MasTec (NYSE:MTZ) Shares Gap Up Following Analyst Upgrade

MasTec, Inc. (NYSE:MTZ) gapped up prior to trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $154.00 to $172.00. The stock had previously closed at $130.84, but opened at $136.22. JPMorgan Chase & Co. currently has an overweight rating on the stock. MasTec shares last traded at $135.09, with a volume of 113,220 shares traded.

Other analysts have also recently issued research reports about the company. Citigroup raised their target price on MasTec from $122.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. B. Riley reaffirmed a “buy” rating and issued a $166.00 target price (up previously from $151.00) on shares of MasTec in a research report on Tuesday, November 5th. Robert W. Baird raised their target price on MasTec from $120.00 to $153.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. UBS Group raised their target price on MasTec from $129.00 to $147.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, TD Cowen raised their target price on MasTec from $115.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $158.57.

Insider Transactions at MasTec

In related news, Director C Robert Campbell sold 3,000 shares of the business’s stock in a transaction dated 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 in the company, valued at $6,159,310. The trade was a 6.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Robert E. Apple sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $150.00, for a total value of $1,500,000.00. Following the transaction, the chief operating officer now owns 187,202 shares in the company, valued at $28,080,300. This represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,023 shares of company stock worth $4,515,089. Company insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On MasTec

Several institutional investors and hedge funds have recently added to or reduced their stakes in MTZ. Wilmington Savings Fund Society FSB acquired a new position in shares of MasTec in the 3rd quarter worth approximately $25,000. Ameliora Wealth Management Ltd. acquired a new position in shares of MasTec in the 4th quarter worth approximately $25,000. R Squared Ltd acquired a new position in shares of MasTec in the 4th quarter worth approximately $44,000. UMB Bank n.a. boosted its holdings in shares of MasTec by 46.3% in the 3rd quarter. UMB Bank n.a. now owns 379 shares of the construction company’s stock worth $47,000 after acquiring an additional 120 shares in the last quarter. Finally, True Wealth Design LLC acquired a new position in shares of MasTec in the 3rd quarter worth approximately $57,000. 78.10% of the stock is currently owned by institutional investors.

MasTec Stock Up 2.5 %

The firm has a market capitalization of $10.62 billion, a price-to-earnings ratio of 119.62 and a beta of 1.74. 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 firm has a fifty day moving average price of $143.19 and a 200 day moving average price of $126.64.

About MasTec

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.