Jennison Associates LLC Has $8.60 Million Stake in MasTec, Inc. (NYSE:MTZ)

Jennison Associates LLC boosted its holdings in MasTec, Inc. (NYSE:MTZ - Free Report) by 36.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 73,672 shares of the construction company's stock after purchasing an additional 19,636 shares during the quarter. Jennison Associates LLC owned about 0.09% of MasTec worth $8,598,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of MTZ. Colonial Trust Co SC grew its position in MasTec by 335.7% in the 4th quarter. Colonial Trust Co SC now owns 183 shares of the construction company's stock valued at $25,000 after purchasing an additional 141 shares during the period. Rothschild Investment LLC lifted its stake in MasTec by 2,023.1% during the 1st quarter. Rothschild Investment LLC now owns 276 shares of the construction company's stock valued at $32,000 after acquiring an additional 263 shares in the last quarter. Smallwood Wealth Investment Management LLC bought a new position in MasTec during the 1st quarter valued at $35,000. Harbor Investment Advisory LLC lifted its stake in 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 acquiring an additional 200 shares in the last quarter. Finally, Fourth Dimension Wealth LLC bought a new position in MasTec during the 4th quarter valued at $49,000. Institutional investors and hedge funds own 78.10% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Wall Street Zen cut MasTec from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Wolfe Research assumed coverage on MasTec in a research note on Monday, March 31st. They set a "peer perform" rating on the stock. Guggenheim restated a "buy" rating and set a $195.00 price objective on shares of MasTec in a research note on Monday, May 5th. Roth Capital began coverage on MasTec in a research note on Tuesday, July 1st. They set a "buy" rating and a $210.00 target price on the stock. Finally, Truist Financial lifted their target price on MasTec from $154.00 to $184.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Two research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $171.24.

Insider Activity

In other news, COO Robert E. Apple sold 10,000 shares of the business'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. The trade was a 4.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director C Robert Campbell sold 3,000 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the transaction, the director directly owned 39,782 shares of the company's stock, valued at $6,122,051.98. The trade was a 7.01% decrease in their position. The disclosure for this sale can be found here. 21.30% of the stock is currently owned by insiders.

MasTec Stock Up 0.8%

MTZ stock opened at $177.93 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $14.04 billion, a PE ratio of 65.42 and a beta of 1.75. MasTec, Inc. has a twelve month low of $89.96 and a twelve month high of $178.93. The stock has a 50-day simple moving average of $163.55 and a two-hundred day simple moving average of $142.56.

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

MasTec 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.

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