MasTec, Inc. (NYSE:MTZ) Position Lowered by DnB Asset Management AS

DnB Asset Management AS reduced its position in MasTec, Inc. (NYSE:MTZ) by 22.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 307,871 shares of the construction company’s stock after selling 91,533 shares during the quarter. DnB Asset Management AS owned approximately 0.39% of MasTec worth $36,316,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. increased its holdings in shares of MasTec by 2.4% in the 1st quarter. BlackRock Inc. now owns 5,616,160 shares of the construction company’s stock valued at $489,168,000 after acquiring an additional 134,201 shares during the last quarter. Vanguard Group Inc. increased its stake in MasTec by 8.8% during the first quarter. Vanguard Group Inc. now owns 5,519,211 shares of the construction company’s stock valued at $480,724,000 after purchasing an additional 447,376 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in MasTec by 2.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,376,052 shares of the construction company’s stock valued at $318,834,000 after purchasing an additional 65,550 shares during the last quarter. Macquarie Group Ltd. raised its holdings in shares of MasTec by 1.1% during the second quarter. Macquarie Group Ltd. now owns 2,372,108 shares of the construction company’s stock worth $169,985,000 after purchasing an additional 25,878 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in shares of MasTec by 7.0% in the 1st quarter. Ameriprise Financial Inc. now owns 1,919,492 shares of the construction company’s stock worth $181,277,000 after buying an additional 125,309 shares during the last quarter. Institutional investors and hedge funds own 72.90% of the company’s stock.

Wall Street Analyst Weigh In

MTZ has been the subject of a number of recent research reports. Robert W. Baird lowered their price objective on shares of MasTec from $125.00 to $116.00 in a research report on Monday, August 7th. Credit Suisse Group increased their price target on MasTec from $118.00 to $130.00 and gave the stock an “outperform” rating in a research report on Monday, August 7th. DA Davidson boosted their price objective on MasTec from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, August 8th. Craig Hallum downgraded MasTec from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $113.00 to $98.00 in a research note on Monday, August 7th. Finally, Citigroup cut their target price on MasTec from $135.00 to $116.00 in a research note on Friday, August 4th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $118.91.

MasTec Stock Performance

MTZ stock traded up $2.44 during trading on Thursday, reaching $86.15. 314,880 shares of the company’s stock were exchanged, compared to its average volume of 654,131. MasTec, Inc. has a 1-year low of $62.36 and a 1-year high of $123.33. The firm has a market cap of $6.79 billion, a PE ratio of -538.63 and a beta of 1.43. The company’s fifty day moving average price is $104.11 and its 200-day moving average price is $99.89. The company has a quick ratio of 1.51, a current ratio of 1.57 and a debt-to-equity ratio of 1.17.

MasTec (NYSE:MTZ) last posted its quarterly earnings data on Thursday, August 3rd. The construction company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.06. The business had revenue of $2.87 billion during the quarter, compared to the consensus estimate of $3.01 billion. MasTec had a negative net margin of 0.12% and a positive return on equity of 6.93%. On average, research analysts expect that MasTec, Inc. will post 3.64 EPS for the current fiscal year.

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.