Bayesian Capital Management LP Takes Position in MasTec, Inc. (MTZ)
Bayesian Capital Management LP purchased a new stake in MasTec, Inc. (NYSE:MTZ) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,123 shares of the construction company’s stock, valued at approximately $412,000.
Several other hedge funds have also recently made changes to their positions in MTZ. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of MasTec by 11.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,212 shares of the construction company’s stock valued at $100,000 after buying an additional 229 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of MasTec in the second quarter valued at $102,000. Envestnet Asset Management Inc. increased its position in shares of MasTec by 7.9% in the first quarter. Envestnet Asset Management Inc. now owns 2,681 shares of the construction company’s stock valued at $107,000 after buying an additional 197 shares in the last quarter. Global X Management Co. LLC increased its position in shares of MasTec by 220.7% in the second quarter. Global X Management Co. LLC now owns 2,614 shares of the construction company’s stock valued at $118,000 after buying an additional 1,799 shares in the last quarter. Finally, Creative Planning increased its position in shares of MasTec by 16.4% in the second quarter. Creative Planning now owns 2,685 shares of the construction company’s stock valued at $121,000 after buying an additional 379 shares in the last quarter. Institutional investors and hedge funds own 70.62% of the company’s stock.
A number of brokerages have recently weighed in on MTZ. Vetr cut MasTec from a “buy” rating to a “hold” rating and set a $45.42 price target for the company. in a research report on Monday, June 5th. ValuEngine upgraded MasTec from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 4th. Citigroup Inc. upgraded MasTec from a “neutral” rating to a “buy” rating and set a $49.00 price target for the company in a research report on Friday, August 18th. Credit Suisse Group upgraded MasTec from a “neutral” rating to an “outperform” rating and raised their price target for the company from $46.00 to $55.00 in a research report on Monday, July 24th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $55.00 price objective on shares of MasTec in a research note on Tuesday, August 15th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $53.36.
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Shares of MasTec, Inc. (NYSE:MTZ) opened at 46.40 on Friday. The firm has a market cap of $3.76 billion, a price-to-earnings ratio of 16.36 and a beta of 1.44. The company’s 50 day moving average price is $41.66 and its 200-day moving average price is $42.63. MasTec, Inc. has a 1-year low of $27.10 and a 1-year high of $49.50.
MasTec (NYSE:MTZ) last announced its earnings results on Thursday, August 3rd. The construction company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.34. The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.50 billion. MasTec had a return on equity of 21.80% and a net margin of 3.89%. MasTec’s revenue for the quarter was up 53.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.36 earnings per share. Equities analysts expect that MasTec, Inc. will post $2.74 EPS for the current fiscal year.
MasTec Company Profile
MasTec, Inc is an infrastructure construction company. The Company operates primarily across North America through a range of industries. The Company operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other. Its primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; conventional and renewable power generation, and industrial infrastructure.
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