MasTec, Inc. (NYSE:MTZ) Sees Significant Decline in Short Interest

MasTec, Inc. (NYSE:MTZ) saw a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 1,940,000 shares, a decline of 14.5% from the December 15th total of 2,270,000 shares. Currently, 3.2% of the shares of the company are short sold. Based on an average trading volume of 840,600 shares, the short-interest ratio is currently 2.3 days.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on MTZ shares. UBS Group boosted their price target on MasTec from $129.00 to $147.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Stifel Nicolaus boosted their price target on MasTec from $153.00 to $155.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Robert W. Baird boosted their price target on MasTec from $120.00 to $153.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Truist Financial boosted their price target on MasTec from $173.00 to $189.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Guggenheim initiated coverage on MasTec in a research report on Wednesday, January 8th. They set a “buy” rating and a $195.00 target price for the company. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $155.07.

MasTec Price Performance

Shares of MTZ stock opened at $155.15 on Friday. The company has a quick ratio of 1.20, a current ratio of 1.24 and a debt-to-equity ratio of 0.76. MasTec has a twelve month low of $60.96 and a twelve month high of $157.32. The company has a market cap of $12.29 billion, a P/E ratio of 138.53 and a beta of 1.74. The business has a fifty day simple moving average of $141.17 and a 200 day simple moving average of $123.78.

Insider Transactions at MasTec

In related news, Director C Robert Campbell sold 3,000 shares of MasTec 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 completion of the sale, the director now directly owns 42,478 shares of the company’s stock, valued at approximately $6,159,310. This trade represents a 6.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Robert E. Apple sold 10,000 shares of the business’s stock in a transaction on 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 completion of the sale, the chief operating officer now owns 187,202 shares of the company’s stock, valued at $28,080,300. This trade represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,023 shares of company stock worth $4,515,089 over the last quarter. Company insiders own 21.30% of the company’s stock.

Institutional Trading of MasTec

Several institutional investors and hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. increased its holdings in MasTec by 65.6% in the 3rd quarter. Pacer Advisors Inc. now owns 2,260,865 shares of the construction company’s stock worth $278,312,000 after purchasing an additional 895,227 shares in the last quarter. State Street Corp increased its holdings in MasTec by 1.4% in the 3rd quarter. State Street Corp now owns 1,823,967 shares of the construction company’s stock worth $224,530,000 after purchasing an additional 24,522 shares in the last quarter. Hood River Capital Management LLC increased its holdings in MasTec by 59.8% in the 2nd quarter. Hood River Capital Management LLC now owns 1,194,250 shares of the construction company’s stock worth $127,773,000 after purchasing an additional 446,762 shares in the last quarter. Geode Capital Management LLC increased its holdings in MasTec by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,026,295 shares of the construction company’s stock worth $126,370,000 after purchasing an additional 16,844 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its holdings in MasTec by 57.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 764,389 shares of the construction company’s stock worth $94,096,000 after purchasing an additional 279,778 shares in the last quarter. 78.10% of the stock is currently owned by institutional investors.

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.