Cetera Investment Advisers Boosts Holdings in MasTec, Inc. (NYSE:MTZ)

Key Points

• Cetera Investment Advisers significantly increased its holdings in MasTec, Inc. by 144.0% during the first quarter, now owning 14,445 shares valued at approximately $1.69 million.
• Several institutional investors also increased their stakes in MasTec, with First Trust Advisors LP raising its holdings by 173.8% in the fourth quarter, reflecting growing interest in the company's stock.
• MasTec recently reported $1.49 EPS for the quarter, exceeding consensus estimates, with revenue rising 19.7% year-over-year to $3.55 billion.

Cetera Investment Advisers boosted its position in MasTec, Inc. (NYSE:MTZ - Free Report) by 144.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,445 shares of the construction company's stock after acquiring an additional 8,524 shares during the quarter. Cetera Investment Advisers' holdings in MasTec were worth $1,686,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Hood River Capital Management LLC increased its stake in MasTec by 3.5% in the fourth quarter. Hood River Capital Management LLC now owns 1,531,104 shares of the construction company's stock valued at $208,444,000 after acquiring an additional 51,531 shares during the last quarter. AQR Capital Management LLC increased its stake in MasTec by 13.3% in the fourth quarter. AQR Capital Management LLC now owns 779,472 shares of the construction company's stock valued at $106,117,000 after acquiring an additional 91,564 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in MasTec by 137.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 627,670 shares of the construction company's stock valued at $85,451,000 after acquiring an additional 363,502 shares during the last quarter. First Trust Advisors LP increased its stake in MasTec by 173.8% in the fourth quarter. First Trust Advisors LP now owns 587,788 shares of the construction company's stock valued at $80,021,000 after acquiring an additional 373,145 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in MasTec by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 560,710 shares of the construction company's stock valued at $65,440,000 after acquiring an additional 4,024 shares during the last quarter. 78.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MTZ. Stifel Nicolaus boosted their target price on shares of MasTec from $181.00 to $198.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Jefferies Financial Group began coverage on shares of MasTec in a research note on Friday, May 16th. They set a "buy" rating and a $188.00 target price on the stock. Baird R W upgraded shares of MasTec from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Piper Sandler boosted their target price on shares of MasTec from $134.00 to $175.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Finally, DA Davidson set a $210.00 target price on shares of MasTec and gave the company a "buy" rating in a report on Monday, August 4th. One equities research analyst has rated the stock with a hold rating, fifteen have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, MasTec has an average rating of "Buy" and an average target price of $195.12.

MasTec Stock Down 1.2%

MTZ stock traded down $2.20 during trading on Monday, reaching $179.10. The stock had a trading volume of 640,028 shares, compared to its average volume of 1,053,193. MasTec, Inc. has a one year low of $96.01 and a one year high of $194.00. The company has a quick ratio of 1.19, a current ratio of 1.22 and a debt-to-equity ratio of 0.70. The company's 50 day moving average is $171.57 and its two-hundred day moving average is $145.76. The company has a market capitalization of $14.13 billion, a price-to-earnings ratio of 52.99 and a beta of 1.83.

MasTec (NYSE:MTZ - Get Free Report) last released its earnings results on Thursday, July 31st. The construction company reported $1.49 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.08. MasTec had a net margin of 2.04% and a return on equity of 12.71%. The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.40 billion. During the same period in the prior year, the firm earned $0.96 EPS. The company's revenue was up 19.7% compared to the same quarter last year. Equities research analysts forecast that MasTec, Inc. will post 3.44 EPS for the current year.

Insider Buying and Selling

In related news, COO Robert E. Apple sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $175.00, for a total transaction of $1,750,000.00. Following the sale, the chief operating officer directly owned 194,249 shares in the company, valued at approximately $33,993,575. This represents a 4.90% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Cardenas Alberto De sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $180.69, for a total transaction of $1,806,900.00. Following the sale, the executive vice president owned 101,349 shares in the company, valued at $18,312,750.81. The trade was a 8.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 21.30% of the company's stock.

MasTec 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.