New Age Alpha Advisors LLC Makes New $1.46 Million Investment in MasTec, Inc. (NYSE:MTZ)

Key Points

• New Age Alpha Advisors LLC has acquired a new stake of 12,475 shares in MasTec, Inc. valued at approximately $1,456,000, as reported in their recent SEC filing.
• MasTec has shown impressive quarterly performance, reporting earnings per share of $1.49, which exceeds the consensus estimate of $1.41, alongside a revenue growth of 19.7% year-over-year.
• The stock has received multiple "buy" ratings from analysts, with an average price target of $195.12, indicating strong market confidence in its growth potential.

New Age Alpha Advisors LLC purchased a new stake in MasTec, Inc. (NYSE:MTZ - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 12,475 shares of the construction company's stock, valued at approximately $1,456,000.

A number of other hedge funds have also made changes to their positions in MTZ. Brighton Jones LLC purchased a new position in shares of MasTec in the fourth quarter valued at $227,000. LPL Financial LLC increased its position in shares of MasTec by 1.5% in the fourth quarter. LPL Financial LLC now owns 20,520 shares of the construction company's stock valued at $2,794,000 after buying an additional 310 shares in the last quarter. Franklin Resources Inc. purchased a new position in shares of MasTec in the fourth quarter valued at $1,191,000. Resona Asset Management Co. Ltd. purchased a new position in shares of MasTec in the fourth quarter valued at $524,000. Finally, Envestnet Asset Management Inc. boosted its stake in shares of MasTec by 37.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 34,593 shares of the construction company's stock valued at $4,710,000 after acquiring an additional 9,434 shares during the last quarter. Hedge funds and other institutional investors own 78.10% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on MTZ. Roth Capital began coverage on MasTec in a research note on Tuesday, July 1st. They set a "buy" rating and a $210.00 price objective on the stock. The Goldman Sachs Group increased their price objective on MasTec from $195.00 to $227.00 and gave the company a "buy" rating in a research note on Thursday. Truist Financial set a $209.00 price objective on MasTec in a research note on Monday, August 4th. DA Davidson set a $210.00 price objective on MasTec and gave the company a "buy" rating in a research note on Monday, August 4th. Finally, JPMorgan Chase & Co. increased their price objective on MasTec from $180.00 to $214.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $195.12.

MasTec Trading Down 0.8%

Shares of MasTec stock traded down $1.52 during trading hours on Friday, reaching $181.46. The stock had a trading volume of 771,373 shares, compared to its average volume of 1,063,984. The firm has a 50 day simple moving average of $171.57 and a two-hundred day simple moving average of $145.86. The firm has a market capitalization of $14.32 billion, a price-to-earnings ratio of 53.69 and a beta of 1.83. The company has a current ratio of 1.22, a quick ratio of 1.19 and a debt-to-equity ratio of 0.70. MasTec, Inc. has a 1 year low of $96.01 and a 1 year high of $194.00.

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

Insider Activity at MasTec

In related news, COO Robert E. Apple sold 10,000 shares of the firm'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 sale, 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 filing with the SEC, which can be accessed through this link. Also, EVP Cardenas Alberto De sold 10,000 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $180.69, for a total value of $1,806,900.00. Following the sale, the executive vice president owned 101,349 shares in the company, valued at approximately $18,312,750.81. The trade was a 8.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,000 shares of company stock worth $4,018,570. 21.30% of the stock is currently owned by company insiders.

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.