MasTec (NYSE:MTZ) Hits New 12-Month Low Following Insider Selling

MasTec, Inc. (NYSE:MTZ)’s stock price hit a new 52-week low on Thursday following insider selling activity. The stock traded as low as $150.52 and last traded at $150.1650, with a volume of 447,088 shares changing hands. The stock had previously closed at $167.61.

Specifically, CAO Timothy Love sold 366 shares of MasTec stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $198.52, for a total transaction of $72,658.32. Following the completion of the transaction, the chief accounting officer directly owned 9,926 shares in the company, valued at $1,970,509.52. This trade represents a 3.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MTZ. Mizuho set a $352.00 target price on shares of MasTec in a research report on Wednesday, October 7th. Morgan Stanley set a $369.00 price target on shares of MasTec in a research report on Friday, July 31st. JPMorgan Chase & Co. dropped their price target on shares of MasTec from $369.00 to $303.00 and set an “overweight” rating on the stock in a research report on Monday, October 19th. Jefferies Financial Group reiterated a “buy” rating and set a $353.00 price target on shares of MasTec in a research note on Wednesday. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $274.00 price objective on shares of MasTec in a report on Thursday, October 22nd. Nineteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $347.80.

MasTec Stock Performance

The company’s 50 day simple moving average is $211.44 and its 200 day simple moving average is $299.77. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.36 and a current ratio of 1.39. The stock has a market cap of $12.15 billion, a PE ratio of 24.62 and a beta of 1.91.

MasTec (NYSE:MTZ) last announced its earnings results on Thursday, October 29th. The construction company reported $2.96 earnings per share for the quarter, topping analysts’ consensus estimates of $2.95 by $0.01. The firm had revenue of $5.15 billion for the quarter, compared to the consensus estimate of $4.94 billion. MasTec had a return on equity of 17.89% and a net margin of 2.80%. The company’s revenue was up 29.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.48 EPS. Analysts expect that MasTec, Inc. will post 8.84 earnings per share for the current year.

Institutional Trading of MasTec

A number of hedge funds have recently bought and sold shares of the business. Lido Advisors LLC grew its stake in MasTec by 52.3% in the 3rd quarter. Lido Advisors LLC now owns 2,488 shares of the construction company’s stock valued at $531,000 after purchasing an additional 854 shares during the period. Gen Wealth Partners Inc raised its stake in shares of MasTec by 43.9% during the 3rd quarter. Gen Wealth Partners Inc now owns 416 shares of the construction company’s stock worth $89,000 after purchasing an additional 127 shares during the period. M&G PLC raised its stake in shares of MasTec by 9,802.2% during the 3rd quarter. M&G PLC now owns 57,730 shares of the construction company’s stock worth $12,354,000 after purchasing an additional 57,147 shares during the period. AlphaCore Capital LLC boosted its holdings in shares of MasTec by 151.4% in the 3rd quarter. AlphaCore Capital LLC now owns 2,514 shares of the construction company’s stock worth $537,000 after buying an additional 1,514 shares during the last quarter. Finally, Retirement Systems of Alabama boosted its holdings in shares of MasTec by 1.4% in the 3rd quarter. Retirement Systems of Alabama now owns 64,599 shares of the construction company’s stock worth $13,800,000 after buying an additional 871 shares during the last quarter. 78.10% of the stock is currently owned by institutional investors.

MasTec Company Profile

MasTec, Inc is an infrastructure construction and engineering company that provides services to the communications, energy, utility, and industrial sectors. The company designs, builds, installs, maintains, and upgrades infrastructure for wireless and wireline communications networks, including cellular, broadband, fiber-optic, and other connectivity systems.

MasTec also performs construction and maintenance work for electric transmission and distribution systems, renewable energy projects, and other power infrastructure.