MasTec, Inc. (NYSE:MTZ) Shares Bought by Private Advisor Group LLC

Key Points

• Private Advisor Group LLC increased its holdings in MasTec, Inc. by 67.9%, owning 6,315 shares valued at approximately $737,000 as of the latest SEC filing.
• Several hedge funds, including Forum Financial Management LP and Louisiana State Employees Retirement System, also adjusted their positions in MasTec during the first quarter, highlighting strong institutional interest.
• Analysts have a consensus 'Buy' rating for MasTec, with an average price target of $179.88, following recent upgrades from firms like Piper Sandler and Jefferies Financial Group.

Private Advisor Group LLC boosted its stake in shares of MasTec, Inc. (NYSE:MTZ - Free Report) by 67.9% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 6,315 shares of the construction company's stock after acquiring an additional 2,553 shares during the period. Private Advisor Group LLC's holdings in MasTec were worth $737,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Forum Financial Management LP raised its position in MasTec by 3.9% during the first quarter. Forum Financial Management LP now owns 2,097 shares of the construction company's stock worth $245,000 after acquiring an additional 78 shares during the period. Louisiana State Employees Retirement System raised its position in shares of MasTec by 0.6% in the first quarter. Louisiana State Employees Retirement System now owns 17,200 shares of the construction company's stock valued at $2,007,000 after buying an additional 100 shares during the last quarter. Securian Asset Management Inc. raised its position in shares of MasTec by 2.2% in the first quarter. Securian Asset Management Inc. now owns 4,719 shares of the construction company's stock valued at $551,000 after buying an additional 100 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of MasTec by 16.3% in the first quarter. Nisa Investment Advisors LLC now owns 743 shares of the construction company's stock valued at $87,000 after buying an additional 104 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its position in shares of MasTec by 0.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 13,835 shares of the construction company's stock valued at $1,883,000 after buying an additional 105 shares during the last quarter. 78.10% of the stock is currently owned by institutional investors and hedge funds.

MasTec Stock Down 9.2%

MasTec stock traded down $17.33 during trading on Friday, reaching $171.88. The stock had a trading volume of 1,889,331 shares, compared to its average volume of 1,043,839. 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. 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 stock has a market cap of $13.56 billion, a PE ratio of 63.25 and a beta of 1.75.

MasTec (NYSE:MTZ - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The construction company reported $1.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.08. MasTec had a net margin of 1.72% and a return on equity of 11.65%. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter in the previous year, the firm earned $0.96 earnings per share. The firm's quarterly revenue was up 19.7% on a year-over-year basis. On average, analysts predict that MasTec, Inc. will post 3.44 EPS for the current year.

Insider Buying and Selling

In other MasTec news, Director C Robert Campbell sold 3,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the sale, the director owned 39,782 shares of the company's stock, valued at approximately $6,122,051.98. This trade represents a 7.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Robert E. Apple sold 10,000 shares of the firm's stock in a transaction that occurred on 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 sale, the chief operating officer directly owned 194,249 shares in the company, valued at approximately $33,993,575. The trade was a 4.90% decrease in their position. The disclosure for this sale can be found here. 21.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MTZ shares. Truist Financial increased their target price on shares of MasTec from $154.00 to $184.00 and gave the company a "buy" rating in a research report on Monday, May 5th. Piper Sandler increased their target price on shares of MasTec from $134.00 to $175.00 and gave the company an "overweight" rating in a research report on Monday, May 5th. Citigroup increased their target price on shares of MasTec from $192.00 to $220.00 and gave the company a "buy" rating in a research report on Monday. Jefferies Financial Group started coverage on shares of MasTec in a research report on Friday, May 16th. They set a "buy" rating and a $188.00 price objective for the company. Finally, Barclays restated an "overweight" rating and set a $200.00 price objective (up from $145.00) on shares of MasTec in a research report on Monday, July 21st. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, MasTec has an average rating of "Buy" and a consensus price target of $179.88.

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.