.89 on Thursday. The stock has a market capitalization of $8.73 billion, a price-to-earnings ratio of -784.93 and a beta of 1.65. The company has a current ratio of 1.31, a quick ratio of 1.27 and a debt-to-equity ratio of 0.94. MasTec, Inc. has a twelve month low of $44.65 and a twelve month high of $113.69. The stock has a fifty day simple moving average of $106.97 and a two-hundred day simple moving average of $98.26.

MasTec (NYSE:MTZ) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.09. MasTec had a net margin of 0.06% and a return on equity of 6.44%. The company had revenue of $2.96 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. On average, analysts predict that MasTec, Inc. will post 2.59 EPS for the current fiscal year.

MasTec 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.