Bank of Nova Scotia Acquires 40,936 Shares of MasTec, Inc. (NYSE:MTZ)

Key Points

• Bank of Nova Scotia significantly increased its stake in MasTec, Inc. by purchasing an additional 40,936 shares, bringing its total holdings to 93,352 shares valued at approximately $10.9 million.
• Recent earnings report revealed MasTec surpassed expectations with $1.49 earnings per share and a 19.7% increase in revenue year-over-year, reporting $3.55 billion in revenue.
• Institutional ownership of MasTec is currently 78.10%, with several institutional investors significantly boosting their positions in the last quarter.

Bank of Nova Scotia grew its holdings in MasTec, Inc. (NYSE:MTZ - Free Report) by 78.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,352 shares of the construction company's stock after purchasing an additional 40,936 shares during the period. Bank of Nova Scotia owned about 0.12% of MasTec worth $10,895,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of MTZ. First Trust Advisors LP increased its holdings in shares of MasTec by 173.8% in the 4th quarter. First Trust Advisors LP now owns 587,788 shares of the construction company's stock worth $80,021,000 after purchasing an additional 373,145 shares in the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of MasTec by 137.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 627,670 shares of the construction company's stock worth $85,451,000 after buying an additional 363,502 shares during the last quarter. Merewether Investment Management LP purchased a new position in shares of MasTec in the 4th quarter worth $46,612,000. Freestone Grove Partners LP purchased a new position in shares of MasTec in the 4th quarter worth $31,730,000. Finally, JAT Capital Mgmt LP purchased a new position in shares of MasTec in the 4th quarter worth $23,663,000. Institutional investors own 78.10% of the company's stock.

MasTec Price Performance

Shares of MasTec stock opened at $177.88 on Tuesday. The stock's 50-day simple moving average is $169.52 and its 200-day simple moving average is $145.14. MasTec, Inc. has a 52 week low of $89.96 and a 52 week high of $194.00. The company has a market capitalization of $14.03 billion, a price-to-earnings ratio of 52.63 and a beta of 1.83. The company has a quick ratio of 1.19, a current ratio of 1.22 and a debt-to-equity ratio of 0.70.

MasTec (NYSE:MTZ - Get Free Report) last issued its earnings results on Thursday, July 31st. The construction company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.08. MasTec had a return on equity of 12.71% and a net margin of 2.04%. The firm had revenue of $3.55 billion for the quarter, compared to analysts' expectations of $3.40 billion. During the same period in the previous year, the firm posted $0.96 earnings per share. The business's revenue was up 19.7% compared to the same quarter last year. As a group, analysts expect that MasTec, Inc. will post 3.44 earnings per share for the current fiscal year.

Insider Activity

In other news, Director C Robert Campbell sold 3,000 shares of MasTec stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the sale, the director directly owned 39,782 shares of the company's stock, valued at approximately $6,122,051.98. The trade was a 7.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Robert E. Apple sold 10,000 shares of MasTec stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $175.00, for a total value of $1,750,000.00. Following the completion of the sale, the chief operating officer directly owned 194,249 shares in the company, valued at $33,993,575. This trade represents a 4.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 21.30% of the company's stock.

Analysts Set New Price Targets

MTZ has been the topic of a number of research reports. Jefferies Financial Group initiated coverage on MasTec in a research note on Friday, May 16th. They issued a "buy" rating and a $188.00 price target on the stock. Piper Sandler raised their price target on MasTec from $134.00 to $175.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Guggenheim restated a "buy" rating and issued a $195.00 price target on shares of MasTec in a research note on Monday, May 5th. Stifel Nicolaus raised their price target on MasTec from $181.00 to $198.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Wall Street Zen upgraded MasTec from a "buy" rating to a "strong-buy" rating in a research note on Saturday. One analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $191.76.

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.

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