Pacer Advisors Inc. lowered its position in MasTec, Inc. (NYSE:MTZ) by 7.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,733 shares of the construction company’s stock after selling 1,767 shares during the quarter. Pacer Advisors Inc.’s holdings in MasTec were worth $1,476,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Weaver Consulting Group bought a new stake in shares of MasTec in the 1st quarter worth approximately $25,000. North Star Investment Management Corp. acquired a new position in shares of MasTec in the 3rd quarter worth approximately $32,000. C M Bidwell & Associates Ltd. acquired a new position in shares of MasTec in the 2nd quarter worth approximately $45,000. NumerixS Investment Technologies Inc acquired a new position in shares of MasTec in the 2nd quarter worth approximately $70,000. Finally, Cerebellum GP LLC acquired a new position in shares of MasTec in the 3rd quarter worth approximately $91,000. Institutional investors own 82.36% of the company’s stock.
In other news, COO Robert E. Apple sold 25,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $60.05, for a total value of $1,501,250.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ernst N. Csiszar sold 3,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $64.53, for a total value of $193,590.00. Following the completion of the transaction, the director now owns 25,564 shares in the company, valued at $1,649,644.92. The disclosure for this sale can be found here. Insiders sold a total of 33,000 shares of company stock valued at $1,983,440 over the last three months. Insiders own 22.00% of the company’s stock.
MasTec (NYSE:MTZ) last released its earnings results on Thursday, August 1st. The construction company reported $1.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.51. The company had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.80 billion. MasTec had a return on equity of 23.43% and a net margin of 4.29%. The business’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same period last year, the firm earned $1.04 EPS. Equities research analysts forecast that MasTec, Inc. will post 4.9 EPS for the current year.
A number of equities analysts have recently issued reports on the company. Deutsche Bank increased their target price on MasTec from $60.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, August 5th. DA Davidson increased their target price on MasTec to $70.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Craig Hallum increased their target price on MasTec from $69.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, August 5th. B. Riley increased their target price on MasTec from $62.00 to $72.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, ValuEngine cut MasTec from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and eleven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $66.08.
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, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other.
Further Reading: Cost of Debt
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