Federated Hermes Inc. Cuts Stock Position in MasTec, Inc. (NYSE:MTZ)

Federated Hermes Inc. lessened its stake in MasTec, Inc. (NYSE:MTZ) by 5.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,652 shares of the construction company’s stock after selling 367 shares during the period. Federated Hermes Inc.’s holdings in MasTec were worth $712,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MTZ. Norges Bank purchased a new position in MasTec in the fourth quarter valued at about $46,970,000. Point72 Asset Management L.P. boosted its holdings in 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 worth $77,439,000 after acquiring an additional 502,039 shares in the last quarter. Frontier Capital Management Co. LLC boosted its holdings in 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 worth $78,890,000 after acquiring an additional 312,991 shares in the last quarter. Schroder Investment Management Group boosted its holdings in MasTec by 95.0% in the fourth quarter. Schroder Investment Management Group now owns 614,839 shares of the construction company’s stock worth $46,556,000 after acquiring an additional 299,567 shares in the last quarter. Finally, Electron Capital Partners LLC boosted its holdings in MasTec by 16.1% in the fourth quarter. Electron Capital Partners LLC now owns 1,725,209 shares of the construction company’s stock worth $130,633,000 after acquiring an additional 238,874 shares in the last quarter. Hedge funds and other institutional investors own 78.10% of the company’s stock.

Analyst Upgrades and Downgrades

MTZ has been the subject of several recent analyst reports. Truist Financial reissued a “hold” rating and issued a $112.00 price target (up previously from $109.00) on shares of MasTec in a report on Monday, August 5th. Citigroup raised their price target on MasTec from $118.00 to $122.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Stifel Nicolaus raised their price target on MasTec from $120.00 to $121.00 and gave the stock a “buy” rating in a report on Monday, August 5th. DA Davidson raised their price target on MasTec from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, B. Riley lifted their target price on MasTec from $132.00 to $134.00 and gave the stock 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 stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $117.50.

Insider Activity

In other news, Director C Robert Campbell sold 3,000 shares of the business’s stock in a transaction that occurred 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 sale, 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 Securities & Exchange Commission, which can be accessed through this link. Company insiders own 21.30% of the company’s stock.

MasTec Trading Up 1.3 %

Shares of NYSE:MTZ opened at $126.14 on Monday. MasTec, Inc. has a 12-month low of $44.65 and a 12-month high of $127.97. The company has a market capitalization of $10.02 billion, a PE ratio of -901.00 and a beta of 1.70. The business has a 50 day moving average of $108.63 and a two-hundred day moving average of $102.58. The company has a current ratio of 1.27, a quick ratio of 1.23 and a debt-to-equity ratio of 0.86.

MasTec (NYSE:MTZ) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported $0.96 earnings per share (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 company had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the previous year, the company posted $0.81 earnings per share. MasTec’s revenue for the quarter was up 3.0% on a year-over-year basis. As a group, analysts forecast that MasTec, Inc. will post 2.71 EPS for the current 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.