PNC Financial Services Group Inc. Has $1.99 Million Stock Position in MasTec, Inc. $MTZ

PNC Financial Services Group Inc. raised its stake in MasTec, Inc. (NYSE:MTZ) by 49.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,186 shares of the construction company’s stock after acquiring an additional 2,044 shares during the quarter. PNC Financial Services Group Inc.’s holdings in MasTec were worth $1,990,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Victory Capital Management Inc. grew its position in shares of MasTec by 178.6% in the fourth quarter. Victory Capital Management Inc. now owns 2,637,451 shares of the construction company’s stock valued at $573,304,000 after purchasing an additional 1,690,896 shares during the last quarter. Peconic Partners LLC lifted its holdings in MasTec by 113.3% during the 4th quarter. Peconic Partners LLC now owns 1,600,000 shares of the construction company’s stock worth $347,792,000 after purchasing an additional 850,000 shares during the last quarter. Coatue Management LLC bought a new stake in MasTec in the 4th quarter valued at $147,357,000. Merewether Investment Management LP increased its position in MasTec by 59.8% during the 3rd quarter. Merewether Investment Management LP now owns 867,240 shares of the construction company’s stock worth $184,557,000 after buying an additional 324,500 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its position in MasTec by 71.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 732,886 shares of the construction company’s stock worth $155,965,000 after buying an additional 304,358 shares during the period. 78.10% of the stock is currently owned by institutional investors and hedge funds.

MasTec Trading Down 8.1%

MTZ opened at $287.00 on Thursday. The stock has a market capitalization of $22.68 billion, a price-to-earnings ratio of 50.26 and a beta of 1.77. The company has a quick ratio of 1.28, a current ratio of 1.32 and a debt-to-equity ratio of 0.69. MasTec, Inc. has a twelve month low of $160.08 and a twelve month high of $441.43. The company has a 50-day simple moving average of $369.21 and a 200 day simple moving average of $332.92.

MasTec (NYSE:MTZ) last released its earnings results on Thursday, April 30th. The construction company reported $1.39 EPS for the quarter, beating the consensus estimate of $0.98 by $0.41. The firm had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.47 billion. MasTec had a net margin of 2.94% and a return on equity of 17.15%. The business’s quarterly revenue was up 34.5% compared to the same quarter last year. During the same period last year, the firm earned $0.51 EPS. Analysts predict that MasTec, Inc. will post 9.18 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director C Robert Campbell sold 3,000 shares of MasTec stock in a transaction that occurred on 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 of the company’s stock, valued at $12,779,382. This trade represents a 8.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ernst N. Csiszar sold 6,500 shares of the business’s stock in a transaction that occurred on 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 transaction, the director owned 10,816 shares of the company’s stock, valued at approximately $4,014,574.72. This represents a 37.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 21.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Citigroup lifted their target price on MasTec from $440.00 to $483.00 and gave the stock a “buy” rating in a report on Monday, May 4th. B. Riley Financial reaffirmed a “buy” rating on shares of MasTec in a research report on Monday, May 4th. The Goldman Sachs Group lifted their price objective on shares of MasTec from $348.00 to $487.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. TD Cowen boosted their price objective on shares of MasTec from $445.00 to $470.00 and gave the company a “buy” rating in a report on Monday, July 13th. Finally, Stifel Nicolaus set a $455.00 target price on shares of MasTec in a research report on Monday, May 4th. Nineteen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, MasTec currently has a consensus rating of “Moderate Buy” and a consensus price target of $466.89.

About MasTec

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.