Assenagon Asset Management S.A. Buys 90,682 Shares of MasTec, Inc. $MTZ

Key Points

• Assenagon Asset Management boosted its MasTec stake by 55.1% in Q1, buying 90,682 more shares and bringing its holdings to 255,222 shares valued at about $82.1 million.
• MasTec’s latest earnings topped expectations, with EPS of $1.39 versus the $0.98 forecast and revenue of $3.83 billion, up 34.5% year over year.
• Wall Street remains bullish on the stock: analysts now have an average Buy rating with a consensus price target of $459.28, while the shares recently traded at $391.58.

Assenagon Asset Management S.A. increased its stake in MasTec, Inc. (NYSE:MTZ - Free Report) by 55.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 255,222 shares of the construction company's stock after purchasing an additional 90,682 shares during the period. Assenagon Asset Management S.A. owned approximately 0.32% of MasTec worth $82,115,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of MTZ. Victory Capital Management Inc. lifted its stake in MasTec by 178.6% in the 4th quarter. Victory Capital Management Inc. now owns 2,637,451 shares of the construction company's stock valued at $573,304,000 after acquiring an additional 1,690,896 shares in the last quarter. Peconic Partners LLC lifted its position in shares of MasTec by 113.3% in the fourth quarter. Peconic Partners LLC now owns 1,600,000 shares of the construction company's stock worth $347,792,000 after purchasing an additional 850,000 shares in the last quarter. Coatue Management LLC bought a new stake in shares of MasTec in the fourth quarter worth $147,357,000. 140 Summer Partners LP acquired a new position in MasTec during the third quarter worth $81,514,000. Finally, First Trust Advisors LP boosted its holdings in MasTec by 52.1% during the third quarter. First Trust Advisors LP now owns 1,022,175 shares of the construction company's stock worth $217,529,000 after purchasing an additional 350,228 shares during the last quarter. Institutional investors and hedge funds own 78.10% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Zacks Research upgraded MasTec from a "hold" rating to a "strong-buy" rating in a report on Friday, May 29th. TD Cowen upped their target price on MasTec from $320.00 to $445.00 and gave the stock a "buy" rating in a report on Monday, May 4th. DA Davidson raised their price target on MasTec from $250.00 to $350.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. UBS Group boosted their price target on MasTec from $420.00 to $453.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. Finally, Cantor Fitzgerald upped their price objective on MasTec from $347.00 to $545.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $459.28.

MasTec Stock Performance

Shares of NYSE MTZ opened at $391.58 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.28 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $30.94 billion, a P/E ratio of 68.58 and a beta of 1.77. MasTec, Inc. has a 12 month low of $160.08 and a 12 month high of $441.43. The stock has a 50 day moving average of $383.93 and a 200-day moving average of $308.12.

MasTec (NYSE:MTZ - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.41. MasTec had a return on equity of 17.15% and a net margin of 2.94%.The business had revenue of $3.83 billion for the quarter, compared to analysts' expectations of $3.47 billion. During the same quarter in the prior year, the business earned $0.51 EPS. The firm's revenue for the quarter was up 34.5% on a year-over-year basis. MasTec has set its FY 2026 guidance at 8.790-8.790 EPS and its Q2 2026 guidance at 2.200-2.200 EPS. As a group, equities research analysts predict that MasTec, Inc. will post 8.51 EPS for the current year.

Insider Activity

In related news, Director Ernst N. Csiszar sold 6,500 shares of the company's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $371.17, for a total value of $2,412,605.00. Following the transaction, the director owned 10,816 shares in the company, valued at approximately $4,014,574.72. This represents a 37.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director C Robert Campbell sold 3,000 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $417.00, for a total transaction of $1,251,000.00. Following the completion of the transaction, the director directly owned 30,646 shares in the company, valued at approximately $12,779,382. This represents a 8.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 21.40% of the stock is owned by corporate insiders.

MasTec Profile

MasTec, Inc is a diversified infrastructure construction company that provides engineering, fabrication, installation and maintenance services across a broad range of end markets. Its principal activities encompass the development of communications networks, oil and gas pipeline systems, electrical transmission and distribution facilities, industrial installations and renewable energy projects.

The company traces its roots to a small cable installation operation in Miami and has grown through a series of strategic acquisitions to become one of the largest infrastructure contractors in North America.

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