MasTec Inc. (MTZ) Trading Down 2.5%
Shares of MasTec Inc. (NYSE:MTZ) dropped 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 traded. The stock had previously closed at $24.79.
Several brokerages have weighed in on MTZ. Maxim Group boosted their price objective on MasTec from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, May 9th. FBR & Co reiterated a “buy” rating on shares of MasTec in a research report on Tuesday, May 10th. Canaccord Genuity reiterated a “buy” rating on shares of MasTec in a research report on Sunday, May 8th. Zacks Investment Research upgraded MasTec from a “hold” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a research report on Wednesday, July 27th. Finally, Avondale Partners reiterated an “outperform” rating on shares of MasTec in a research report on Thursday, April 21st. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of C$23.33.
The stock’s market capitalization is $2.27 billion. The stock has a 50-day moving average price of $23.88 and a 200-day moving average price of $20.51.
MasTec (NYSE:MTZ) last announced its earnings results on Thursday, August 4th. The company reported $0.36 EPS for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.14. The company earned $1.23 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter last year, the firm posted $0.10 EPS. MasTec’s revenue for the quarter 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 13,739 shares of MasTec stock in a transaction that occurred on Wednesday, June 22nd. The stock was sold at an average price of C$23.77, for a total value of C$326,576.03. Following the completion of the transaction, the chief operating officer now owns 207,306 shares in the company, valued at approximately C$4,927,663.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Robert E. Apple sold 40,000 shares of MasTec stock in a transaction that occurred on Monday, June 20th. The stock was sold at an average price of C$23.57, for a total value of C$942,800.00. Following the completion of the transaction, the chief operating officer now owns 243,567 shares of the company’s stock, valued at approximately C$5,740,874.19. The disclosure for this sale can be found here.
Other institutional investors recently made changes to their positions in the company. Nationwide Fund Advisors boosted its position in shares of MasTec by 101.1% in the fourth quarter. Nationwide Fund Advisors now owns 92,984 shares of the company’s stock worth $1,616,000 after buying an additional 46,750 shares during the period. Broadview Advisors LLC acquired a new position in MasTec during the fourth quarter worth about $1,713,000. 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 worth $1,747,000 after buying an additional 1,820 shares during the last quarter. Russell Frank Co acquired a new position in MasTec during the fourth quarter worth about $2,732,000. Finally, Cornerstone Capital Management Holdings LLC. acquired a new position in MasTec during the fourth quarter worth about $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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