The Manufacturers Life Insurance Company Sells 51,575 Shares of MasTec, Inc. $MTZ

Key Points

• The Manufacturers Life Insurance Company reduced its MasTec stake by 21.5%, selling 51,575 shares and retaining 187,950 shares valued at approximately $60.5 million. Institutional investors collectively own 78.1% of the company.
• MasTec insiders also sold shares: directors C. Robert Campbell and Ernst N. Csiszar disposed of a combined 9,500 shares for roughly $3.7 million. Corporate insiders own 21.4% of the stock.
• MasTec reported strong quarterly results, with EPS of $1.39 versus the $0.98 consensus and revenue of $3.83 billion, up 34.5% year over year. Analysts maintain a consensus “Buy” rating with an average price target of $466.89.

The Manufacturers Life Insurance Company trimmed its position in shares of MasTec, Inc. (NYSE:MTZ - Free Report) by 21.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 187,950 shares of the construction company's stock after selling 51,575 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.24% of MasTec worth $60,471,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of MasTec during the fourth quarter worth about $30,000. Ascentis Independent Advisors bought a new position in MasTec in the 1st quarter valued at approximately $30,000. CIBC Private Wealth Group LLC boosted its position in MasTec by 372.0% during the 4th quarter. CIBC Private Wealth Group LLC now owns 236 shares of the construction company's stock worth $51,000 after buying an additional 186 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in MasTec by 105.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 355 shares of the construction company's stock worth $61,000 after buying an additional 182 shares during the period. Finally, GHP Investment Advisors Inc. bought a new stake in MasTec during the 1st quarter worth approximately $65,000. 78.10% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director C Robert Campbell sold 3,000 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $417.00, for a total transaction of $1,251,000.00. Following the completion of the sale, the director directly owned 30,646 shares in the company, valued at $12,779,382. This represents a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ernst N. Csiszar sold 6,500 shares of MasTec stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $371.17, for a total transaction of $2,412,605.00. Following the transaction, the director directly owned 10,816 shares of the company's stock, valued at $4,014,574.72. This represents a 37.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 21.40% of the company's stock.

MasTec Stock Performance

Shares of MTZ stock opened at $287.00 on Thursday. The stock has a market capitalization of $22.68 billion, a PE ratio of 50.26 and a beta of 1.77. The business's 50 day simple moving average is $369.21 and its 200 day simple moving average is $332.92. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.32 and a quick ratio of 1.28. MasTec, Inc. has a one year low of $160.08 and a one year high of $441.43.

MasTec (NYSE:MTZ - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.41. The firm had revenue of $3.83 billion during the quarter, compared to analyst estimates of $3.47 billion. MasTec had a net margin of 2.94% and a return on equity of 17.15%. The company's revenue was up 34.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.51 EPS. As a group, research analysts forecast that MasTec, Inc. will post 9.18 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MTZ shares. Mizuho upped their price target on shares of MasTec from $498.00 to $502.00 and gave the company an "outperform" rating in a research report on Wednesday, July 8th. The Goldman Sachs Group lifted their price target on shares of MasTec from $348.00 to $487.00 and gave the stock a "buy" rating in a report on Monday, May 4th. Weiss Ratings cut shares of MasTec from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. Citigroup increased their price objective on MasTec from $440.00 to $483.00 and gave the company a "buy" rating in a report on Monday, May 4th. Finally, Roth Capital reaffirmed a "buy" rating and set a $450.00 target price on shares of MasTec in a research report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $466.89.

MasTec Company Profile

MasTec, Inc is a diversified infrastructure construction company that provides engineering, fabrication, installation and maintenance services across a broad range of end markets. Its principal activities encompass the development of communications networks, oil and gas pipeline systems, electrical transmission and distribution facilities, industrial installations and renewable energy projects.

The company traces its roots to a small cable installation operation in Miami and has grown through a series of strategic acquisitions to become one of the largest infrastructure contractors in North America.

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