MasTec (NYSE:MTZ) Hits New 12-Month Low Following Insider Selling

Key Points

• MasTec hit a new 52-week low, trading as low as $150.52 after closing at $167.61 the prior session.
• Chief Accounting Officer Timothy Love sold 366 shares for about $72,658; the sale was made under a pre-arranged plan to cover tax withholding on vested equity awards.
• Analysts’ average rating was Moderate Buy, with a consensus price target of $347.80, while recent reports included target cuts and downgrades. MasTec also slightly beat quarterly EPS and revenue estimates, with revenue up 29.9% year over year.

MasTec, Inc. (NYSE:MTZ - Get Free Report) hit a new 52-week low during trading on Thursday following insider selling activity. The stock traded as low as $150.52 and last traded at $150.1650, with a volume of 447,088 shares changing hands. The stock had previously closed at $167.61.

Specifically, CAO Timothy Love sold 366 shares of the company's stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $198.52, for a total transaction of $72,658.32. Following the completion of the sale, the chief accounting officer owned 9,926 shares of the company's stock, valued at approximately $1,970,509.52. This represents a 3.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MTZ shares. Citigroup decreased their price objective on shares of MasTec from $408.00 to $308.00 and set a "buy" rating on the stock in a research note on Friday, October 23rd. Zacks Research downgraded shares of MasTec from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 26th. The Goldman Sachs Group restated a "buy" rating and set a $274.00 target price on shares of MasTec in a research note on Thursday, October 22nd. KeyCorp reduced their target price on MasTec from $371.00 to $320.00 and set an "overweight" rating on the stock in a report on Thursday, October 15th. Finally, Wall Street Zen lowered MasTec from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Nineteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $347.80.

MasTec Stock Performance

The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.36 and a current ratio of 1.39. The firm has a market cap of $12.15 billion, a P/E ratio of 24.62 and a beta of 1.91. The company's 50 day moving average is $211.44 and its 200 day moving average is $299.77.

MasTec (NYSE:MTZ - Get Free Report) last posted its earnings results on Thursday, October 29th. The construction company reported $2.96 earnings per share for the quarter, topping analysts' consensus estimates of $2.95 by $0.01. The firm had revenue of $5.15 billion for the quarter, compared to analysts' expectations of $4.94 billion. MasTec had a net margin of 2.80% and a return on equity of 17.89%. The company's revenue was up 29.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.48 earnings per share. As a group, equities analysts predict that MasTec, Inc. will post 8.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MasTec

Several large investors have recently bought and sold shares of MTZ. Lido Advisors LLC increased its holdings in shares of MasTec by 52.3% during the third quarter. Lido Advisors LLC now owns 2,488 shares of the construction company's stock valued at $531,000 after acquiring an additional 854 shares in the last quarter. Gen Wealth Partners Inc lifted its holdings in shares of MasTec by 43.9% in the 3rd quarter. Gen Wealth Partners Inc now owns 416 shares of the construction company's stock worth $89,000 after purchasing an additional 127 shares in the last quarter. M&G PLC lifted its holdings in shares of MasTec by 9,802.2% in the 3rd quarter. M&G PLC now owns 57,730 shares of the construction company's stock worth $12,354,000 after purchasing an additional 57,147 shares in the last quarter. AlphaCore Capital LLC grew its position in MasTec by 151.4% in the 3rd quarter. AlphaCore Capital LLC now owns 2,514 shares of the construction company's stock valued at $537,000 after purchasing an additional 1,514 shares during the period. Finally, Retirement Systems of Alabama grew its position in MasTec by 1.4% in the 3rd quarter. Retirement Systems of Alabama now owns 64,599 shares of the construction company's stock valued at $13,800,000 after purchasing an additional 871 shares during the period. 78.10% of the stock is currently owned by institutional investors.

MasTec Company Profile

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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