DnB Asset Management AS Cuts Stake in MasTec, Inc. (NYSE:MTZ)

DnB Asset Management AS cut its holdings in shares of MasTec, Inc. (NYSE:MTZ) by 14.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 267,115 shares of the construction company’s stock after selling 46,452 shares during the period. DnB Asset Management AS’s holdings in MasTec were worth $36,365,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MTZ. Jacobs Levy Equity Management Inc. boosted its holdings in MasTec by 266.7% in the third quarter. Jacobs Levy Equity Management Inc. now owns 397,467 shares of the construction company’s stock valued at $48,928,000 after purchasing an additional 289,090 shares during the period. Point72 Asset Management L.P. raised its position 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 valued at $94,096,000 after purchasing an additional 279,778 shares in the last quarter. Barclays PLC raised its position in MasTec by 642.7% in the 3rd quarter. Barclays PLC now owns 242,066 shares of the construction company’s stock valued at $29,797,000 after purchasing an additional 209,472 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of MasTec by 52.4% in the 4th quarter. Prudential Financial Inc. now owns 405,187 shares of the construction company’s stock valued at $55,162,000 after buying an additional 139,235 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of MasTec during the fourth quarter worth about $17,776,000. Hedge funds and other institutional investors own 78.10% of the company’s stock.

Insider Buying and Selling at MasTec

In related news, Director Ernst N. Csiszar sold 2,517 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $131.63, for a total transaction of $331,312.71. Following the completion of the sale, the director now directly owns 23,000 shares of the company’s stock, valued at $3,027,490. This trade represents a 9.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 21.30% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on MTZ. Citigroup raised their target price on shares of MasTec from $156.00 to $167.00 and gave the company a “buy” rating in a report on Monday, March 3rd. Guggenheim reaffirmed a “buy” rating and set a $195.00 price objective on shares of MasTec in a research report on Tuesday. B. Riley reissued a “buy” rating and issued a $165.00 target price (up previously from $151.00) on shares of MasTec in a report on Wednesday, March 19th. KeyCorp lifted their price target on MasTec from $153.00 to $168.00 and gave the stock an “overweight” rating in a report on Wednesday, January 8th. Finally, Stifel Nicolaus dropped their price objective on MasTec from $185.00 to $175.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $160.07.

MasTec Stock Performance

Shares of MasTec stock opened at $118.70 on Friday. The stock has a market capitalization of $9.41 billion, a price-to-earnings ratio of 105.98 and a beta of 1.74. The firm’s fifty day simple moving average is $133.53 and its 200-day simple moving average is $133.14. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.24 and a quick ratio of 1.20. MasTec, Inc. has a 12 month low of $82.29 and a 12 month high of $166.95.

MasTec (NYSE:MTZ) last announced its earnings results on Thursday, February 27th. The construction company reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.08. MasTec had a net margin of 0.73% and a return on equity of 8.27%. The business had revenue of $3.40 billion during the quarter, compared to analysts’ expectations of $3.32 billion. As a group, equities analysts forecast that MasTec, Inc. will post 3.44 earnings per share for the current year.

MasTec Profile

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.