MasTec Inc. (MTZ) Hits New 1-Year High at $30.40
Shares of MasTec Inc. (NYSE:MTZ) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $30.40 and last traded at $30.09, with a volume of 432,309 shares traded. The stock had previously closed at $29.95.
Several analysts have recently issued reports on the company. Canaccord Genuity set a $33.00 target price on MasTec and gave the stock a “buy” rating in a report on Saturday, August 6th. Citigroup Inc. raised their price objective on MasTec from $26.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday. FBR & Co reaffirmed a “buy” rating on shares of MasTec in a research note on Tuesday, May 10th. Maxim Group raised their price objective on MasTec from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Avondale Partners reaffirmed an “outperform” rating on shares of MasTec in a research note on Thursday, April 21st. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. MasTec has a consensus rating of “Buy” and an average price target of C$27.25.
The stock has a 50-day moving average price of $24.42 and a 200 day moving average price of $20.90. The company’s market capitalization is $2.41 billion.
MasTec (NYSE:MTZ) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.14. During the same quarter in the previous year, the firm posted $0.10 earnings per share. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.16 billion. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. Analysts predict that MasTec Inc. will post $1.58 EPS for the current fiscal year.
In related news, COO Robert E. Apple sold 40,000 shares of the business’s stock in a transaction on Monday, June 20th. The stock was sold at an average price of C$23.57, for a total transaction of C$942,800.00. Following the sale, the chief operating officer now directly owns 243,567 shares in the company, valued at approximately C$5,740,874.19. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Robert E. Apple sold 13,739 shares of the business’s stock in a transaction on Wednesday, June 22nd. The shares were sold at an average price of C$23.77, for a total value of C$326,576.03. Following the sale, the chief operating officer now owns 207,306 shares in the company, valued at C$4,927,663.62. The disclosure for this sale can be found here.
Several hedge funds recently added to or reduced their stakes in the stock. Russell Frank Co bought a new stake in MasTec during the fourth quarter worth about $2,732,000. Nationwide Fund Advisors boosted its position in MasTec by 101.1% in the fourth quarter. Nationwide Fund Advisors now owns 92,984 shares of the company’s stock valued at $1,616,000 after buying an additional 46,750 shares during the last quarter. Cornerstone Capital Management Holdings LLC. acquired a new position in MasTec during the fourth quarter valued at approximately $2,999,000. Rhumbline Advisers boosted its position in MasTec by 1.8% in the fourth quarter. Rhumbline Advisers now owns 100,517 shares of the company’s stock valued at $1,747,000 after buying an additional 1,820 shares during the last quarter. Finally, Broadview Advisors LLC acquired a new position in MasTec during the fourth quarter valued at approximately $1,713,000.
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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