MasTec (MTZ) Bonds Trading 1% Lower
An issue of MasTec, Inc. (NYSE:MTZ) debt fell 1% against its face value during trading on Monday. The debt issue has a 4.875% coupon and is set to mature on March 15, 2023. The debt is now trading at $98.00 and was trading at $98.75 last week. Price changes in a company’s debt in credit markets often anticipate parallel changes in its stock price.
A number of brokerages recently commented on MTZ. Canaccord Genuity reaffirmed a “buy” rating and issued a $65.00 price target on shares of MasTec in a research note on Friday, August 3rd. Zacks Investment Research lowered MasTec from a “buy” rating to a “hold” rating in a research note on Thursday, August 9th. ValuEngine lowered MasTec from a “hold” rating to a “sell” rating in a research note on Friday, August 24th. Robert W. Baird raised MasTec from a “neutral” rating to an “outperform” rating and set a $51.00 price target for the company in a research note on Tuesday, August 7th. Finally, Credit Suisse Group dropped their price target on MasTec from $70.00 to $64.00 and set an “outperform” rating for the company in a research note on Wednesday, May 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $60.08.
Shares of MTZ stock opened at $42.50 on Wednesday. The company has a quick ratio of 1.74, a current ratio of 1.82 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $3.38 billion, a P/E ratio of 15.57, a price-to-earnings-growth ratio of 0.87 and a beta of 1.56. MasTec, Inc. has a 52 week low of $39.20 and a 52 week high of $55.53.
In other MasTec news, EVP Cardenas Alberto De sold 10,000 shares of the stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $48.00, for a total value of $480,000.00. Following the completion of the transaction, the executive vice president now owns 101,755 shares in the company, valued at $4,884,240. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 20.10% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of MTZ. Boston Partners bought a new position in MasTec in the first quarter worth $68,949,000. Schroder Investment Management Group bought a new position in MasTec in the second quarter worth $41,125,000. Wells Fargo & Company MN raised its holdings in MasTec by 50.5% in the second quarter. Wells Fargo & Company MN now owns 2,320,900 shares of the construction company’s stock worth $117,786,000 after purchasing an additional 778,685 shares in the last quarter. Lord Abbett & CO. LLC raised its holdings in MasTec by 29.7% in the first quarter. Lord Abbett & CO. LLC now owns 1,616,353 shares of the construction company’s stock worth $76,049,000 after purchasing an additional 370,544 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd bought a new position in MasTec in the first quarter worth $13,164,000. Institutional investors and hedge funds own 81.22% of the company’s stock.
About MasTec (NYSE:MTZ)
MasTec, Inc, an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, and utility 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.
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