MasTec (NYSE:MTZ) Shares Down 4.7% - Here's Why

MasTec, Inc. (NYSE:MTZ - Get Free Report) shares fell 4.7% during mid-day trading on Tuesday . The company traded as low as $155.23 and last traded at $154.67. 287,783 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 937,309 shares. The stock had previously closed at $162.32.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Truist Financial lifted their price target on MasTec from $154.00 to $184.00 and gave the company a "buy" rating in a report on Monday, May 5th. Piper Sandler upped their target price on MasTec from $134.00 to $175.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Jefferies Financial Group started coverage on shares of MasTec in a research report on Friday, May 16th. They issued a "buy" rating and a $188.00 price target for the company. KeyCorp boosted their price objective on shares of MasTec from $140.00 to $163.00 and gave the company an "overweight" rating in a research report on Monday, May 5th. Finally, The Goldman Sachs Group upgraded shares of MasTec from a "neutral" rating to a "buy" rating and increased their target price for the stock from $156.00 to $195.00 in a research report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $166.75.

MasTec Trading Up 2.7%

The company's fifty day moving average is $138.27 and its 200-day moving average is $136.71. The company has a current ratio of 1.24, a quick ratio of 1.20 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $12.84 billion, a P/E ratio of 145.29 and a beta of 1.75.

MasTec (NYSE:MTZ - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The construction company reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.17. The company had revenue of $2.85 billion during the quarter, compared to analysts' expectations of $2.71 billion. MasTec had a net margin of 0.73% and a return on equity of 8.27%. The business's quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.13) earnings per share. As a group, sell-side analysts anticipate 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 company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the transaction, the director now owns 39,782 shares of the company's stock, valued at $6,122,051.98. This represents a 7.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ernst N. Csiszar sold 2,517 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was 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 owns 23,000 shares of the company's stock, valued at $3,027,490. This represents a 9.86% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 21.30% of the company's stock.

Institutional Trading of MasTec

Institutional investors and hedge funds have recently modified their holdings of the company. Allworth Financial LP boosted its stake in MasTec by 15.1% during the fourth quarter. Allworth Financial LP now owns 596 shares of the construction company's stock worth $81,000 after buying an additional 78 shares in the last quarter. Forum Financial Management LP lifted its holdings in shares of MasTec by 3.9% during the 1st quarter. Forum Financial Management LP now owns 2,097 shares of the construction company's stock worth $245,000 after acquiring an additional 78 shares during the period. Arizona State Retirement System boosted its position in shares of MasTec by 0.5% during the 4th quarter. Arizona State Retirement System now owns 18,393 shares of the construction company's stock valued at $2,504,000 after acquiring an additional 89 shares in the last quarter. Louisiana State Employees Retirement System increased 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 valued at $2,007,000 after acquiring an additional 100 shares during the period. Finally, Securian Asset Management Inc. raised its position 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 purchasing an additional 100 shares in the last quarter. 78.10% of the stock is currently owned by institutional investors.

About MasTec

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.