Ontario Teachers Pension Plan Board Buys New Shares in MasTec, Inc. (NYSE:MTZ)

Key Points

• The Ontario Teachers Pension Plan Board invested approximately $268,000 in MasTec, Inc., buying 2,293 shares of the construction company's stock.
• Several institutional investors significantly increased their stakes in MasTec, with First Trust Advisors LP boosting its position by 173.8% during the last quarter.
• Wall Street analysts have a positive outlook on MasTec, with a consensus target price of $195.12 and multiple upgrades, including Piper Sandler raising their price objective to $175.00.

Ontario Teachers Pension Plan Board acquired a new position in MasTec, Inc. (NYSE:MTZ - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,293 shares of the construction company's stock, valued at approximately $268,000.

A number of other large investors have also modified their holdings of MTZ. Brighton Jones LLC acquired a new position in shares of MasTec in the fourth quarter worth about $227,000. LPL Financial LLC grew its stake in MasTec by 1.5% during the 4th quarter. LPL Financial LLC now owns 20,520 shares of the construction company's stock valued at $2,794,000 after acquiring an additional 310 shares in the last quarter. Franklin Resources Inc. purchased a new stake in MasTec during the 4th quarter valued at about $1,191,000. Envestnet Asset Management Inc. grew its stake in MasTec by 37.5% during the 4th 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 in the last quarter. Finally, Federated Hermes Inc. grew its stake in MasTec by 16.9% during the 4th quarter. Federated Hermes Inc. now owns 8,886 shares of the construction company's stock valued at $1,210,000 after acquiring an additional 1,287 shares in the last quarter. Institutional investors and hedge funds own 78.10% of the company's stock.

MasTec Stock Performance

MasTec stock traded down $2.71 during midday trading on Wednesday, hitting $181.68. 51,360 shares of the company's stock were exchanged, compared to its average volume of 1,044,365. 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 quick ratio of 1.19 and a current ratio of 1.22. The stock has a market cap of $14.34 billion, a price-to-earnings ratio of 53.46 and a beta of 1.83. The firm's 50 day simple moving average is $172.51 and its 200 day simple moving average is $146.17.

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

Wall Street Analyst Weigh In

MTZ has been the subject of several analyst reports. Barclays reissued an "overweight" rating and issued a $200.00 price target (up previously from $145.00) on shares of MasTec in a research note on Monday, July 21st. The Goldman Sachs Group increased their price target on shares of MasTec from $195.00 to $227.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. DA Davidson set a $210.00 price objective on shares of MasTec and gave the stock a "buy" rating in a report on Monday, August 4th. Guggenheim restated a "buy" rating and issued a $195.00 price objective on shares of MasTec in a report on Monday, May 5th. Finally, Baird R W upgraded shares of MasTec from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. One equities research analyst has rated the stock with a hold rating, fifteen have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, MasTec has an average rating of "Buy" and a consensus target price of $195.12.

Insider Activity

In related news, COO Robert E. Apple sold 10,000 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $175.00, for a total value of $1,750,000.00. Following the completion of the sale, the chief operating officer owned 194,249 shares in the company, valued at $33,993,575. This trade represents a 4.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction of $1,806,900.00. Following the completion of the sale, the executive vice president owned 101,349 shares of the company's stock, valued at $18,312,750.81. This trade represents a 8.98% decrease in their position. The disclosure for this sale can be found here. 21.30% of the stock is owned by company insiders.

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.