MasTec Inc. (MTZ) Hits New 1-Year High at $25.00
MasTec Inc. (NYSE:MTZ) shares hit a new 52-week high on Friday . The stock traded as high as $25.00 and last traded at $24.60, with a volume of 503,843 shares. The stock had previously closed at $23.90.
Several brokerages recently weighed in on MTZ. FBR & Co reaffirmed a “buy” rating on shares of MasTec in a report on Tuesday, May 10th. Maxim Group boosted their price target on shares of MasTec from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, May 9th. Canaccord Genuity reiterated a “buy” rating on shares of MasTec in a research note on Sunday, May 8th. Avondale Partners reiterated an “outperform” rating on shares of MasTec in a research note on Thursday, April 21st. Finally, KeyCorp reiterated a “buy” rating on shares of MasTec in a research note on Saturday, April 9th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the stock. MasTec currently has an average rating of “Buy” and a consensus target price of C$22.91.
The stock’s market cap is $1.94 billion. The company’s 50-day moving average is $22.94 and its 200 day moving average is $19.40.
MasTec (NYSE:MTZ) last released its quarterly earnings results on Thursday, May 5th. The company reported $0.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.04. During the same quarter in the prior year, the business posted ($0.08) EPS. The firm had revenue of $974.20 million for the quarter, compared to analyst estimates of $950.93 million. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. Analysts predict that MasTec Inc. will post $1.40 earnings per share for the current fiscal year.
In related news, COO Robert E. Apple sold 40,000 shares of the firm’s stock in a transaction on Monday, June 20th. The shares were 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 owns 243,567 shares in the company, valued at C$5,740,874.19. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Robert E. Apple sold 13,739 shares of the firm’s stock in a transaction on Wednesday, June 22nd. The shares were sold at an average price of C$23.77, for a total transaction of C$326,576.03. Following the sale, the chief operating officer now owns 207,306 shares in the company, valued at approximately C$4,927,663.62. The disclosure for this sale can be found here.
A number of hedge funds have recently added to or reduced their stakes in MTZ. Dimensional Fund Advisors LP raised its stake in MasTec by 40.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,156,345 shares of the company’s stock valued at $72,238,000 after buying an additional 1,201,540 shares in the last quarter. Royce & Associates LLC raised its stake in MasTec by 10.4% in the fourth quarter. Royce & Associates LLC now owns 825,300 shares of the company’s stock valued at $14,344,000 after buying an additional 78,000 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in MasTec during the fourth quarter valued at approximately $10,294,000. Cornerstone Capital Management Holdings LLC. purchased a new stake in MasTec during the fourth quarter valued at approximately $2,999,000. Finally, Morgan Stanley raised its stake in MasTec by 164.6% in the fourth quarter. Morgan Stanley now owns 135,967 shares of the company’s stock valued at $2,364,000 after buying an additional 84,574 shares in the last quarter.
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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