Jennison Associates LLC Grows Holdings in MasTec, Inc. (NYSE:MTZ)

Jennison Associates LLC raised its position in shares of MasTec, Inc. (NYSE:MTZ) by 2,079.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 54,036 shares of the construction company’s stock after purchasing an additional 51,557 shares during the quarter. Jennison Associates LLC’s holdings in MasTec were worth $7,357,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new position in MasTec in the 3rd quarter worth $25,000. R Squared Ltd purchased a new stake in shares of MasTec during the fourth quarter worth about $44,000. UMB Bank n.a. raised its stake in MasTec by 46.3% during the 3rd quarter. UMB Bank n.a. now owns 379 shares of the construction company’s stock valued at $47,000 after purchasing an additional 120 shares during the period. True Wealth Design LLC purchased a new position in MasTec in the 3rd quarter worth approximately $57,000. Finally, GAMMA Investing LLC boosted its stake in MasTec by 39.9% in the 3rd quarter. GAMMA Investing LLC now owns 512 shares of the construction company’s stock worth $63,000 after purchasing an additional 146 shares during the period. 78.10% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MasTec

In other MasTec news, Director C Robert Campbell sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $145.00, for a total value of $435,000.00. Following the completion of the sale, the director now owns 42,478 shares of the company’s stock, valued at $6,159,310. This trade represents a 6.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Robert E. Apple sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $150.00, for a total value of $1,500,000.00. Following the transaction, the chief operating officer now owns 187,202 shares of the company’s stock, valued at $28,080,300. This trade represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 21.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MTZ. JPMorgan Chase & Co. lifted their price objective on shares of MasTec from $154.00 to $172.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. B. Riley reiterated a “buy” rating and issued a $166.00 price target (up previously from $151.00) on shares of MasTec in a research note on Tuesday, November 5th. Stifel Nicolaus raised their price objective on MasTec from $155.00 to $185.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. The Goldman Sachs Group boosted their target price on MasTec from $115.00 to $130.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Finally, Robert W. Baird raised their price target on MasTec from $120.00 to $153.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $158.57.

MasTec Stock Down 1.9 %

Shares of MTZ opened at $137.61 on Thursday. The company has a quick ratio of 1.20, a current ratio of 1.24 and a debt-to-equity ratio of 0.76. MasTec, Inc. has a 52-week low of $67.49 and a 52-week high of $166.95. The company has a market cap of $10.90 billion, a PE ratio of 122.86 and a beta of 1.73. The business has a fifty day moving average of $142.85 and a 200 day moving average of $128.24.

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.