The Manufacturers Life Insurance Company Has $60.47 Million Holdings in MasTec, Inc. $MTZ

The Manufacturers Life Insurance Company trimmed its holdings in shares of MasTec, Inc. (NYSE:MTZ) by 21.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 187,950 shares of the construction company’s stock after selling 51,575 shares during the period. The Manufacturers Life Insurance Company’s holdings in MasTec were worth $60,471,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of MasTec during the 4th quarter worth approximately $30,000. Ascentis Independent Advisors acquired a new position in shares of MasTec during the 1st quarter valued at $30,000. CIBC Private Wealth Group LLC lifted its position in shares of MasTec by 372.0% during the 4th quarter. CIBC Private Wealth Group LLC now owns 236 shares of the construction company’s stock valued at $51,000 after acquiring an additional 186 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in MasTec by 105.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 355 shares of the construction company’s stock worth $61,000 after acquiring an additional 182 shares in the last quarter. Finally, GHP Investment Advisors Inc. bought a new position in MasTec during the first quarter worth $65,000. 78.10% of the stock is currently owned by institutional investors.

MasTec Stock Down 8.1%

MasTec stock opened at $287.00 on Thursday. MasTec, Inc. has a 1-year low of $160.08 and a 1-year high of $441.43. The firm has a market capitalization of $22.68 billion, a price-to-earnings ratio of 50.26 and a beta of 1.77. The firm’s fifty day moving average price is $369.21 and its two-hundred day moving average price is $332.92. The company has a current ratio of 1.32, a quick ratio of 1.28 and a debt-to-equity ratio of 0.69.

MasTec (NYSE:MTZ) last posted its earnings results on Thursday, April 30th. The construction company reported $1.39 earnings per share 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 company had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same quarter in the prior year, the business posted $0.51 EPS. The firm’s revenue was up 34.5% compared to the same quarter last year. On average, equities research analysts predict that MasTec, Inc. will post 9.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MTZ. Robert W. Baird lifted their price target on shares of MasTec from $473.00 to $475.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. Truist Financial upped their price objective on shares of MasTec from $518.00 to $550.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. B. Riley Financial reissued a “buy” rating on shares of MasTec in a research report on Monday, May 4th. Guggenheim raised their target price on MasTec from $480.00 to $518.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Finally, Mizuho boosted their target price on MasTec from $498.00 to $502.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, MasTec currently has an average rating of “Buy” and a consensus price target of $466.89.

Insider Activity at MasTec

In related news, Director C Robert Campbell sold 3,000 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $417.00, for a total value of $1,251,000.00. Following the completion of the sale, the director directly owned 30,646 shares of the company’s stock, valued at approximately $12,779,382. This 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 on Wednesday, June 3rd. The stock was sold at an average price of $371.17, for a total transaction of $2,412,605.00. Following the transaction, the director directly owned 10,816 shares in the company, valued at $4,014,574.72. This represents a 37.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 21.40% of the company’s stock.

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.