MasTec (NYSE:MTZ) Stock Price Down 10.8% After Insider Selling

Shares of MasTec, Inc. (NYSE:MTZ) fell 10.8% on Wednesday after an insider sold shares in the company. The stock traded as low as $175.30 and last traded at $176.6760. 419,235 shares traded hands during trading, a decline of 66% from the average session volume of 1,224,855 shares. The stock had previously closed at $198.10.

Specifically, CAO Timothy Love sold 366 shares of MasTec stock in a transaction that occurred on Monday, November 2nd. The stock was 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 approximately $1,970,509.52. This trade represents a 3.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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.

Analysts Set New Price Targets

MTZ has been the subject of several analyst reports. Stifel Nicolaus decreased their target price on shares of MasTec from $376.00 to $305.00 and set a “buy” rating for the company in a research note on Thursday, October 8th. Cantor Fitzgerald lowered their target price on shares of MasTec from $348.00 to $270.00 and set an “overweight” rating on the stock in a research note on Monday. Truist Financial restated a “buy” rating and set a $332.00 target price (down from $380.00) on shares of MasTec in a research report on Monday. Piper Sandler cut their price target on MasTec from $321.00 to $313.00 and set a “neutral” rating for the company in a research note on Monday, September 28th. Finally, Morgan Stanley set a $369.00 price target on MasTec in a report on Friday, July 31st. Nineteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, MasTec presently has a consensus rating of “Moderate Buy” and an average target price of $347.80.

MasTec Price Performance

The company has a quick ratio of 1.36, a current ratio of 1.39 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $13.88 billion, a PE ratio of 28.27 and a beta of 1.91. The company has a 50-day moving average of $209.63 and a 200 day moving average of $299.36.

MasTec (NYSE:MTZ) last announced its quarterly earnings data on Thursday, October 29th. The construction company reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.95 by $0.01. MasTec had a return on equity of 17.89% and a net margin of 2.80%. The company had revenue of $5.15 billion for the quarter, compared to analyst estimates of $4.94 billion. During the same quarter last year, the firm posted $2.48 EPS. The firm’s revenue for the quarter was up 29.9% on a year-over-year basis. Sell-side analysts predict that MasTec, Inc. will post 8.77 EPS for the current year.

Hedge Funds Weigh In On MasTec

A number of institutional investors have recently added to or reduced their stakes in MTZ. GK Wealth Management LLC purchased a new stake in shares of MasTec during the 3rd quarter worth approximately $29,000. Ascentis Independent Advisors acquired a new position in shares of MasTec in the 1st quarter valued at $30,000. Bell Investment Advisors Inc purchased a new position in shares of MasTec in the 2nd quarter valued at $32,000. Transamerica Financial Advisors LLC purchased a new position in shares of MasTec in the 2nd quarter valued at $32,000. Finally, Generali Asset Management SPA SGR purchased a new position in shares of MasTec in the 3rd quarter valued at $34,000. Hedge funds and other institutional investors own 78.10% of the company’s stock.

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.