MasTec (NYSE:MTZ) Shares Gap Up – Here’s What Happened

MasTec, Inc. (NYSE:MTZ) gapped up prior to trading on Thursday . The stock had previously closed at $287.42, but opened at $323.88. MasTec shares last traded at $321.5730, with a volume of 268,329 shares traded.

Analyst Ratings Changes

A number of research firms have weighed in on MTZ. Zacks Research upgraded MasTec from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Cantor Fitzgerald boosted their price objective on shares of MasTec from $545.00 to $581.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. UBS Group raised their target price on MasTec from $420.00 to $453.00 and gave the company a “buy” rating in a research note on Friday, May 1st. CICC Research started coverage on MasTec in a report on Thursday, May 21st. They issued an “outperform” rating and a $480.00 price target for the company. Finally, KeyCorp raised their price target on shares of MasTec from $460.00 to $500.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $466.89.

MasTec Stock Performance

The company has a current ratio of 1.32, a quick ratio of 1.28 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $25.30 billion, a price-to-earnings ratio of 55.92 and a beta of 1.77. The company has a 50-day moving average of $369.21 and a 200-day moving average of $332.92.

MasTec (NYSE:MTZ) last released its quarterly earnings data on Thursday, April 30th. The construction company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.41. MasTec had a net margin of 2.94% and a return on equity of 17.15%. The firm had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.47 billion. During the same quarter in the previous year, the company posted $0.51 earnings per share. The firm’s revenue was up 34.5% on a year-over-year basis. On average, equities research analysts forecast that MasTec, Inc. will post 9.18 earnings per share for the current fiscal year.

Insider Transactions at MasTec

In other news, Director C Robert Campbell sold 3,000 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $417.00, for a total value of $1,251,000.00. Following the transaction, the director directly owned 30,646 shares in the company, valued at approximately $12,779,382. This trade represents a 8.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ernst N. Csiszar sold 6,500 shares of MasTec stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $371.17, for a total transaction of $2,412,605.00. Following the completion of the transaction, the director directly owned 10,816 shares of the company’s stock, valued at $4,014,574.72. This trade represents a 37.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On MasTec

Institutional investors have recently made changes to their positions in the stock. Earned Wealth Advisors LLC lifted its holdings in shares of MasTec by 2.8% in the 1st quarter. Earned Wealth Advisors LLC now owns 1,013 shares of the construction company’s stock worth $326,000 after purchasing an additional 28 shares during the last quarter. Aigen Investment Management LP increased its position in MasTec by 3.8% in the fourth quarter. Aigen Investment Management LP now owns 1,041 shares of the construction company’s stock worth $226,000 after buying an additional 38 shares during the period. Stratos Wealth Partners LTD. increased its position in MasTec by 1.5% in the fourth quarter. Stratos Wealth Partners LTD. now owns 2,927 shares of the construction company’s stock worth $636,000 after buying an additional 43 shares during the period. Everhart Financial Group Inc. lifted its stake in MasTec by 5.4% in the second quarter. Everhart Financial Group Inc. now owns 874 shares of the construction company’s stock valued at $364,000 after buying an additional 45 shares during the last quarter. Finally, Motley Fool Asset Management LLC lifted its stake in MasTec by 3.7% in the fourth quarter. Motley Fool Asset Management LLC now owns 1,311 shares of the construction company’s stock valued at $285,000 after buying an additional 47 shares during the last quarter. 78.10% of the stock is owned by institutional investors.

MasTec Company Profile

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.