MasTec, Inc. (NYSE:MTZ) Position Decreased by Convergence Investment Partners LLC

Convergence Investment Partners LLC lessened its holdings in shares of MasTec, Inc. (NYSE:MTZ - Free Report) by 57.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,889 shares of the construction company's stock after selling 6,733 shares during the period. Convergence Investment Partners LLC's holdings in MasTec were worth $571,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Forum Financial Management LP raised its stake in MasTec by 3.9% during the 1st quarter. Forum Financial Management LP now owns 2,097 shares of the construction company's stock worth $245,000 after acquiring an additional 78 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in MasTec by 0.6% during the 1st quarter. Louisiana State Employees Retirement System now owns 17,200 shares of the construction company's stock worth $2,007,000 after acquiring an additional 100 shares in the last quarter. Securian Asset Management Inc. raised its stake in MasTec by 2.2% during the 1st quarter. Securian Asset Management Inc. now owns 4,719 shares of the construction company's stock worth $551,000 after acquiring an additional 100 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in MasTec by 16.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 743 shares of the construction company's stock worth $87,000 after acquiring an additional 104 shares in the last quarter. Finally, Rockefeller Capital Management L.P. raised its stake in MasTec by 0.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 13,835 shares of the construction company's stock worth $1,883,000 after acquiring an additional 105 shares in the last quarter. Institutional investors and hedge funds own 78.10% of the company's stock.

MasTec Stock Up 2.6%

MTZ stock traded up $4.70 during trading on Friday, reaching $186.45. The stock had a trading volume of 642,272 shares, compared to its average volume of 1,033,883. The firm has a fifty day moving average price of $165.34 and a 200 day moving average price of $143.48. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $14.71 billion, a P/E ratio of 68.55 and a beta of 1.75. MasTec, Inc. has a 1-year low of $89.96 and a 1-year high of $188.74.

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

Wall Street Analysts Forecast Growth

MTZ has been the subject of several analyst reports. The Goldman Sachs Group raised MasTec from a "neutral" rating to a "buy" rating and upped their price objective for the company from $156.00 to $195.00 in a research note on Friday, June 6th. Jefferies Financial Group started coverage on shares of MasTec in a research note on Friday, May 16th. They set a "buy" rating and a $188.00 price target on the stock. Truist Financial upped their target price on MasTec from $154.00 to $184.00 and gave the company a "buy" rating in a report on Monday, May 5th. Stifel Nicolaus increased their price target on shares of MasTec from $171.00 to $181.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Finally, KeyCorp upped their target price on MasTec from $171.00 to $196.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $176.94.

Insider Activity at MasTec

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

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.