Raymond James & Associates Decreases Stock Holdings in MasTec, Inc. (NYSE:MTZ)

Raymond James & Associates trimmed its stake in shares of MasTec, Inc. (NYSE:MTZ) by 14.0% in the 3rd quarter, Holdings Channel reports. The firm owned 41,473 shares of the construction company’s stock after selling 6,757 shares during the period. Raymond James & Associates’ holdings in MasTec were worth $5,105,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Pacer Advisors Inc. increased its holdings in MasTec by 15,067.0% during the second 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 during the last quarter. D1 Capital Partners L.P. purchased a new stake in MasTec during the second quarter valued at approximately $79,494,000. Hood River Capital Management LLC increased its holdings 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 valued at $127,773,000 after buying an additional 446,762 shares during the last quarter. AQR Capital Management LLC increased its holdings 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 buying an additional 255,088 shares during the last quarter. Finally, Appian Way Asset Management LP purchased a new stake in MasTec during the first quarter valued at approximately $12,000,000. 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 20,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $126.27, for a total transaction of $2,525,400.00. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, COO Robert E. Apple sold 20,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $126.27, for a total transaction of $2,525,400.00. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Robert E. Apple sold 800 shares of the 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 completion of the sale, the chief operating officer now directly owns 216,402 shares in the company, valued at approximately $28,140,916.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,800 shares of company stock valued at $2,978,212 over the last 90 days. 21.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on MTZ shares. The Goldman Sachs Group upped their target price on shares of MasTec from $115.00 to $130.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. B. Riley upped their price target 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. Citigroup upped their price target on shares of MasTec from $122.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. started coverage on shares of MasTec in a research report on Monday, October 7th. They issued an “overweight” rating and a $153.00 price target for the company. Finally, UBS Group upped their price target on shares of MasTec from $129.00 to $147.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $134.00.

MasTec Price Performance

Shares of NYSE:MTZ opened at $129.99 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.23 and a current ratio of 1.27. The firm has a fifty day moving average price of $118.84 and a 200 day moving average price of $109.35. MasTec, Inc. has a fifty-two week low of $44.65 and a fifty-two week high of $138.87. The firm has a market cap of $10.30 billion, a price-to-earnings ratio of 1,474.78 and a beta of 1.70.

MasTec (NYSE:MTZ) last issued its earnings results 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. The firm had revenue of $2.96 billion during 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 in the prior year, the business earned $0.81 earnings per share. As a group, sell-side analysts expect that MasTec, Inc. will post 2.69 earnings per share for the current fiscal year.

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.