MasTec, Inc. (NYSE:MTZ) Sees Significant Decline in Short Interest

MasTec, Inc. (NYSE:MTZ) was the target of a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 1,940,000 shares, a decrease of 14.5% from the December 15th total of 2,270,000 shares. Currently, 3.2% of the company’s shares are short sold. Based on an average daily volume of 840,600 shares, the short-interest ratio is currently 2.3 days.

MasTec Stock Up 1.1 %

NYSE:MTZ traded up $1.61 during trading hours on Thursday, hitting $155.15. The company’s stock had a trading volume of 708,418 shares, compared to its average volume of 876,902. MasTec has a 52-week low of $60.96 and a 52-week high of $157.32. The company has a current ratio of 1.24, a quick ratio of 1.20 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $12.29 billion, a P/E ratio of 138.53 and a beta of 1.74. The stock has a fifty day moving average of $141.17 and a 200-day moving average of $123.78.

Wall Street Analysts Forecast Growth

MTZ has been the subject of a number of research analyst reports. B. Riley restated a “buy” rating and set a $166.00 target price (up from $151.00) on shares of MasTec in a report on Tuesday, November 5th. Citigroup raised their price objective on shares of MasTec from $122.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Guggenheim began coverage on shares of MasTec in a research note on Wednesday, January 8th. They set a “buy” rating and a $195.00 target price on the stock. KeyCorp increased their target price on shares of MasTec from $153.00 to $168.00 and gave the stock an “overweight” rating in a report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. began coverage on shares of MasTec in a research note on Monday, October 7th. They issued an “overweight” rating and a $153.00 price target for the company. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $155.07.

Insider Activity

In other news, COO Robert E. Apple sold 19,023 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $135.63, for a total value of $2,580,089.49. Following the sale, the chief operating officer now directly owns 197,202 shares of the company’s stock, valued at approximately $26,746,507.26. The trade was a 8.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director C Robert Campbell sold 3,000 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $145.00, for a total transaction of $435,000.00. Following the transaction, the director now directly owns 42,478 shares of the company’s stock, valued at $6,159,310. The trade was a 6.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,023 shares of company stock valued at $4,515,089 in the last quarter. Insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MTZ. Pacer Advisors Inc. boosted its holdings in MasTec by 15,067.0% in the second quarter. Pacer Advisors Inc. now owns 1,365,638 shares of the construction company’s stock valued at $146,110,000 after purchasing an additional 1,356,634 shares in the last quarter. D1 Capital Partners L.P. acquired a new position in shares of MasTec in the 2nd quarter valued at $79,494,000. Hood River Capital Management LLC grew its position in shares of MasTec by 59.8% in the 2nd quarter. Hood River Capital Management LLC now owns 1,194,250 shares of the construction company’s stock valued at $127,773,000 after buying an additional 446,762 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in MasTec by 266.7% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 397,467 shares of the construction company’s stock worth $48,928,000 after acquiring an additional 289,090 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its position in MasTec by 57.7% in the third quarter. Point72 Asset Management L.P. now owns 764,389 shares of the construction company’s stock valued at $94,096,000 after acquiring an additional 279,778 shares during the last quarter. Hedge funds and other institutional investors own 78.10% of the company’s stock.

MasTec Company 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.