Envestnet Asset Management Inc. Increases Holdings in MasTec, Inc. (NYSE:MTZ)

Envestnet Asset Management Inc. raised its holdings in shares of MasTec, Inc. (NYSE:MTZ) by 37.5% in the 4th quarter, HoldingsChannel reports. The fund owned 34,593 shares of the construction company’s stock after buying an additional 9,434 shares during the quarter. Envestnet Asset Management Inc.’s holdings in MasTec were worth $4,710,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Bank of New York Mellon Corp boosted its holdings in MasTec by 25.9% in the fourth quarter. Bank of New York Mellon Corp now owns 556,686 shares of the construction company’s stock valued at $75,787,000 after purchasing an additional 114,502 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of MasTec in the 4th quarter valued at $59,910,000. Prudential Financial Inc. raised its stake in MasTec by 52.4% during the 4th quarter. Prudential Financial Inc. now owns 405,187 shares of the construction company’s stock worth $55,162,000 after acquiring an additional 139,235 shares in the last quarter. Country Trust Bank lifted its position in MasTec by 10.9% in the fourth quarter. Country Trust Bank now owns 287,961 shares of the construction company’s stock valued at $39,203,000 after acquiring an additional 28,350 shares during the last quarter. Finally, Barclays PLC boosted its stake in MasTec by 642.7% in the third quarter. Barclays PLC now owns 242,066 shares of the construction company’s stock valued at $29,797,000 after acquiring an additional 209,472 shares in the last quarter. Hedge funds and other institutional investors own 78.10% of the company’s stock.

Insider Activity at MasTec

In related news, Director Ernst N. Csiszar sold 2,517 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $131.63, for a total value of $331,312.71. Following the completion of the sale, the director now owns 23,000 shares in the company, valued at $3,027,490. This trade represents a 9.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 21.30% of the company’s stock.

MasTec Stock Up 2.6 %

Shares of NYSE:MTZ opened at $114.06 on Wednesday. MasTec, Inc. has a fifty-two week low of $83.17 and a fifty-two week high of $166.95. The company has a quick ratio of 1.20, a current ratio of 1.24 and a debt-to-equity ratio of 0.76. The firm’s 50-day simple moving average is $121.15 and its 200-day simple moving average is $132.61. The company has a market cap of $9.02 billion, a price-to-earnings ratio of 101.84 and a beta of 1.62.

MasTec (NYSE:MTZ) last announced its quarterly earnings data on Thursday, February 27th. The construction company reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.08. MasTec had a net margin of 0.73% and a return on equity of 8.27%. The firm had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.32 billion. As a group, equities research analysts predict that MasTec, Inc. will post 3.44 earnings per share for the current year.

Analysts Set New Price Targets

MTZ has been the topic of a number of research analyst reports. Guggenheim reiterated a “buy” rating and set a $195.00 target price on shares of MasTec in a research report on Tuesday, March 25th. Truist Financial cut their price target on MasTec from $197.00 to $154.00 and set a “buy” rating on the stock in a research report on Tuesday, April 8th. Piper Sandler initiated coverage on MasTec in a report on Tuesday, April 8th. They issued an “overweight” rating and a $134.00 price objective for the company. Citigroup lifted their target price on shares of MasTec from $156.00 to $167.00 and gave the company a “buy” rating in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. increased their price target on shares of MasTec from $154.00 to $172.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 28th. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $152.00.

MasTec Profile

MasTec, Inc, an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, utility, and other infrastructure primarily in the United States and Canada. It operates through five segments: Communications, Clean Energy and Infrastructure, Oil and Gas, Power Delivery, and Other.