Assenagon Asset Management S.A. Reduces Stake in MasTec, Inc. $MTZ

Key Points

• Assenagon Asset Management cut its MasTec stake by 49.4% in the second quarter, selling 126,023 shares and retaining 129,199 shares valued at approximately $53.8 million. Institutional investors collectively own 78.1% of MTZ.
• Analyst sentiment remains broadly positive, with one Strong Buy and 19 Buy ratings. MasTec has an average rating of “Buy” and a consensus price target of $431.42, despite recent target reductions from some firms.
• MasTec’s latest quarterly revenue rose 23.4% year over year to $4.37 billion, exceeding estimates, while EPS of $2.22 narrowly missed the $2.23 consensus. Shares opened at $272.83, down substantially from their 52-week high of $441.43.

Assenagon Asset Management S.A. cut its holdings in shares of MasTec, Inc. (NYSE:MTZ - Free Report) by 49.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 129,199 shares of the construction company's stock after selling 126,023 shares during the quarter. Assenagon Asset Management S.A. owned 0.16% of MasTec worth $53,755,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Victory Capital Management Inc. grew its position in MasTec by 178.6% during the fourth quarter. Victory Capital Management Inc. now owns 2,637,451 shares of the construction company's stock valued at $573,304,000 after buying an additional 1,690,896 shares during the period. Peconic Partners LLC boosted its holdings in MasTec by 113.3% in the 4th quarter. Peconic Partners LLC now owns 1,600,000 shares of the construction company's stock valued at $347,792,000 after purchasing an additional 850,000 shares during the last quarter. Coatue Management LLC purchased a new stake in shares of MasTec in the 4th quarter valued at approximately $147,357,000. Merewether Investment Management LP increased its holdings in shares of MasTec by 59.8% during the 3rd quarter. Merewether Investment Management LP now owns 867,240 shares of the construction company's stock worth $184,557,000 after buying an additional 324,500 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of MasTec by 71.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 732,886 shares of the construction company's stock worth $155,965,000 after buying an additional 304,358 shares during the last quarter. Hedge funds and other institutional investors own 78.10% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on MTZ. JPMorgan Chase & Co. upped their price objective on MasTec from $471.00 to $491.00 and gave the company an "overweight" rating in a report on Wednesday, May 13th. Morgan Stanley set a $369.00 target price on MasTec in a research report on Friday, July 31st. Mizuho decreased their price target on MasTec from $502.00 to $457.00 and set an "outperform" rating on the stock in a research note on Tuesday. CICC Research started coverage on MasTec in a report on Thursday, May 21st. They set an "outperform" rating and a $480.00 price target for the company. Finally, Weiss Ratings raised MasTec from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $431.42.

Insider Buying and Selling

In other MasTec news, Director Ernst N. Csiszar sold 6,500 shares of MasTec stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $371.17, for a total value of $2,412,605.00. Following the sale, the director owned 10,816 shares of the company's stock, valued at approximately $4,014,574.72. The trade was a 37.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.40% of the stock is currently owned by insiders.

MasTec Stock Up 5.5%

Shares of NYSE:MTZ opened at $272.83 on Friday. MasTec, Inc. has a 1-year low of $167.66 and a 1-year high of $441.43. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.40 and a quick ratio of 1.37. The stock has a market cap of $21.91 billion, a P/E ratio of 43.51 and a beta of 1.81. The firm has a fifty day moving average price of $353.78 and a 200 day moving average price of $334.44.

MasTec (NYSE:MTZ - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $2.22 EPS for the quarter, missing analysts' consensus estimates of $2.23 by ($0.01). MasTec had a net margin of 3.07% and a return on equity of 18.08%. The business had revenue of $4.37 billion during the quarter, compared to analyst estimates of $4.30 billion. During the same quarter in the prior year, the firm posted $1.49 earnings per share. The company's revenue for the quarter was up 23.4% compared to the same quarter last year. MasTec has set its Q3 2026 guidance at 2.980-2.980 EPS and its FY 2026 guidance at 9.300-9.300 EPS. Sell-side analysts predict that MasTec, Inc. will post 8.91 EPS for the current year.

MasTec Company 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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