MasTec Inc. (MTZ) Shares Down 2.5%
MasTec Inc. (NYSE:MTZ)’s share price traded down 2.5% during mid-day trading on Thursday . The stock traded as low as $23.94 and last traded at $24.17, with a volume of 529,951 shares trading hands. The stock had previously closed at $24.79.
Several equities analysts recently issued reports on the stock. Canaccord Genuity assumed coverage on shares of MasTec in a research report on Monday, April 11th. They set a “buy” rating and a $23.00 price target on the stock. Zacks Investment Research cut shares of MasTec from a “buy” rating to a “hold” rating in a research report on Tuesday, July 19th. Deutsche Bank AG cut shares of MasTec from a “buy” rating to a “hold” rating and reduced their price target for the company from $22.00 to $20.00 in a research report on Wednesday, April 6th. TheStreet upgraded shares of MasTec from a “sell” rating to a “hold” rating in a research report on Wednesday, April 6th. Finally, KeyCorp reiterated a “buy” rating on shares of MasTec in a research report on Saturday, April 9th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of C$23.33.
The stock has a 50-day moving average of $23.72 and a 200 day moving average of $20.45. The stock’s market cap is $1.96 billion.
MasTec (NYSE:MTZ) last released its earnings results on Thursday, August 4th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.14. The firm earned $1.23 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the business posted $0.10 EPS. MasTec’s revenue was up 15.5% compared to the same quarter last year. Analysts forecast that MasTec Inc. will post $1.41 EPS for the current year.
In other news, COO Robert E. Apple sold 40,000 shares of the firm’s stock in a transaction dated Monday, June 20th. The shares were sold at an average price of C$23.57, for a total value of C$942,800.00. Following the completion of the sale, the chief operating officer now owns 243,567 shares in the company, valued at approximately C$5,740,874.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Robert E. Apple sold 13,739 shares of the firm’s stock in a transaction dated Wednesday, June 22nd. The stock was sold at an average price of C$23.77, for a total transaction of C$326,576.03. Following the completion of the sale, the chief operating officer now owns 207,306 shares of the company’s stock, valued at approximately C$4,927,663.62. The disclosure for this sale can be found here.
A number of large investors recently made changes to their positions in MTZ. Broadview Advisors LLC bought a new stake in shares of MasTec during the fourth quarter worth $1,713,000. Dimensional Fund Advisors LP raised its stake in shares of MasTec by 40.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,156,345 shares of the company’s stock worth $72,238,000 after buying an additional 1,201,540 shares during the last quarter. Royce & Associates LLC raised its stake in shares of MasTec by 10.4% in the fourth quarter. Royce & Associates LLC now owns 825,300 shares of the company’s stock worth $14,344,000 after buying an additional 78,000 shares during the last quarter. Principal Financial Group Inc. bought a new stake in shares of MasTec during the fourth quarter worth $10,294,000. Finally, Cornerstone Capital Management Holdings LLC. bought a new stake in shares of MasTec during the fourth quarter worth $2,999,000.
MasTec, Inc is an infrastructure construction company. The Company operates primarily across North America through a range of industries. Its primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as wireless, wireline or fiber and satellite communications; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation, and industrial infrastructure.
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