Bank of Nova Scotia Takes $16.57 Million Position in MasTec, Inc. $MTZ

Key Points

• Bank of Nova Scotia acquired 39,830 MasTec shares during the second quarter, valued at approximately $16.57 million. Institutional investors collectively own 78.1% of the company.
• Analyst sentiment remains favorable, with an average “Buy” rating and a consensus price target of $427.32, although one firm recently downgraded the stock to “Hold.”
• MasTec reported quarterly revenue of $4.37 billion, up 23.4% year over year, but narrowly missed earnings expectations with EPS of $2.22 versus the $2.23 consensus. The stock opened at $255.21, well below its 50-day and 200-day moving averages.

Bank of Nova Scotia acquired a new position in MasTec, Inc. (NYSE:MTZ - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 39,830 shares of the construction company's stock, valued at approximately $16,572,000.

Other institutional investors have also recently made changes to their positions in the company. Daiichi Life Insurance Co. Ltd. purchased a new position in MasTec during the second quarter valued at approximately $969,000. Commerce Bank purchased a new stake in MasTec in the 2nd quarter worth approximately $2,883,000. Pinnbrook Capital Management LP purchased a new stake in MasTec in the 2nd quarter worth approximately $11,335,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of MasTec during the 2nd quarter worth approximately $6,010,000. Finally, Quantbot Technologies LP acquired a new stake in MasTec during the second quarter valued at $3,419,000. Hedge funds and other institutional investors own 78.10% of the company's stock.

Insider Activity at MasTec

In related news, Director Ernst N. Csiszar sold 6,500 shares of the 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 completion of the sale, the director owned 10,816 shares of the company's stock, valued at approximately $4,014,574.72. This trade represents a 37.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 21.40% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on MTZ. B. Riley Financial restated a "buy" rating on shares of MasTec in a research note on Monday, May 4th. Cantor Fitzgerald increased their price target on MasTec from $545.00 to $581.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. CICC Research assumed coverage on MasTec in a report on Thursday, May 21st. They issued an "outperform" rating and a $480.00 price objective on the stock. Zacks Research upgraded MasTec from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. Finally, Wall Street Zen downgraded MasTec from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $427.32.

MasTec Trading Down 4.2%

Shares of MTZ stock opened at $255.21 on Tuesday. The stock's fifty day moving average is $335.27 and its two-hundred day moving average is $337.66. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.37 and a current ratio of 1.40. The firm has a market capitalization of $20.50 billion, a P/E ratio of 40.70 and a beta of 1.82. MasTec, Inc. has a fifty-two week low of $171.05 and a fifty-two week high of $441.43.

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