Bank of Nova Scotia Takes $7.14 Million Position in MasTec, Inc. (NYSE:MTZ)

Bank of Nova Scotia bought a new position in MasTec, Inc. (NYSE:MTZ) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 52,416 shares of the construction company’s stock, valued at approximately $7,136,000. Bank of Nova Scotia owned about 0.07% of MasTec at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Ameliora Wealth Management Ltd. bought a new stake in shares of MasTec in the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC lifted its stake in MasTec by 181.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 180 shares of the construction company’s stock worth $25,000 after acquiring an additional 116 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in MasTec in the third quarter valued at $25,000. Smartleaf Asset Management LLC boosted its holdings in MasTec by 93.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 265 shares of the construction company’s stock valued at $36,000 after acquiring an additional 128 shares in the last quarter. Finally, Global Retirement Partners LLC increased its position in MasTec by 162.4% during the 4th quarter. Global Retirement Partners LLC now owns 307 shares of the construction company’s stock valued at $42,000 after purchasing an additional 190 shares during the period. Hedge funds and other institutional investors own 78.10% of the company’s stock.

Analyst Upgrades and Downgrades

MTZ has been the subject of several research analyst reports. B. Riley reaffirmed a “buy” rating and issued a $165.00 target price (up from $151.00) on shares of MasTec in a research report on Wednesday, March 19th. Stifel Nicolaus lowered 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. Guggenheim reiterated a “buy” rating and set a $195.00 target price on shares of MasTec in a report on Tuesday, March 25th. KeyCorp raised their target price on MasTec from $153.00 to $168.00 and gave the company an “overweight” rating in a research note on Wednesday, January 8th. Finally, Barclays lifted their price target on MasTec from $130.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, MasTec has a consensus rating of “Moderate Buy” and an average target price of $153.87.

MasTec Stock Performance

MTZ stock opened at $116.83 on Friday. The stock’s 50 day simple moving average is $124.67 and its 200 day simple moving average is $133.01. 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, Inc. has a 12-month low of $82.29 and a 12-month high of $166.95. The stock has a market capitalization of $9.26 billion, a PE ratio of 104.31 and a beta of 1.62.

MasTec (NYSE:MTZ) last released its quarterly earnings data on Thursday, February 27th. The construction company reported $1.36 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $3.32 billion. As a group, research analysts forecast that MasTec, Inc. will post 3.44 earnings per share for the current fiscal year.

Insider Transactions at MasTec

In related news, Director Ernst N. Csiszar sold 2,517 shares of the stock in a transaction that occurred on 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 owns 23,000 shares in the company, valued at $3,027,490. This represents a 9.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 21.30% of the company’s stock.

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.