MasTec (NYSE:MTZ) CAO Timothy Michael Love Sells 366 Shares of Company Stock

Key Points

• MasTec CAO Timothy Love sold 366 shares for $72,658 under a pre-arranged Rule 10b5-1 plan to cover tax withholding on vested equity awards; he retained 9,926 shares.
• MasTec beat quarterly earnings and revenue estimates, reporting EPS of $2.96 and revenue of $5.15 billion, up 29.9% year over year.
• Shares fell to $167.96 in Wednesday trading. Analysts’ average price target was $347.80, with 19 Buy ratings and three Hold ratings.

MasTec, Inc. (NYSE:MTZ - Get Free Report) CAO Timothy Love sold 366 shares of the stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $198.52, for a total value of $72,658.32. Following the sale, the chief accounting officer owned 9,926 shares of the company's stock, valued at $1,970,509.52. This trade represents a 3.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

MasTec Price Performance

Shares of MTZ traded down $30.14 during trading hours on Wednesday, hitting $167.96. 3,262,846 shares of the company were exchanged, compared to its average volume of 1,239,897. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.39 and a quick ratio of 1.36. The company has a market capitalization of $13.49 billion, a PE ratio of 27.44 and a beta of 1.91. The firm has a fifty day simple moving average of $213.02 and a 200-day simple moving average of $300.11. MasTec, Inc. has a one year low of $164.21 and a one year high of $441.43.

MasTec (NYSE:MTZ - Get Free Report) last announced its earnings results on Thursday, October 29th. The construction company reported $2.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.95 by $0.01. MasTec had a return on equity of 17.89% and a net margin of 2.80%. The company had revenue of $5.15 billion for the quarter, compared to analyst estimates of $4.94 billion. During the same period in the previous year, the firm earned $2.48 earnings per share. MasTec's revenue for the quarter was up 29.9% compared to the same quarter last year. As a group, sell-side analysts predict that MasTec, Inc. will post 8.83 earnings per share for the current year.

Institutional Trading of MasTec

Several hedge funds and other institutional investors have recently modified their holdings of the company. Transamerica Financial Advisors LLC acquired a new position in MasTec during the 2nd quarter valued at $32,000. Bell Investment Advisors Inc acquired a new stake in MasTec in the 2nd quarter worth $32,000. Ascentis Independent Advisors acquired a new stake in MasTec in the 1st quarter worth $30,000. GK Wealth Management LLC bought a new position in shares of MasTec during the 3rd quarter worth about $29,000. Finally, Solstein Capital LLC bought a new position in shares of MasTec during the 2nd quarter worth about $58,000. 78.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MTZ has been the subject of several research analyst reports. Cantor Fitzgerald reduced their price target on shares of MasTec from $348.00 to $270.00 and set an "overweight" rating for the company in a research report on Monday. Roth Capital reiterated a "buy" rating and set a $380.00 price target (down from $500.00) on shares of MasTec in a report on Monday. Guggenheim increased their price objective on MasTec from $480.00 to $518.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. TD Cowen decreased their price objective on MasTec from $320.00 to $310.00 and set a "buy" rating for the company in a research report on Monday. Finally, Barclays lowered their target price on MasTec from $340.00 to $320.00 and set an "overweight" rating on the stock in a research note on Monday, October 19th. Nineteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $347.80.

About MasTec

MasTec, Inc is an infrastructure construction and engineering company that provides services to the communications, energy, utility, and industrial sectors. The company designs, builds, installs, maintains, and upgrades infrastructure for wireless and wireline communications networks, including cellular, broadband, fiber-optic, and other connectivity systems.

MasTec also performs construction and maintenance work for electric transmission and distribution systems, renewable energy projects, and other power infrastructure.

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