MasTec (NYSE:MTZ) Sets New 52-Week High – Here’s Why

MasTec, Inc. (NYSE:MTZ) shares hit a new 52-week high on Tuesday . The stock traded as high as $150.55 and last traded at $148.88, with a volume of 31772 shares trading hands. The stock had previously closed at $148.13.

Wall Street Analyst Weigh In

Several analysts have recently commented on MTZ shares. B. Riley reiterated a “buy” rating and set a $166.00 price objective (up previously from $151.00) on shares of MasTec in a report on Tuesday, November 5th. JPMorgan Chase & Co. began coverage on MasTec in a report on Monday, October 7th. They issued an “overweight” rating and a $153.00 price target for the company. Truist Financial increased their price objective on shares of MasTec from $173.00 to $189.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. The Goldman Sachs Group boosted their target price on shares of MasTec from $115.00 to $130.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Finally, UBS Group raised their price target on shares of MasTec from $129.00 to $147.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, MasTec currently has a consensus rating of “Moderate Buy” and a consensus target price of $155.07.

MasTec Price Performance

The firm has a market cap of $11.63 billion, a PE ratio of 131.00 and a beta of 1.74. The stock has a 50 day simple moving average of $138.82 and a two-hundred day simple moving average of $122.01. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.20 and a current ratio of 1.24.

Insider Activity at MasTec

In other MasTec news, 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 owns 42,478 shares in the company, valued at approximately $6,159,310. This represents a 6.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 completion of the sale, the chief operating officer now owns 197,202 shares of the company’s stock, valued at $26,746,507.26. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,023 shares of company stock worth $4,515,089. 21.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wilmington Savings Fund Society FSB acquired a new position in MasTec during the third quarter worth $25,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of MasTec during the second quarter worth about $40,000. UMB Bank n.a. raised its position in shares of MasTec by 46.3% during the 3rd quarter. UMB Bank n.a. now owns 379 shares of the construction company’s stock worth $47,000 after purchasing an additional 120 shares during the last quarter. True Wealth Design LLC purchased a new position in MasTec in the 3rd quarter valued at about $57,000. Finally, GAMMA Investing LLC boosted its holdings in MasTec by 39.9% in the 3rd quarter. GAMMA Investing LLC now owns 512 shares of the construction company’s stock worth $63,000 after buying an additional 146 shares during the last quarter. Hedge funds and other institutional investors own 78.10% of the company’s stock.

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.