Citigroup Raises MasTec (NYSE:MTZ) Price Target to $122.00

MasTec (NYSE:MTZ) had its target price lifted by Citigroup from $118.00 to $122.00 in a research note issued to investors on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

Several other equities research analysts have also recently weighed in on the company. B. Riley reissued a buy rating and issued a $132.00 price objective on shares of MasTec in a research report on Thursday, June 27th. Barclays increased their price objective on MasTec from $106.00 to $130.00 and gave the company an overweight rating in a research report on Monday, May 6th. The Goldman Sachs Group increased their price objective on MasTec from $88.00 to $109.00 and gave the company a neutral rating in a research report on Tuesday, May 28th. StockNews.com raised MasTec from a hold rating to a buy rating in a research report on Monday, May 6th. Finally, Craig Hallum increased their price objective on MasTec from $96.00 to $125.00 and gave the company a buy rating in a research report on Monday, May 6th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $117.62.

MasTec Stock Down 3.7 %

Shares of MasTec stock opened at $105.66 on Monday. The stock has a market capitalization of $8.40 billion, a P/E ratio of -754.71 and a beta of 1.65. The company has a quick ratio of 1.27, a current ratio of 1.31 and a debt-to-equity ratio of 0.94. The stock has a 50 day moving average price of $107.60 and a two-hundred day moving average price of $91.19. MasTec has a 12-month low of $44.65 and a 12-month high of $123.33.

MasTec (NYSE:MTZ) last announced its earnings results on Thursday, May 2nd. The construction company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.33. The firm had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $2.62 billion. MasTec had a positive return on equity of 6.19% and a negative net margin of 0.09%. Equities analysts expect that MasTec will post 2.59 earnings per share for the current year.

Insiders Place Their Bets

In other MasTec news, Director C Robert Campbell sold 2,000 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $110.00, for a total transaction of $220,000.00. Following the completion of the transaction, the director now directly owns 50,725 shares in the company, valued at $5,579,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Javier Alberto Palomarez sold 2,850 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $106.67, for a total value of $304,009.50. Following the completion of the sale, the director now directly owns 10,666 shares in the company, valued at $1,137,742.22. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director C Robert Campbell sold 2,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $110.00, for a total value of $220,000.00. Following the completion of the sale, the director now owns 50,725 shares of the company’s stock, valued at $5,579,750. The disclosure for this sale can be found here. Corporate insiders own 21.30% of the company’s stock.

Institutional Trading of MasTec

A number of hedge funds and other institutional investors have recently made changes to their positions in MTZ. Vanguard Group Inc. increased its stake in shares of MasTec by 0.6% in the third quarter. Vanguard Group Inc. now owns 5,970,130 shares of the construction company’s stock valued at $429,670,000 after buying an additional 33,592 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of MasTec by 64.1% in the fourth quarter. Pacer Advisors Inc. now owns 11,104 shares of the construction company’s stock valued at $841,000 after buying an additional 4,336 shares in the last quarter. Thompson Investment Management Inc. increased its stake in shares of MasTec by 20.0% in the fourth quarter. Thompson Investment Management Inc. now owns 8,090 shares of the construction company’s stock valued at $613,000 after buying an additional 1,350 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of MasTec by 103.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 140,736 shares of the construction company’s stock valued at $10,657,000 after buying an additional 71,616 shares in the last quarter. Finally, Oak Thistle LLC bought a new position in MasTec in the fourth quarter valued at about $883,000. 78.10% of the stock is currently owned by institutional investors and hedge funds.

About MasTec

MasTec, Inc, an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, utility, and other infrastructure primarily in the United States and Canada. It operates through five segments: Communications, Clean Energy and Infrastructure, Oil and Gas, Power Delivery, and Other.