MasTec (NYSE:MTZ) Shares Gap Up - Here's What Happened

Key Points

• MasTec shares jumped 11.4%, opening at $323.88 versus a prior close of $287.42, with the stock later trading near $321.57.
• The company reported strong quarterly results, earning $1.39 per share versus estimates of $0.98 and generating $3.83 billion in revenue, up 34.5% year over year.
• Wall Street remains broadly bullish, with an average “Buy” rating and a consensus price target of $466.89; however, two directors recently sold shares, while institutional investors own 78.1% of the stock.

MasTec, Inc. (NYSE:MTZ - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $287.42, but opened at $323.88. MasTec shares last traded at $321.5730, with a volume of 268,329 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Stifel Nicolaus set a $455.00 target price on shares of MasTec in a research report on Monday, May 4th. Weiss Ratings lowered MasTec from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. CICC Research began coverage on MasTec in a report on Thursday, May 21st. They set an "outperform" rating and a $480.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on MasTec from $471.00 to $491.00 and gave the company an "overweight" rating in a research report on Wednesday, May 13th. Finally, B. Riley Financial reiterated a "buy" rating on shares of MasTec in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $466.89.

MasTec Stock Up 11.4%

The company has a debt-to-equity ratio of 0.69, a current ratio of 1.32 and a quick ratio of 1.28. The stock has a market cap of $25.30 billion, a price-to-earnings ratio of 55.92 and a beta of 1.77. The firm's 50-day moving average is $369.21 and its 200 day moving average is $332.92.

MasTec (NYSE:MTZ - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The construction company reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.41. The company had revenue of $3.83 billion for 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%. MasTec's revenue for the quarter was up 34.5% on a year-over-year basis. During the same quarter last year, the business earned $0.51 EPS. Sell-side analysts anticipate that MasTec, Inc. will post 9.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Brighton Jones LLC acquired a new stake in shares of MasTec in the fourth quarter worth $227,000. NewEdge Advisors LLC lifted its holdings in shares of MasTec by 32.6% during the 1st quarter. NewEdge Advisors LLC now owns 4,408 shares of the construction company's stock valued at $514,000 after acquiring an additional 1,083 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in MasTec during the 2nd quarter worth $271,000. 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 purchasing an additional 182 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in MasTec by 793.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,027 shares of the construction company's stock valued at $175,000 after purchasing an additional 912 shares in the last quarter. Hedge funds and other institutional investors own 78.10% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.