Invesco Ltd. Lowers Stock Position in MasTec, Inc. $MTZ

Invesco Ltd. lowered its stake in MasTec, Inc. (NYSE:MTZ - Free Report) by 17.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,662,977 shares of the construction company's stock after selling 343,308 shares during the quarter. Invesco Ltd. owned 2.11% of MasTec worth $194,086,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Colonial Trust Co SC raised its position in MasTec by 335.7% in the fourth quarter. Colonial Trust Co SC now owns 183 shares of the construction company's stock worth $25,000 after acquiring an additional 141 shares during the period. Rothschild Investment LLC raised its position in MasTec by 2,023.1% in the first quarter. Rothschild Investment LLC now owns 276 shares of the construction company's stock worth $32,000 after acquiring an additional 263 shares during the period. Smallwood Wealth Investment Management LLC bought a new stake in shares of MasTec during the 1st quarter valued at $35,000. Harbor Investment Advisory LLC raised its position in shares of MasTec by 147.1% during the 1st quarter. Harbor Investment Advisory LLC now owns 336 shares of the construction company's stock valued at $39,000 after purchasing an additional 200 shares during the period. Finally, Fourth Dimension Wealth LLC bought a new stake in shares of MasTec during the 4th quarter valued at $49,000. Hedge funds and other institutional investors own 78.10% of the company's stock.

Insider Buying and Selling

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 transaction, the chief operating officer directly owned 194,249 shares of the company's stock, valued at approximately $33,993,575. This trade represents a 4.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Cardenas Alberto De sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $180.69, for a total transaction of $1,806,900.00. Following the completion of the sale, 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. Company insiders own 21.30% of the company's stock.

Wall Street Analysts Forecast Growth

MTZ has been the topic of several recent analyst reports. Roth Capital initiated coverage on shares of MasTec in a research report on Tuesday, July 1st. They set a "buy" rating and a $210.00 price objective on the stock. Wall Street Zen raised shares of MasTec from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. The Goldman Sachs Group lifted their price objective on shares of MasTec from $195.00 to $227.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. 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, August 4th. Finally, Piper Sandler lifted their price objective on shares of MasTec from $134.00 to $175.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. One equities research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $195.12.

MasTec Trading Up 0.2%

Shares of NYSE:MTZ traded up $0.32 during trading on Monday, reaching $178.12. 265,323 shares of the company were exchanged, compared to its average volume of 1,043,395. The firm has a market capitalization of $14.06 billion, a PE ratio of 52.70 and a beta of 1.83. The business's fifty day simple moving average is $173.64 and its 200-day simple moving average is $147.09. MasTec, Inc. has a 12-month low of $96.01 and a 12-month high of $194.00. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.22 and a quick ratio of 1.19.

MasTec (NYSE:MTZ - Get Free Report) last issued its earnings results on Thursday, July 31st. The construction company reported $1.49 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.08. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.40 billion. MasTec had a net margin of 2.04% and a return on equity of 12.71%. The company's quarterly revenue was up 19.7% compared to the same quarter last year. During the same period last year, the company posted $0.96 earnings per share. On average, research analysts anticipate that MasTec, Inc. will post 3.44 EPS 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.