Victory Capital Management Inc. Raises Stake in MasTec, Inc. (NYSE:MTZ)

Key Points

• Victory Capital Management Inc. increased its stake in MasTec, Inc. by 50.3%, owning 32,815 shares worth approximately $3.83 million after purchasing an additional 10,981 shares.
• Analyst reports are bullish on MasTec, with Barclays setting a new price target of $200.00, and the stock generally receiving buy ratings from fifteen analysts.
• MasTec's shares traded up 0.6% to $187.36, with the company recently reporting earnings of $0.51 per share, surpassing expectations and achieving a year-over-year revenue increase of 6.0%.

Victory Capital Management Inc. grew its holdings in MasTec, Inc. (NYSE:MTZ - Free Report) by 50.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,815 shares of the construction company's stock after purchasing an additional 10,981 shares during the quarter. Victory Capital Management Inc.'s holdings in MasTec were worth $3,830,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. Prevail Innovative Wealth Advisors LLC purchased a new position in MasTec in the first quarter worth approximately $2,564,000. Securian Asset Management Inc. lifted its stake in MasTec by 2.2% in the first quarter. Securian Asset Management Inc. now owns 4,719 shares of the construction company's stock worth $551,000 after acquiring an additional 100 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in MasTec by 0.6% in the first quarter. Louisiana State Employees Retirement System now owns 17,200 shares of the construction company's stock worth $2,007,000 after acquiring an additional 100 shares during the last quarter. Emerald Advisers LLC lifted its stake in MasTec by 52.5% in the first quarter. Emerald Advisers LLC now owns 8,808 shares of the construction company's stock worth $1,028,000 after acquiring an additional 3,033 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust purchased a new position in MasTec in the first quarter worth approximately $127,000. Hedge funds and other institutional investors own 78.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on MTZ shares. Truist Financial lifted their price target on shares of MasTec from $154.00 to $184.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Stifel Nicolaus raised their price objective on shares of MasTec from $171.00 to $181.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. The Goldman Sachs Group raised shares of MasTec from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $156.00 to $195.00 in a report on Friday, June 6th. Jefferies Financial Group assumed coverage on shares of MasTec in a report on Friday, May 16th. They set a "buy" rating and a $188.00 price objective on the stock. Finally, Guggenheim reissued a "buy" rating and set a $195.00 price objective on shares of MasTec in a report on Monday, May 5th. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, MasTec presently has a consensus rating of "Buy" and an average target price of $179.88.

Insider Buying and Selling at MasTec

In other MasTec news, Director C Robert Campbell sold 3,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were 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 approximately $6,122,051.98. The trade was a 7.01% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Robert E. Apple sold 10,000 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were 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 directly owned 194,249 shares in the company, valued at $33,993,575. This represents a 4.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 21.30% of the company's stock.

MasTec Stock Performance

Shares of MasTec stock traded down $0.43 during trading on Thursday, reaching $189.45. The company's stock had a trading volume of 388,917 shares, compared to its average volume of 1,029,023. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 0.69. The firm has a market cap of $14.95 billion, a PE ratio of 69.72 and a beta of 1.75. The company has a 50-day moving average price of $167.12 and a two-hundred day moving average price of $144.32. MasTec, Inc. has a fifty-two week low of $89.96 and a fifty-two week high of $194.00.

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

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.