MasTec, Inc. (NYSE:MTZ) Sees Large Decline in Short Interest

MasTec, Inc. (NYSE:MTZ) was the recipient of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 1,180,000 shares, a decrease of 38.5% from the March 15th total of 1,920,000 shares. Based on an average daily volume of 1,250,000 shares, the days-to-cover ratio is presently 0.9 days. Currently, 1.9% of the company’s stock are short sold.

Analyst Ratings Changes

Several research firms have weighed in on MTZ. B. Riley reissued a “buy” rating and issued a $165.00 price objective (up previously from $151.00) on shares of MasTec in a research report on Wednesday, March 19th. Stifel Nicolaus decreased their price objective on shares of MasTec from $175.00 to $143.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. Robert W. Baird dropped their target price on shares of MasTec from $162.00 to $153.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd. Barclays lifted their price target on shares of MasTec from $130.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, March 4th. Finally, Piper Sandler started coverage on MasTec in a research report on Tuesday, April 8th. They issued an “overweight” rating and a $134.00 target price for the company. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $152.00.

Insider Transactions at MasTec

In related news, Director Ernst N. Csiszar sold 2,517 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $131.63, for a total transaction of $331,312.71. Following the transaction, the director now directly owns 23,000 shares in the company, valued at approximately $3,027,490. The trade was a 9.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 21.30% of the company’s stock.

Institutional Trading of MasTec

A number of large investors have recently modified their holdings of the business. Community Trust & Investment Co. raised its stake in MasTec by 1.1% in the first quarter. Community Trust & Investment Co. now owns 162,918 shares of the construction company’s stock valued at $19,014,000 after purchasing an additional 1,825 shares in the last quarter. Brighton Jones LLC increased its holdings in shares of MasTec by 8.3% in the 1st quarter. Brighton Jones LLC now owns 1,803 shares of the construction company’s stock worth $210,000 after buying an additional 138 shares during the last quarter. Exchange Traded Concepts LLC raised its position in shares of MasTec by 56.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 28,034 shares of the construction company’s stock valued at $3,272,000 after buying an additional 10,163 shares in the last quarter. Ritholtz Wealth Management lifted its holdings in shares of MasTec by 108.1% during the 1st quarter. Ritholtz Wealth Management now owns 3,673 shares of the construction company’s stock worth $429,000 after acquiring an additional 1,908 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC grew its position in MasTec by 1.4% in the first quarter. NorthCrest Asset Manangement LLC now owns 13,580 shares of the construction company’s stock worth $1,585,000 after acquiring an additional 185 shares in the last quarter. Institutional investors own 78.10% of the company’s stock.

MasTec Price Performance

NYSE MTZ traded down $1.44 on Thursday, hitting $115.97. The stock had a trading volume of 1,013,145 shares, compared to its average volume of 933,089. The firm has a 50-day moving average of $122.63 and a 200-day moving average of $132.79. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.20 and a current ratio of 1.24. MasTec has a 52-week low of $82.29 and a 52-week high of $166.95. The company has a market capitalization of $9.17 billion, a price-to-earnings ratio of 103.55 and a beta of 1.62.

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

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.