Sagefield Capital LP Reduces Stake in MasTec, Inc. (NYSE:MTZ)

Sagefield Capital LP lowered its holdings in MasTec, Inc. (NYSE:MTZ) by 32.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,955 shares of the construction company’s stock after selling 29,919 shares during the period. Sagefield Capital LP owned approximately 0.08% of MasTec worth $6,736,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Electron Capital Partners LLC raised its position in shares of MasTec by 16.1% in the fourth quarter. Electron Capital Partners LLC now owns 1,725,209 shares of the construction company’s stock valued at $130,633,000 after purchasing an additional 238,874 shares during the period. Pacer Advisors Inc. raised its position in shares of MasTec by 15,067.0% in the second quarter. Pacer Advisors Inc. now owns 1,365,638 shares of the construction company’s stock valued at $146,110,000 after purchasing an additional 1,356,634 shares during the period. Hood River Capital Management LLC raised its position in shares of MasTec by 59.8% in the second quarter. Hood River Capital Management LLC now owns 1,194,250 shares of the construction company’s stock valued at $127,773,000 after purchasing an additional 446,762 shares during the period. Frontier Capital Management Co. LLC raised its position in shares of MasTec by 42.9% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,041,868 shares of the construction company’s stock valued at $78,890,000 after purchasing an additional 312,991 shares during the period. Finally, Point72 Asset Management L.P. raised its position in shares of MasTec by 96.4% in the fourth quarter. Point72 Asset Management L.P. now owns 1,022,700 shares of the construction company’s stock valued at $77,439,000 after purchasing an additional 502,039 shares during the period. Institutional investors own 78.10% of the company’s stock.

Insider Activity

In other news, Director C Robert Campbell sold 3,000 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $116.26, for a total value of $348,780.00. Following the completion of the sale, the director now owns 48,173 shares of the company’s stock, valued at approximately $5,600,592.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 21.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Citigroup boosted their price target on shares of MasTec from $118.00 to $122.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. DA Davidson upped their target price on shares of MasTec from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, August 5th. The Goldman Sachs Group upped their target price on shares of MasTec from $88.00 to $109.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Stifel Nicolaus upped their target price on shares of MasTec from $120.00 to $121.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Truist Financial reaffirmed a “hold” rating and set a $112.00 target price (up previously from $109.00) on shares of MasTec 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $117.50.

MasTec Price Performance

Shares of NYSE:MTZ opened at $125.38 on Tuesday. The company’s fifty day moving average price is $109.05 and its 200-day moving average price is $102.82. The firm has a market capitalization of $9.96 billion, a price-to-earnings ratio of -895.57 and a beta of 1.70. MasTec, Inc. has a one year low of $44.65 and a one year high of $127.97. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.27 and a quick ratio of 1.23.

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

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.