MasTec, Inc. (NYSE:MTZ) Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. reduced its stake in MasTec, Inc. (NYSE:MTZ - Free Report) by 68.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,755 shares of the construction company's stock after selling 18,836 shares during the quarter. Bessemer Group Inc.'s holdings in MasTec were worth $1,022,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its position in shares of MasTec by 181.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 180 shares of the construction company's stock worth $25,000 after purchasing an additional 116 shares during the period. Colonial Trust Co SC lifted its stake in MasTec by 335.7% during the fourth quarter. Colonial Trust Co SC now owns 183 shares of the construction company's stock worth $25,000 after purchasing an additional 141 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in shares of MasTec by 93.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 265 shares of the construction company's stock worth $36,000 after buying an additional 128 shares during the period. Rothschild Investment LLC grew its stake in shares of MasTec by 2,023.1% in the first quarter. Rothschild Investment LLC now owns 276 shares of the construction company's stock valued at $32,000 after buying an additional 263 shares in the last quarter. Finally, Harbor Investment Advisory LLC raised its holdings in shares of MasTec by 147.1% in the 1st quarter. Harbor Investment Advisory LLC now owns 336 shares of the construction company's stock valued at $39,000 after buying an additional 200 shares during the period. 78.10% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MTZ has been the subject of a number of research analyst reports. Robert W. Baird lowered their target price on MasTec from $162.00 to $153.00 and set a "neutral" rating for the company in a report on Monday, March 3rd. The Goldman Sachs Group raised shares of MasTec from a "neutral" rating to a "buy" rating and raised their price objective for the company from $156.00 to $195.00 in a research note on Friday, June 6th. Roth Capital initiated coverage on shares of MasTec in a report on Tuesday. They issued a "buy" rating and a $210.00 price objective for the company. Truist Financial upped their target price on shares of MasTec from $154.00 to $184.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Finally, Wolfe Research initiated coverage on shares of MasTec in a research report on Monday, March 31st. They issued a "peer perform" rating for the company. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $169.29.

Insiders Place Their Bets

In other news, Director C Robert Campbell sold 3,000 shares of MasTec stock in a transaction on Monday, May 12th. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the director directly owned 39,782 shares in the company, valued at approximately $6,122,051.98. This trade represents a 7.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 21.30% of the stock is owned by company insiders.

MasTec Stock Performance

Shares of NYSE MTZ traded down $2.10 during midday trading on Tuesday, reaching $168.33. 1,476,074 shares of the company traded hands, compared to its average volume of 1,067,905. The company has a market cap of $13.28 billion, a price-to-earnings ratio of 61.89 and a beta of 1.75. The stock has a 50-day moving average price of $152.79 and a 200 day moving average price of $139.13. MasTec, Inc. has a 52 week low of $89.96 and a 52 week high of $172.71. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.22 and a quick ratio of 1.18.

MasTec (NYSE:MTZ - Get Free Report) last released its earnings results on Thursday, May 1st. The construction company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.34 by $0.17. MasTec had a net margin of 1.72% and a return on equity of 11.65%. The firm had revenue of $2.85 billion for the quarter, compared to analysts' expectations of $2.71 billion. During the same quarter last year, the company earned ($0.13) EPS. MasTec's quarterly revenue was up 6.0% on a year-over-year basis. Sell-side analysts anticipate that MasTec, Inc. will post 3.44 earnings per share for the current fiscal year.

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.