Pacer Advisors Inc. Purchases 1,356,634 Shares of MasTec, Inc. (NYSE:MTZ)

Pacer Advisors Inc. raised its position in shares of MasTec, Inc. (NYSE:MTZ) by 15,067.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,365,638 shares of the construction company’s stock after purchasing an additional 1,356,634 shares during the quarter. Pacer Advisors Inc. owned 1.72% of MasTec worth $146,110,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Hobbs Group Advisors LLC purchased a new position in shares of MasTec during the 2nd quarter valued at $27,000. Quarry LP purchased a new position in shares of MasTec in the fourth quarter valued at about $37,000. GAMMA Investing LLC boosted its stake in shares of MasTec by 64.9% in the second quarter. GAMMA Investing LLC now owns 366 shares of the construction company’s stock worth $39,000 after acquiring an additional 144 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in shares of MasTec during the second quarter worth about $40,000. Finally, Bessemer Group Inc. raised its stake in MasTec by 5,436.4% during the 1st quarter. Bessemer Group Inc. now owns 609 shares of the construction company’s stock valued at $57,000 after purchasing an additional 598 shares during the period. 78.10% of the stock is currently owned by institutional investors.

MasTec Trading Up 1.3 %

MTZ opened at $126.14 on Friday. MasTec, Inc. has a 52 week low of $44.65 and a 52 week high of $127.97. The company has a quick ratio of 1.23, a current ratio of 1.27 and a debt-to-equity ratio of 0.86. The stock’s fifty day moving average is $108.63 and its two-hundred day moving average is $102.37. The company has a market capitalization of $10.02 billion, a P/E ratio of -901.00 and a beta of 1.70.

MasTec (NYSE:MTZ) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.09. MasTec had a net margin of 0.06% and a return on equity of 6.42%. The company had revenue of $2.96 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. Analysts forecast that MasTec, Inc. will post 2.71 earnings per share for the current year.

Insider Activity

In other news, Director C Robert Campbell sold 3,000 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $116.26, for a total value of $348,780.00. Following the completion of the transaction, the director now directly owns 48,173 shares of the company’s stock, valued at approximately $5,600,592.98. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 21.30% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on MTZ shares. B. Riley upped their price target on MasTec from $132.00 to $134.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. The Goldman Sachs Group boosted their price target on shares of MasTec from $88.00 to $109.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. Truist Financial reaffirmed a “hold” rating and set a $112.00 price target (up previously from $109.00) on shares of MasTec in a research note on Monday, August 5th. Citigroup lifted their price objective on shares of MasTec from $118.00 to $122.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, DA Davidson increased their price target on shares of MasTec from $120.00 to $125.00 and gave the company a “buy” rating in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $117.50.

MasTec Company 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.