Allspring Global Investments Holdings LLC Sells 1,141,824 Shares of MasTec, Inc. (NYSE:MTZ)

Allspring Global Investments Holdings LLC reduced its position in shares of MasTec, Inc. (NYSE:MTZ) by 64.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 621,643 shares of the construction company’s stock after selling 1,141,824 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.78% of MasTec worth $76,524,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Hobbs Group Advisors LLC purchased a new position in shares of MasTec during the 2nd quarter valued at about $27,000. GAMMA Investing LLC lifted its position in shares of MasTec by 64.9% during the 2nd quarter. GAMMA Investing LLC now owns 366 shares of the construction company’s stock valued at $39,000 after buying an additional 144 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of MasTec during the 2nd quarter valued at about $40,000. UMB Bank n.a. lifted its position 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 valued at $47,000 after buying an additional 120 shares in the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of MasTec by 5,436.4% during the 1st quarter. Bessemer Group Inc. now owns 609 shares of the construction company’s stock valued at $57,000 after buying an additional 598 shares in the last quarter. 78.10% of the stock is currently owned by institutional investors.

Insider Buying and Selling at MasTec

In other MasTec news, COO Robert E. Apple sold 20,000 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $126.27, for a total value of $2,525,400.00. Following the transaction, the chief operating officer now owns 217,202 shares of the company’s stock, valued at $27,426,096.54. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other MasTec news, Director C Robert Campbell sold 3,000 shares of the company’s 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 completion of the sale, the director now directly owns 48,173 shares in the company, valued at approximately $5,600,592.98. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Robert E. Apple sold 20,000 shares of the company’s stock in a transaction on Friday, September 20th. The stock was 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 of the company’s stock, valued at $27,426,096.54. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,800 shares of company stock valued at $2,978,212 in the last quarter. 21.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on MTZ. Truist Financial boosted their price target on MasTec from $112.00 to $133.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. KeyCorp boosted their price target on MasTec from $123.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. DA Davidson boosted their price target on MasTec from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, August 5th. JPMorgan Chase & Co. began coverage on MasTec in a report on Monday, October 7th. They issued an “overweight” rating and a $153.00 price target on the stock. Finally, B. Riley boosted their price target on MasTec from $132.00 to $134.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $127.62.

MasTec Stock Performance

Shares of MasTec stock opened at $128.20 on Tuesday. The stock’s fifty day moving average is $116.94 and its two-hundred day moving average is $107.86. The company has a market capitalization of $10.19 billion, a PE ratio of -915.71 and a beta of 1.70. 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, Inc. has a 52 week low of $44.65 and a 52 week high of $130.22.

MasTec (NYSE:MTZ) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.87 by $0.09. The company had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $3.09 billion. MasTec had a return on equity of 6.42% and a net margin of 0.06%. MasTec’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.81 EPS. As a group, analysts expect 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.