Exchange Traded Concepts LLC Boosts Holdings in MasTec, Inc. (NYSE:MTZ)

Exchange Traded Concepts LLC grew its holdings in MasTec, Inc. (NYSE:MTZ - Free Report) by 56.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 28,034 shares of the construction company's stock after purchasing an additional 10,163 shares during the quarter. Exchange Traded Concepts LLC's holdings in MasTec were worth $3,272,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MTZ. Brighton Jones LLC purchased a new position in shares of MasTec in the fourth quarter valued at approximately $227,000. Asset Management One Co. Ltd. boosted its stake in shares of MasTec by 8.7% in the fourth quarter. Asset Management One Co. Ltd. now owns 40,981 shares of the construction company's stock valued at $5,562,000 after purchasing an additional 3,281 shares during the period. New York State Teachers Retirement System boosted its stake in shares of MasTec by 21.7% in the fourth quarter. New York State Teachers Retirement System now owns 32,307 shares of the construction company's stock valued at $4,398,000 after purchasing an additional 5,750 shares during the period. Allworth Financial LP boosted its stake in shares of MasTec by 15.1% in the fourth quarter. Allworth Financial LP now owns 596 shares of the construction company's stock valued at $81,000 after purchasing an additional 78 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of MasTec by 24.8% in the fourth quarter. Principal Financial Group Inc. now owns 209,342 shares of the construction company's stock valued at $28,500,000 after purchasing an additional 41,661 shares during the period. Hedge funds and other institutional investors own 78.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MTZ. Stifel Nicolaus raised their target price on shares of MasTec from $171.00 to $181.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Wolfe Research began coverage on shares of MasTec in a report on Monday, March 31st. They issued a "peer perform" rating on the stock. Citigroup raised their target price on shares of MasTec from $152.00 to $170.00 and gave the company a "buy" rating in a report on Monday, May 5th. Guggenheim reaffirmed a "buy" rating and issued a $195.00 target price on shares of MasTec in a report on Monday, May 5th. Finally, Piper Sandler raised 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. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, MasTec currently has a consensus rating of "Buy" and an average price target of $166.75.

Insider Buying and Selling at MasTec

In other MasTec news, Director C Robert Campbell sold 3,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the transaction, the director now directly owns 39,782 shares of the company's stock, valued at approximately $6,122,051.98. The trade was a 7.01% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ernst N. Csiszar sold 2,517 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $131.63, for a total transaction of $331,312.71. Following the completion of the transaction, the director now directly owns 23,000 shares in the company, valued at $3,027,490. This represents a 9.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. 21.30% of the stock is currently owned by corporate insiders.

MasTec Stock Up 1.0%

MTZ stock opened at $163.65 on Tuesday. The company's 50 day moving average is $142.78 and its two-hundred day moving average is $137.16. The stock has a market cap of $12.91 billion, a P/E ratio of 146.12 and a beta of 1.75. MasTec, Inc. has a twelve month low of $89.96 and a twelve month high of $166.95. The company has a current ratio of 1.24, a quick ratio of 1.20 and a debt-to-equity ratio of 0.76.

MasTec (NYSE:MTZ - Get Free Report) last announced its 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 business had revenue of $2.85 billion for the quarter, compared to analysts' expectations of $2.71 billion. MasTec had a net margin of 0.73% and a return on equity of 8.27%. The company's quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.13) EPS. Research analysts expect that MasTec, Inc. will post 3.44 earnings per share for the current fiscal year.

About MasTec

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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