State Board of Administration of Florida Retirement System Lowers Position in MasTec Inc. (MTZ)
State Board of Administration of Florida Retirement System reduced its stake in shares of MasTec Inc. (NYSE:MTZ) by 1.3% during the second quarter, Holdings Channel reports. The fund owned 52,912 shares of the company’s stock after selling 681 shares during the period. State Board of Administration of Florida Retirement System owned about 0.07% of MasTec worth $1,181,000 as of its most recent filing with the SEC.
Other institutional investors have also made changes to their positions in the company. EAM Investors LLC acquired a new position in shares of MasTec during the second quarter valued at $2,471,000. Tygh Capital Management Inc. boosted its position in shares of MasTec by 83.9% in the second quarter. Tygh Capital Management Inc. now owns 307,890 shares of the company’s stock valued at $6,872,000 after buying an additional 140,510 shares during the last quarter. Emerald Acquisition Ltd. acquired a new position in shares of MasTec during the second quarter valued at $6,882,000. Pillar Pacific Capital Management LLC acquired a new position in shares of MasTec during the second quarter valued at $205,000. Finally, Hussman Strategic Advisors Inc. acquired a new position in shares of MasTec during the second quarter valued at $7,812,000. 72.39% of the stock is currently owned by institutional investors and hedge funds.
MasTec Inc. (NYSE:MTZ) traded up 2.43% on Wednesday, reaching $28.20. 359,191 shares of the company were exchanged. The firm’s market capitalization is $2.27 billion. The firm has a 50-day moving average of $28.99 and a 200 day moving average of $23.87. MasTec Inc. has a 12-month low of $12.44 and a 12-month high of $31.15.
MasTec (NYSE:MTZ) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.14. The business had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.16 billion. MasTec had a negative net margin of 1.10% and a positive return on equity of 6.18%. The business’s revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.10 earnings per share. On average, equities analysts predict that MasTec Inc. will post $1.58 earnings per share for the current year.
Several brokerages recently weighed in on MTZ. Robert W. Baird began coverage on shares of MasTec in a research report on Thursday, August 25th. They issued a “neutral” rating and a $16.00 price target on the stock. Maxim Group raised their price target on shares of MasTec from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, August 9th. Citigroup Inc. raised their price target on shares of MasTec from $26.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, August 8th. FBR & Co lifted their target price on shares of MasTec from $25.00 to $35.00 and gave the stock an “outperform” rating in a research report on Monday, August 8th. Finally, Wunderlich lifted their target price on shares of MasTec from $28.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, August 8th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of C$27.55.
MasTec Company Profile
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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