DnB Asset Management AS Cuts Stock Position in MasTec, Inc. (NYSE:MTZ)

DnB Asset Management AS trimmed its stake in shares of MasTec, Inc. (NYSE:MTZ) by 14.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 267,115 shares of the construction company’s stock after selling 46,452 shares during the period. DnB Asset Management AS owned 0.34% of MasTec worth $36,365,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Jacobs Levy Equity Management Inc. increased its position in shares of MasTec by 266.7% during the third quarter. Jacobs Levy Equity Management Inc. now owns 397,467 shares of the construction company’s stock worth $48,928,000 after purchasing an additional 289,090 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in MasTec by 57.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 764,389 shares of the construction company’s stock worth $94,096,000 after purchasing an additional 279,778 shares during the last quarter. Barclays PLC grew its holdings in shares of MasTec by 642.7% during the third quarter. Barclays PLC now owns 242,066 shares of the construction company’s stock worth $29,797,000 after buying an additional 209,472 shares in the last quarter. Prudential Financial Inc. raised its position in shares of MasTec by 52.4% in the fourth quarter. Prudential Financial Inc. now owns 405,187 shares of the construction company’s stock valued at $55,162,000 after buying an additional 139,235 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of MasTec in the fourth quarter valued at about $17,776,000. Institutional investors and hedge funds own 78.10% of the company’s stock.

Insider Buying and Selling at MasTec

In other news, Director Ernst N. Csiszar sold 2,517 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $131.63, for a total transaction of $331,312.71. Following the completion of the transaction, the director now directly owns 23,000 shares in the company, valued at $3,027,490. This trade represents a 9.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 21.30% of the stock is owned by corporate insiders.

MasTec Stock Down 3.3 %

Shares of NYSE:MTZ opened at $118.70 on Friday. The company has a market capitalization of $9.41 billion, a price-to-earnings ratio of 105.98 and a beta of 1.74. MasTec, Inc. has a 12-month low of $82.29 and a 12-month high of $166.95. The business has a 50-day moving average price of $133.53 and a 200 day moving average price of $133.14. The company has a current ratio of 1.24, a quick ratio of 1.20 and a debt-to-equity ratio of 0.76.

MasTec (NYSE:MTZ) last announced its earnings results on Thursday, February 27th. The construction company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.08. The company had revenue of $3.40 billion during the quarter, compared to analyst estimates of $3.32 billion. MasTec had a net margin of 0.73% and a return on equity of 8.27%. Sell-side analysts expect that MasTec, Inc. will post 3.44 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MTZ. Barclays upped their price objective on shares of MasTec from $130.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, March 4th. Truist Financial upped their price target on MasTec from $173.00 to $189.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Citigroup lifted their price objective on MasTec from $156.00 to $167.00 and gave the stock a “buy” rating in a research report on Monday, March 3rd. KeyCorp boosted their price objective on MasTec from $153.00 to $168.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 8th. Finally, B. Riley reaffirmed a “buy” rating and issued a $165.00 target price (up from $151.00) on shares of MasTec in a research note on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $160.07.

MasTec Company Profile

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.