Moran Wealth Management LLC Reduces Stock Holdings in MasTec, Inc. $MTZ

Moran Wealth Management LLC lessened its stake in shares of MasTec, Inc. (NYSE:MTZ) by 5.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 74,452 shares of the construction company’s stock after selling 4,541 shares during the quarter. Moran Wealth Management LLC owned about 0.09% of MasTec worth $15,844,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC increased its stake in shares of MasTec by 92.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 65,027 shares of the construction company’s stock worth $13,981,000 after acquiring an additional 31,218 shares during the period. Voya Investment Management LLC boosted its holdings in MasTec by 33.1% in the 1st quarter. Voya Investment Management LLC now owns 46,446 shares of the construction company’s stock valued at $5,421,000 after purchasing an additional 11,551 shares in the last quarter. Bridge City Capital LLC increased its position in MasTec by 27.2% during the 2nd quarter. Bridge City Capital LLC now owns 49,357 shares of the construction company’s stock worth $8,412,000 after purchasing an additional 10,565 shares during the period. Schroder Investment Management Group purchased a new position in shares of MasTec during the 2nd quarter worth approximately $12,366,000. Finally, Sterling Capital Management LLC lifted its holdings in shares of MasTec by 16.3% in the 2nd quarter. Sterling Capital Management LLC now owns 79,049 shares of the construction company’s stock valued at $13,472,000 after buying an additional 11,071 shares during the period. 78.10% of the stock is owned by hedge funds and other institutional investors.

MasTec Trading Down 0.2%

Shares of MTZ opened at $235.87 on Thursday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.33 and a quick ratio of 1.30. MasTec, Inc. has a 1-year low of $99.70 and a 1-year high of $237.76. The stock has a market cap of $18.61 billion, a price-to-earnings ratio of 56.03 and a beta of 1.91. The firm has a 50 day simple moving average of $212.44 and a 200-day simple moving average of $196.55.

Analyst Ratings Changes

A number of brokerages recently weighed in on MTZ. Truist Financial upped their price objective on MasTec from $253.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, December 18th. Citigroup upped their price target on shares of MasTec from $219.00 to $248.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Stifel Nicolaus increased their price target on shares of MasTec from $240.00 to $267.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Zacks Research raised shares of MasTec from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 30th. Finally, Robert W. Baird upped their target price on shares of MasTec from $238.00 to $249.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $233.06.

Insider Buying and Selling at MasTec

In other news, CAO Timothy Michael Love sold 1,929 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $206.15, for a total value of $397,663.35. Following the sale, the chief accounting officer directly owned 9,757 shares in the company, valued at $2,011,405.55. This represents a 16.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 21.30% of the stock is currently owned by company insiders.

MasTec 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.