Farrow Financial Inc. Trims Holdings in MasTec, Inc. (NYSE:MTZ)

Key Points

• Farrow Financial Inc. reduced its stake in MasTec, Inc. by 20.2%, now holding 19,748 shares valued at approximately $2.3 million, making it the company's 25th largest position.
• Several hedge funds significantly increased their positions in MasTec, with Colonial Trust Co SC growing its stake by 335.7% and Rothschild Investment LLC increasing theirs by 2,023.1% during the same period.
• Analysts have given MasTec a consensus rating of "Buy", with target prices raised by multiple firms, indicating optimism for the stock's performance moving forward.

Farrow Financial Inc. lessened its stake in MasTec, Inc. (NYSE:MTZ - Free Report) by 20.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,748 shares of the construction company's stock after selling 4,984 shares during the period. MasTec makes up approximately 1.6% of Farrow Financial Inc.'s holdings, making the stock its 25th largest position. Farrow Financial Inc.'s holdings in MasTec were worth $2,305,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. First Trust Advisors LP boosted its holdings in MasTec by 173.8% in the 4th quarter. First Trust Advisors LP now owns 587,788 shares of the construction company's stock worth $80,021,000 after buying an additional 373,145 shares during the period. Balyasny Asset Management L.P. lifted its position in shares of 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 in the last quarter. Merewether Investment Management LP bought a new position in shares of MasTec in the fourth quarter worth about $46,612,000. Freestone Grove Partners LP purchased a new stake in shares of MasTec during the fourth quarter worth about $31,730,000. Finally, JAT Capital Mgmt LP bought a new position in shares of MasTec during the fourth quarter worth $23,663,000. Hedge funds and other institutional investors own 78.10% of the company's stock.

Insiders Place Their Bets

In other news, COO Robert E. Apple sold 10,000 shares of the firm'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 owned 194,249 shares of the company's stock, valued at $33,993,575. This trade represents a 4.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Cardenas Alberto De sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $180.69, for a total value of $1,806,900.00. Following the completion of the transaction, the executive vice president directly owned 101,349 shares of the company's stock, valued at $18,312,750.81. The trade was a 8.98% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,000 shares of company stock worth $4,018,570. Corporate insiders own 21.30% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MTZ shares. KeyCorp upped their price objective on MasTec from $196.00 to $205.00 and gave the stock an "overweight" rating in a report on Monday. Citigroup dropped their price objective on shares of MasTec from $220.00 to $219.00 and set a "buy" rating for the company in a research note on Monday. Guggenheim restated a "buy" rating and set a $195.00 target price on shares of MasTec in a research report on Monday, May 5th. Robert W. Baird upgraded shares of MasTec from a "neutral" rating to an "outperform" rating and set a $210.00 target price for the company in a report on Monday. Finally, Truist Financial set a $209.00 price objective on shares of MasTec in a research report on Monday. One analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $195.12.

MasTec Stock Performance

Shares of MasTec stock traded down $0.15 on Thursday, reaching $182.96. 757,993 shares of the stock were exchanged, compared to its average volume of 1,072,809. MasTec, Inc. has a twelve month low of $96.01 and a twelve month 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 firm has a market capitalization of $14.44 billion, a price-to-earnings ratio of 54.13 and a beta of 1.83. The business has a 50 day moving average price of $171.06 and a two-hundred day moving average price of $145.81.

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