D1 Capital Partners L.P. Invests $79.49 Million in MasTec, Inc. (NYSE:MTZ)

D1 Capital Partners L.P. acquired a new position in MasTec, Inc. (NYSE:MTZ) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 743,000 shares of the construction company’s stock, valued at approximately $79,494,000. MasTec comprises approximately 1.3% of D1 Capital Partners L.P.’s holdings, making the stock its 23rd largest position. D1 Capital Partners L.P. owned 0.94% of MasTec at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. DRW Securities LLC acquired a new position in shares of MasTec during the 2nd quarter worth $2,568,000. Pacer Advisors Inc. boosted its holdings in MasTec by 15,067.0% in the second quarter. Pacer Advisors Inc. now owns 1,365,638 shares of the construction company’s stock worth $146,110,000 after purchasing an additional 1,356,634 shares in the last quarter. Canada Pension Plan Investment Board increased its position in MasTec by 173.4% during the second quarter. Canada Pension Plan Investment Board now owns 158,300 shares of the construction company’s stock worth $16,937,000 after buying an additional 100,400 shares during the last quarter. Brighton Jones LLC bought a new position in MasTec during the second quarter valued at about $216,000. Finally, Intech Investment Management LLC acquired a new stake in shares of MasTec in the second quarter worth about $1,367,000. Institutional investors own 78.10% of the company’s stock.

MasTec Trading Up 1.3 %

Shares of MTZ opened at $126.14 on Monday. The stock’s 50-day moving average price is $108.63 and its 200 day moving average price is $102.58. 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 firm has a market capitalization of $10.02 billion, a price-to-earnings ratio of -901.00 and a beta of 1.70. MasTec, Inc. has a 12-month low of $44.65 and a 12-month high of $127.97.

MasTec (NYSE:MTZ) last issued its earnings results on Thursday, August 1st. The construction company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.09. MasTec had a return on equity of 6.42% and a net margin of 0.06%. The business 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 company posted $0.81 earnings per share. MasTec’s revenue was up 3.0% on a year-over-year basis. As a group, research analysts predict that MasTec, Inc. will post 2.71 earnings per share for the current year.

Insider Transactions at MasTec

In other MasTec news, Director C Robert Campbell sold 3,000 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $116.26, for a total value of $348,780.00. Following the transaction, the director now directly owns 48,173 shares in the company, valued at $5,600,592.98. The transaction was disclosed in a document filed with the SEC, which is available through this link. 21.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on MTZ. Citigroup increased their price objective on MasTec from $118.00 to $122.00 and gave the company a “buy” rating in a report on Monday, July 22nd. DA Davidson lifted their price target on shares of MasTec from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Stifel Nicolaus boosted their price objective on shares of MasTec from $120.00 to $121.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Truist Financial reiterated a “hold” rating and issued a $112.00 target price (up from $109.00) on shares of MasTec in a research note on Monday, August 5th. Finally, B. Riley upped their price target on shares of MasTec from $132.00 to $134.00 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 given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $117.50.

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.