MasTec (NYSE:MTZ) Reaches New 52-Week High – Here’s Why

MasTec, Inc. (NYSE:MTZ)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $238.25 and last traded at $237.5120, with a volume of 185473 shares changing hands. The stock had previously closed at $226.00.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MTZ. Wolfe Research upgraded MasTec from a “peer perform” rating to an “outperform” rating and set a $227.00 price target on the stock in a research note on Wednesday, September 17th. Roth Capital raised their target price on MasTec from $210.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MasTec in a report on Monday, December 29th. Citigroup increased their price target on shares of MasTec from $219.00 to $248.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Finally, Robert W. Baird boosted their price objective on shares of MasTec from $238.00 to $249.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, MasTec presently has an average rating of “Buy” and an average target price of $233.06.

MasTec Trading Up 5.6%

The business’s 50-day moving average price is $214.41 and its 200-day moving average price is $198.41. The firm has a market capitalization of $18.83 billion, a PE ratio of 56.76 and a beta of 1.91. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.33 and a quick ratio of 1.30.

Insider Buying and Selling

In other news, CAO Timothy Michael Love sold 1,929 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $206.15, for a total value of $397,663.35. Following the completion of the sale, the chief accounting officer directly owned 9,757 shares of the company’s stock, valued at approximately $2,011,405.55. This represents a 16.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 21.30% of the company’s stock.

Institutional Trading of MasTec

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC purchased a new position in shares of MasTec in the 4th quarter valued at approximately $227,000. NewEdge Advisors LLC boosted its holdings in MasTec by 32.6% in the 1st quarter. NewEdge Advisors LLC now owns 4,408 shares of the construction company’s stock valued at $514,000 after purchasing an additional 1,083 shares in the last quarter. Geneos Wealth Management Inc. increased its position in MasTec by 15.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 764 shares of the construction company’s stock worth $89,000 after purchasing an additional 104 shares during the period. Strs Ohio acquired a new stake in shares of MasTec in the 1st quarter valued at approximately $1,082,000. Finally, Voya Investment Management LLC boosted its stake in shares of MasTec by 33.1% in the first quarter. Voya Investment Management LLC now owns 46,446 shares of the construction company’s stock valued at $5,421,000 after buying an additional 11,551 shares in the last quarter. 78.10% of the stock is owned by hedge funds and other institutional investors.

About MasTec

MasTec, Inc is a diversified infrastructure construction company that provides engineering, fabrication, installation and maintenance services across a broad range of end markets. Its principal activities encompass the development of communications networks, oil and gas pipeline systems, electrical transmission and distribution facilities, industrial installations and renewable energy projects.

The company traces its roots to a small cable installation operation in Miami and has grown through a series of strategic acquisitions to become one of the largest infrastructure contractors in North America.