Harvest Fund Management Co. Ltd Cuts Stock Position in MasTec, Inc. (NYSE:MTZ)

Key Points

• Harvest Fund Management Co. Ltd reduced its stock position in MasTec, Inc. by 91.2%, owning only 718 shares after selling 7,438 shares, with holdings valued at $84,000.
• A number of hedge funds, including Balyasny Asset Management L.P. and First Trust Advisors LP, significantly increased their holdings in MasTec during the 4th quarter, demonstrating varied institutional investor interest.
• MasTec reported a 19.7% year-over-year increase in revenue for the quarter, reaching $3.55 billion, and beat earnings estimates with $1.49 per share compared to a consensus of $1.41.

Harvest Fund Management Co. Ltd lessened its position in MasTec, Inc. (NYSE:MTZ - Free Report) by 91.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 718 shares of the construction company's stock after selling 7,438 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in MasTec were worth $84,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hood River Capital Management LLC increased its holdings in MasTec by 3.5% during the 4th quarter. Hood River Capital Management LLC now owns 1,531,104 shares of the construction company's stock worth $208,444,000 after purchasing an additional 51,531 shares during the period. AQR Capital Management LLC increased its holdings in MasTec by 13.3% during the 4th quarter. AQR Capital Management LLC now owns 779,472 shares of the construction company's stock worth $106,117,000 after purchasing an additional 91,564 shares during the period. Balyasny Asset Management L.P. increased its holdings in MasTec by 137.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 627,670 shares of the construction company's stock worth $85,451,000 after purchasing an additional 363,502 shares during the period. First Trust Advisors LP increased its holdings in MasTec by 173.8% during the 4th quarter. First Trust Advisors LP now owns 587,788 shares of the construction company's stock worth $80,021,000 after purchasing an additional 373,145 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in MasTec by 0.7% during the 1st quarter. Bank of New York Mellon Corp now owns 560,710 shares of the construction company's stock worth $65,440,000 after purchasing an additional 4,024 shares during the period. Hedge funds and other institutional investors own 78.10% of the company's stock.

Insider Activity at MasTec

In other MasTec news, COO Robert E. Apple sold 10,000 shares of MasTec stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $175.00, for a total value of $1,750,000.00. Following the transaction, the chief operating officer directly owned 194,249 shares in the company, valued at approximately $33,993,575. This trade represents a 4.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director C Robert Campbell sold 3,000 shares of MasTec stock in a transaction that occurred 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 completion of the transaction, the director owned 39,782 shares in the company, valued at $6,122,051.98. This trade represents a 7.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 21.30% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on MTZ. Stifel Nicolaus upped their price target on MasTec from $171.00 to $181.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Roth Capital assumed coverage on MasTec in a report on Tuesday, July 1st. They set a "buy" rating and a $210.00 price target on the stock. Guggenheim reiterated a "buy" rating and issued a $195.00 price objective on shares of MasTec in a report on Monday, May 5th. Truist Financial increased their price objective on MasTec from $154.00 to $184.00 and gave the company a "buy" rating in a report on Monday, May 5th. Finally, Barclays reiterated an "overweight" rating and issued a $200.00 price objective (up previously from $145.00) on shares of MasTec in a report on Monday, July 21st. Two analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $179.88.

MasTec Stock Down 0.3%

Shares of NYSE MTZ opened at $189.30 on Friday. The stock has a market cap of $14.94 billion, a PE ratio of 69.60 and a beta of 1.75. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 0.69. MasTec, Inc. has a 52-week low of $89.96 and a 52-week high of $194.00. The business has a 50-day moving average price of $168.58 and a 200 day moving average price of $144.95.

MasTec (NYSE:MTZ - Get Free Report) last announced its earnings results on Thursday, July 31st. The construction company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.08. MasTec had a return on equity of 11.65% and a net margin of 1.72%. The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.40 billion. During the same period last year, the business posted $0.96 EPS. The company's revenue was up 19.7% on a year-over-year basis. Equities research analysts forecast that MasTec, Inc. will post 3.44 earnings per share for the current 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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