Wall Street Zen Downgrades MasTec (NYSE:MTZ) to Hold

MasTec (NYSE:MTZ) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

Several other equities analysts have also commented on the company. JPMorgan Chase & Co. raised their price target on MasTec from $214.00 to $235.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Citigroup raised their target price on shares of MasTec from $219.00 to $248.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Stifel Nicolaus boosted their price target on shares of MasTec from $240.00 to $267.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Robert W. Baird increased their price objective on shares of MasTec from $238.00 to $249.00 and gave the company an “outperform” rating in a research note on Monday, November 3rd. Finally, Jefferies Financial Group boosted their price objective on shares of MasTec from $218.00 to $252.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, MasTec presently has an average rating of “Buy” and an average target price of $233.06.

MasTec Stock Up 2.6%

Shares of NYSE:MTZ opened at $242.06 on Friday. The business’s 50 day moving average is $216.02 and its 200 day moving average is $199.60. The stock has a market cap of $19.10 billion, a P/E ratio of 57.50 and a beta of 1.91. MasTec has a 52-week low of $99.70 and a 52-week high of $249.21. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 0.69.

Insider Buying and Selling

In other MasTec news, CAO Timothy Michael Love sold 1,929 shares of MasTec stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $206.15, for a total value of $397,663.35. Following the transaction, the chief accounting officer directly owned 9,757 shares of the company’s stock, valued at approximately $2,011,405.55. The trade was a 16.51% 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 the SEC website. 21.30% of the stock is owned by insiders.

Institutional Trading of MasTec

Hedge funds and other institutional investors have recently made changes to their positions in the business. Salomon & Ludwin LLC increased its position in MasTec by 344.4% during the 3rd quarter. Salomon & Ludwin LLC now owns 120 shares of the construction company’s stock valued at $26,000 after buying an additional 93 shares in the last quarter. Caldwell Trust Co acquired a new position in shares of MasTec during the second quarter valued at about $29,000. Parkside Financial Bank & Trust raised its position in shares of MasTec by 253.7% in the 2nd quarter. Parkside Financial Bank & Trust now owns 191 shares of the construction company’s stock valued at $33,000 after purchasing an additional 137 shares during the last quarter. Princeton Global Asset Management LLC acquired a new stake in MasTec in the 3rd quarter worth approximately $43,000. Finally, Ameritas Advisory Services LLC purchased a new stake in MasTec during the 2nd quarter worth approximately $35,000. Hedge funds and other institutional investors own 78.10% of the company’s stock.

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.