Concentric Capital Strategies LP Invests $8.93 Million in MasTec, Inc. (NYSE:MTZ)

Concentric Capital Strategies LP purchased a new position in MasTec, Inc. (NYSE:MTZ - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 65,583 shares of the construction company's stock, valued at approximately $8,928,000. Concentric Capital Strategies LP owned about 0.08% of MasTec at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new stake in MasTec during the 3rd quarter valued at about $25,000. Ameliora Wealth Management Ltd. bought a new stake in shares of MasTec during the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC increased its position in shares of MasTec by 181.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 180 shares of the construction company's stock valued at $25,000 after acquiring an additional 116 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in MasTec by 93.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 265 shares of the construction company's stock worth $36,000 after acquiring an additional 128 shares during the last quarter. Finally, Global Retirement Partners LLC lifted its position in MasTec by 162.4% in the 4th quarter. Global Retirement Partners LLC now owns 307 shares of the construction company's stock valued at $42,000 after acquiring an additional 190 shares in the last quarter. Institutional investors own 78.10% of the company's stock.

MasTec Stock Performance

NYSE MTZ traded up $0.77 on Friday, hitting $148.41. 642,368 shares of the company traded hands, compared to its average volume of 932,356. The business's 50 day moving average price is $122.29 and its 200-day moving average price is $133.25. MasTec, Inc. has a 52-week low of $89.96 and a 52-week high of $166.95. The company has a current ratio of 1.24, a quick ratio of 1.20 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $11.71 billion, a price-to-earnings ratio of 132.51 and a beta of 1.71.

MasTec (NYSE:MTZ - Get Free Report) last released its earnings results on Thursday, May 1st. The construction company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.17. MasTec had a net margin of 0.73% and a return on equity of 8.27%. The company had revenue of $2.85 billion during the quarter, compared to analyst estimates of $2.71 billion. During the same period in the prior year, the firm posted ($0.13) EPS. The firm's quarterly revenue was up 6.0% compared to the same quarter last year. Equities analysts expect that MasTec, Inc. will post 3.44 earnings per share for the current year.

Insider Activity

In related news, Director Ernst N. Csiszar sold 2,517 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $131.63, for a total value of $331,312.71. Following the completion of the transaction, the director now owns 23,000 shares of the company's stock, valued at approximately $3,027,490. This represents a 9.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 21.30% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on MTZ. Wolfe Research initiated coverage on MasTec in a report on Monday, March 31st. They issued a "peer perform" rating for the company. Piper Sandler boosted their target price on MasTec from $134.00 to $175.00 and gave the stock an "overweight" rating in a research report on Monday. Truist Financial upped their target price on shares of MasTec from $154.00 to $184.00 and gave the company a "buy" rating in a research note on Monday. KeyCorp lifted their price target on shares of MasTec from $140.00 to $163.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, JPMorgan Chase & Co. increased their price objective on shares of MasTec from $154.00 to $172.00 and gave the company an "overweight" rating in a research report on Tuesday, January 28th. Three equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $160.33.

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.