MasTec, Inc. $MTZ Shares Sold by Covalis Capital LLP

Covalis Capital LLP trimmed its position in MasTec, Inc. (NYSE:MTZ) by 66.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,517 shares of the construction company’s stock after selling 108,819 shares during the period. MasTec comprises about 1.1% of Covalis Capital LLP’s investment portfolio, making the stock its 26th largest position. Covalis Capital LLP’s holdings in MasTec were worth $9,462,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MTZ. Parkside Financial Bank & Trust raised its position in shares of MasTec by 253.7% in the second quarter. Parkside Financial Bank & Trust now owns 191 shares of the construction company’s stock valued at $33,000 after buying an additional 137 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in MasTec in the 2nd quarter worth approximately $35,000. Evelyn Partners Asset Management Ltd acquired a new position in MasTec in the 2nd quarter valued at $43,000. Farther Finance Advisors LLC lifted its stake in shares of MasTec by 228.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 276 shares of the construction company’s stock worth $47,000 after purchasing an additional 192 shares during the period. Finally, Cullen Frost Bankers Inc. acquired a new stake in shares of MasTec during the second quarter worth $49,000. 78.10% of the stock is currently owned by hedge funds and other institutional investors.

MasTec Trading Up 0.7%

NYSE MTZ opened at $193.20 on Friday. The firm has a market capitalization of $15.24 billion, a price-to-earnings ratio of 57.16 and a beta of 1.88. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.19 and a current ratio of 1.22. MasTec, Inc. has a one year low of $99.70 and a one year high of $224.03. The company’s 50 day moving average price is $203.79 and its 200 day moving average price is $182.13.

Insider Activity

In related news, CAO Timothy Michael Love sold 1,929 shares of MasTec stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $206.15, for a total transaction of $397,663.35. Following the transaction, the chief accounting officer owned 9,757 shares in the company, valued at approximately $2,011,405.55. The trade was a 16.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Robert E. Apple sold 10,000 shares of the company’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $200.44, for a total transaction of $2,004,400.00. Following the sale, the chief operating officer directly owned 184,249 shares of the company’s stock, valued at approximately $36,930,869.56. This trade represents a 5.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 16,929 shares of company stock valued at $3,394,013. Company insiders own 21.30% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. TD Cowen upped their target price on MasTec from $175.00 to $195.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Stifel Nicolaus lifted their price target on MasTec from $198.00 to $237.00 and gave the company a “buy” rating in a report on Thursday, October 9th. The Goldman Sachs Group increased their price objective on shares of MasTec from $195.00 to $227.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. KeyCorp boosted their target price on shares of MasTec from $236.00 to $246.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MasTec in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, MasTec currently has a consensus rating of “Moderate Buy” and a consensus target price of $229.44.

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.