Y Intercept Hong Kong Ltd Trims Stock Position in MasTec, Inc. (NYSE:MTZ)

Key Points

• Y Intercept Hong Kong Ltd has reduced its stake in MasTec, Inc. by 40.1%, holding 5,396 shares valued at approximately $630,000 after selling 3,619 shares during the 1st quarter.
• MasTec reported $0.51 earnings per share for the latest quarter, exceeding analysts' expectations of $0.34, with revenue of $2.85 billion, up 6% year-over-year.
• Multiple analysts have upgraded their price targets for MasTec, with recommendations ranging from $175.00 to $214.00, indicating a positive outlook on the stock.

Y Intercept Hong Kong Ltd lessened its stake in shares of MasTec, Inc. (NYSE:MTZ - Free Report) by 40.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,396 shares of the construction company's stock after selling 3,619 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in MasTec were worth $630,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of MTZ. KBC Group NV raised its position in MasTec by 10.6% in the 1st quarter. KBC Group NV now owns 2,773 shares of the construction company's stock valued at $324,000 after purchasing an additional 266 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in MasTec by 37.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 16,410 shares of the construction company's stock valued at $1,915,000 after purchasing an additional 4,469 shares during the last quarter. GAMMA Investing LLC raised its position in MasTec by 43.6% in the 1st quarter. GAMMA Investing LLC now owns 915 shares of the construction company's stock valued at $107,000 after purchasing an additional 278 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in MasTec by 33.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 2,253 shares of the construction company's stock valued at $263,000 after purchasing an additional 565 shares during the last quarter. Finally, Asset Management One Co. Ltd. raised its position in MasTec by 9.8% in the 1st quarter. Asset Management One Co. Ltd. now owns 45,012 shares of the construction company's stock valued at $5,253,000 after purchasing an additional 4,031 shares during the last quarter. Hedge funds and other institutional investors own 78.10% of the company's stock.

MasTec Stock Performance

NYSE:MTZ opened at $186.45 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 0.69. MasTec, Inc. has a fifty-two week low of $89.96 and a fifty-two week high of $188.74. The stock has a market cap of $14.71 billion, a PE ratio of 68.55 and a beta of 1.75. The firm's fifty day simple moving average is $165.92 and its 200-day simple moving average is $143.73.

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

Insider Transactions at MasTec

In other MasTec news, Director C Robert Campbell sold 3,000 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the transaction, the director directly owned 39,782 shares in the company, valued at approximately $6,122,051.98. This trade represents a 7.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction of $1,750,000.00. Following the transaction, the chief operating officer owned 194,249 shares of the company's stock, valued at $33,993,575. This trade represents a 4.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. 21.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Guggenheim reiterated a "buy" rating and issued a $195.00 price target on shares of MasTec in a research report on Monday, May 5th. KeyCorp upped their price target on shares of MasTec from $171.00 to $196.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. The Goldman Sachs Group upgraded shares of MasTec from a "neutral" rating to a "buy" rating and upped their price target for the company from $156.00 to $195.00 in a research report on Friday, June 6th. JPMorgan Chase & Co. upped their price target on shares of MasTec from $180.00 to $214.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Finally, Piper Sandler upped their price objective on shares of MasTec from $134.00 to $175.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $176.94.

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.

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