MasTec, Inc. (MTZ) Position Raised by Ameriprise Financial Inc.
Ameriprise Financial Inc. boosted its stake in MasTec, Inc. (NYSE:MTZ) by 6.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 789,428 shares of the construction company’s stock after purchasing an additional 44,808 shares during the quarter. Ameriprise Financial Inc. owned about 0.95% of MasTec worth $35,644,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in MasTec by 12.1% in the first quarter. Vanguard Group Inc. now owns 6,884,461 shares of the construction company’s stock valued at $275,723,000 after purchasing an additional 743,879 shares during the period. BlackRock Inc. grew its holdings in MasTec by 15,957.0% in the first quarter. BlackRock Inc. now owns 5,192,338 shares of the construction company’s stock valued at $207,953,000 after purchasing an additional 5,160,001 shares during the period. Prudential Financial Inc. grew its holdings in MasTec by 126.7% in the second quarter. Prudential Financial Inc. now owns 1,484,687 shares of the construction company’s stock valued at $67,033,000 after purchasing an additional 829,650 shares during the period. State Street Corp grew its holdings in MasTec by 3.0% in the first quarter. State Street Corp now owns 1,235,539 shares of the construction company’s stock valued at $49,481,000 after purchasing an additional 36,274 shares during the period. Finally, Rothschild Asset Management Inc. grew its holdings in MasTec by 7.8% in the second quarter. Rothschild Asset Management Inc. now owns 796,826 shares of the construction company’s stock valued at $35,977,000 after purchasing an additional 57,463 shares during the period. Hedge funds and other institutional investors own 70.62% of the company’s stock.
MTZ has been the subject of a number of recent analyst reports. Vetr downgraded shares of MasTec from a “buy” rating to a “hold” rating and set a $45.42 target price for the company. in a report on Monday, June 5th. Credit Suisse Group upgraded shares of MasTec from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $46.00 to $55.00 in a report on Monday, July 24th. ValuEngine upgraded shares of MasTec from a “buy” rating to a “strong-buy” rating in a report on Friday, August 4th. FBR & Co boosted their target price on shares of MasTec from $57.00 to $66.00 and gave the company an “outperform” rating in a report on Monday, August 7th. Finally, Zacks Investment Research upgraded shares of MasTec from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, August 8th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. MasTec currently has an average rating of “Buy” and an average price target of $53.36.
In other MasTec news, Director C Robert Campbell sold 12,000 shares of the stock in a transaction that occurred on Wednesday, June 28th. The stock was sold at an average price of $45.00, for a total transaction of $540,000.00. Following the transaction, the director now owns 67,082 shares in the company, valued at $3,018,690. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 20.30% of the stock is currently owned by company insiders.
Shares of MasTec, Inc. (MTZ) opened at 45.90 on Friday. MasTec, Inc. has a 1-year low of $27.10 and a 1-year high of $49.50. The stock has a market capitalization of $3.71 billion, a P/E ratio of 16.18 and a beta of 1.44. The firm’s 50-day moving average is $41.66 and its 200 day moving average is $42.63.
MasTec (NYSE:MTZ) last issued its quarterly earnings data on Thursday, August 3rd. The construction company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.34. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.50 billion. MasTec had a net margin of 3.89% and a return on equity of 21.80%. The company’s revenue for the quarter was up 53.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 earnings per share. On average, analysts expect that MasTec, Inc. will post $2.74 EPS for the current fiscal year.
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MasTec, Inc is an infrastructure construction company. The Company operates primarily across North America through a range of industries. The Company operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other. Its primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; conventional and renewable power generation, and industrial infrastructure.
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