M&G PLC Buys 57,147 Shares of MasTec, Inc. $MTZ

M&G PLC boosted its stake in MasTec, Inc. (NYSE:MTZ) by 9,802.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,730 shares of the construction company’s stock after acquiring an additional 57,147 shares during the quarter. M&G PLC owned 0.07% of MasTec worth $12,354,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in MasTec during the second quarter valued at approximately $3,178,069,000. Hill City Capital LP bought a new position in MasTec in the second quarter valued at approximately $896,609,300. Bank of America Corp DE bought a new position in MasTec in the second quarter valued at approximately $555,825,000. Bank of New York Mellon Corp acquired a new position in shares of MasTec during the 2nd quarter worth approximately $280,544,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of MasTec during the 2nd quarter worth approximately $257,920,000. 78.10% of the stock is owned by institutional investors.

MasTec Stock Performance

MTZ opened at $180.65 on Wednesday. The business has a fifty day simple moving average of $205.88 and a 200 day simple moving average of $298.44. The company has a market capitalization of $14.51 billion, a PE ratio of 29.52 and a beta of 1.91. MasTec, Inc. has a 1 year low of $147.49 and a 1 year high of $441.43. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.39 and a quick ratio of 1.36.

MasTec (NYSE:MTZ) last posted its quarterly earnings data on Thursday, October 29th. The construction company reported $2.96 earnings per share for the quarter, topping the consensus estimate of $2.95 by $0.01. The firm had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $4.94 billion. MasTec had a return on equity of 17.89% and a net margin of 2.80%. The company’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same quarter last year, the business earned $2.48 EPS. Research analysts expect that MasTec, Inc. will post 8.79 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on MTZ shares. Jefferies Financial Group reiterated a “buy” rating and set a $353.00 price objective on shares of MasTec in a research note on Wednesday, November 4th. UBS Group decreased their target price on shares of MasTec from $453.00 to $410.00 and set a “buy” rating for the company in a research note on Tuesday, August 4th. Barclays decreased their target price on shares of MasTec from $340.00 to $320.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. KeyCorp lowered their target price on shares of MasTec from $371.00 to $320.00 and set an “overweight” rating on the stock in a report on Thursday, October 15th. Finally, Zacks Research lowered shares of MasTec from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 26th. Twenty equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $345.60.

Insider Activity

In related news, CAO Timothy Love sold 366 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $198.52, for a total value of $72,658.32. Following the transaction, the chief accounting officer directly owned 9,926 shares in the company, valued at approximately $1,970,509.52. This represents a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 21.40% of the company’s stock.

About MasTec

MasTec, Inc. is an infrastructure construction and engineering company that builds and maintains systems used to deliver energy, communications and other essential services. Its work includes planning, installation, upgrading and maintenance of infrastructure for customers across a range of industries. The company’s activities include communications networks such as fiber and wireless systems; electric power transmission and distribution; clean-energy and other infrastructure projects; and pipelines and related facilities.