Freestone Grove Partners LP Buys Shares of 233,069 MasTec, Inc. (NYSE:MTZ)

Freestone Grove Partners LP purchased a new position in MasTec, Inc. (NYSE:MTZ - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 233,069 shares of the construction company's stock, valued at approximately $31,730,000. Freestone Grove Partners LP owned about 0.29% of MasTec at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Barclays PLC raised its stake in shares of MasTec by 642.7% in the third quarter. Barclays PLC now owns 242,066 shares of the construction company's stock worth $29,797,000 after purchasing an additional 209,472 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of MasTec during the 3rd quarter valued at about $254,000. Wilmington Savings Fund Society FSB purchased a new position in shares of MasTec during the third quarter valued at approximately $25,000. Blankinship & Foster LLC bought a new position in shares of MasTec in the 3rd quarter worth approximately $246,000. Finally, Tidal Investments LLC boosted its stake in shares of MasTec by 5.7% during the 3rd quarter. Tidal Investments LLC now owns 10,912 shares of the construction company's stock worth $1,343,000 after acquiring an additional 585 shares during the last quarter. Institutional investors own 78.10% of the company's stock.

Insiders Place Their Bets

In related news, Director Ernst N. Csiszar sold 2,517 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $131.63, for a total value of $331,312.71. Following the completion of the sale, the director now directly owns 23,000 shares of the company's stock, valued at $3,027,490. This represents a 9.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 21.30% of the company's stock.

MasTec Trading Up 0.3 %

MTZ stock traded up $0.43 during trading on Tuesday, hitting $144.00. The company had a trading volume of 335,334 shares, compared to its average volume of 1,167,629. The firm has a market capitalization of $11.38 billion, a P/E ratio of 128.57 and a beta of 1.71. The company has a quick ratio of 1.20, a current ratio of 1.24 and a debt-to-equity ratio of 0.76. MasTec, Inc. has a 52-week low of $89.96 and a 52-week high of $166.95. The company has a 50 day simple moving average of $120.74 and a 200-day simple moving average of $132.79.

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, beating the consensus estimate of $0.34 by $0.17. The firm had revenue of $2.85 billion during the quarter, compared to the consensus estimate of $2.71 billion. MasTec had a net margin of 0.73% and a return on equity of 8.27%. The company's revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. As a group, research analysts forecast that MasTec, Inc. will post 3.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on MTZ shares. Citigroup raised their target price on shares of MasTec from $152.00 to $170.00 and gave the stock a "buy" rating in a research note on Monday. Robert W. Baird decreased their price target on MasTec from $162.00 to $153.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd. Wolfe Research initiated coverage on MasTec in a report on Monday, March 31st. They issued a "peer perform" rating on the stock. Piper Sandler boosted their price target on shares of MasTec from $134.00 to $175.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, Stifel Nicolaus lifted their price objective on MasTec from $143.00 to $171.00 and gave the stock a "buy" rating in a research note on Monday. Three analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $160.33.

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.