MasTec (NYSE:MTZ) Hits New 1-Year High – What’s Next?

Shares of MasTec, Inc. (NYSE:MTZ) hit a new 52-week high during trading on Thursday . The company traded as high as $238.25 and last traded at $237.5120, with a volume of 185473 shares trading hands. The stock had previously closed at $226.00.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MTZ. Mizuho set a $254.00 price objective on shares of MasTec in a report on Monday, November 3rd. Zacks Research raised shares of MasTec from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 30th. Guggenheim reaffirmed a “neutral” rating and set a $215.00 price objective on shares of MasTec in a research note on Wednesday, October 15th. Citigroup boosted their target price on MasTec from $219.00 to $248.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Finally, Jefferies Financial Group increased their price target on MasTec from $218.00 to $252.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, MasTec currently has a consensus rating of “Buy” and an average target price of $233.06.

MasTec Price Performance

The stock has a market cap of $19.10 billion, a price-to-earnings ratio of 57.50 and a beta of 1.91. The company has a 50 day simple moving average of $216.02 and a 200-day simple moving average of $199.17. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.69.

Insiders Place Their Bets

In other news, CAO Timothy Michael Love sold 1,929 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer directly owned 9,757 shares of the company’s stock, valued at $2,011,405.55. This trade represents a 16.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 21.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC grew its position in MasTec by 92.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 65,027 shares of the construction company’s stock valued at $13,981,000 after acquiring an additional 31,218 shares during the last quarter. Voya Investment Management LLC boosted its stake in shares of MasTec by 33.1% in the 1st quarter. Voya Investment Management LLC now owns 46,446 shares of the construction company’s stock valued at $5,421,000 after purchasing an additional 11,551 shares in the last quarter. Bridge City Capital LLC grew its holdings in shares of MasTec by 27.2% during the 2nd quarter. Bridge City Capital LLC now owns 49,357 shares of the construction company’s stock valued at $8,412,000 after purchasing an additional 10,565 shares during the last quarter. Schroder Investment Management Group acquired a new position in MasTec during the 2nd quarter worth approximately $12,366,000. Finally, Sterling Capital Management LLC increased its position in MasTec by 16.3% during the 2nd quarter. Sterling Capital Management LLC now owns 79,049 shares of the construction company’s stock worth $13,472,000 after purchasing an additional 11,071 shares in the last quarter. Institutional investors and hedge funds own 78.10% of the company’s stock.

About MasTec

MasTec, Inc is a diversified infrastructure construction company that provides engineering, fabrication, installation and maintenance services across a broad range of end markets. Its principal activities encompass the development of communications networks, oil and gas pipeline systems, electrical transmission and distribution facilities, industrial installations and renewable energy projects.

The company traces its roots to a small cable installation operation in Miami and has grown through a series of strategic acquisitions to become one of the largest infrastructure contractors in North America.