MasTec (NYSE:MTZ) Stock: Insider Timothy Michael Love Sells 366 Shares

MasTec, Inc. (NYSE:MTZ) CAO Timothy Love sold 366 shares of MasTec stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $198.52, for a total transaction of $72,658.32. Following the completion of the transaction, the chief accounting officer directly owned 9,926 shares of the company’s stock, valued at $1,970,509.52. The trade was a 3.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

MasTec Trading Down 4.9%

Shares of MasTec stock opened at $159.39 on Friday. The firm has a 50-day simple moving average of $209.63 and a two-hundred day simple moving average of $299.36. The company has a market cap of $12.80 billion, a P/E ratio of 26.04 and a beta of 1.91. MasTec, Inc. has a fifty-two week low of $147.49 and a fifty-two week high of $441.43. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.36 and a current ratio of 1.39.

MasTec (NYSE:MTZ) last posted its earnings results on Thursday, October 29th. The construction company reported $2.96 EPS for the quarter, beating analysts’ consensus estimates of $2.95 by $0.01. MasTec had a return on equity of 17.89% and a net margin of 2.80%. The firm had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $4.94 billion. During the same period last year, the firm earned $2.48 EPS. The company’s quarterly revenue was up 29.9% on a year-over-year basis. As a group, equities analysts predict that MasTec, Inc. will post 8.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MTZ. BlackRock Inc. purchased a new position in shares of MasTec during the 2nd quarter worth $3,178,069,000. Hill City Capital LP purchased a new stake in MasTec in the 2nd quarter valued at about $896,609,300. Bank of America Corp DE purchased a new stake in MasTec in the 2nd quarter valued at about $555,825,000. First Trust Advisors LP lifted its position in MasTec by 7.6% in the first quarter. First Trust Advisors LP now owns 1,411,584 shares of the construction company’s stock valued at $454,163,000 after buying an additional 100,151 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in MasTec in the second quarter valued at about $280,544,000. 78.10% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting MasTec

Here are the key news stories impacting MasTec this week:

• Positive Sentiment: MasTec suspended negotiations on a large potential acquisition to prioritize repurchases under its existing $250 million authorization. Buybacks could support per-share value, although the company said it is not obligated to repurchase a specific amount. MasTec suspends acquisition negotiations to prioritize share repurchases
• Neutral Sentiment: Sell-side analysts broadly maintain a “Moderate Buy” view, but recent coverage also includes price-target reductions, reflecting a more cautious outlook. MasTec stock rated Moderate Buy by sell-side analysts
• Negative Sentiment: Walking away from late-stage talks means MasTec is foregoing a potentially accretive deal, which may disappoint investors who expected the acquisition to contribute to growth. The buyback plan could also provide less immediate support because spending is discretionary. MasTec drops late-stage acquisition talks to focus on buybacks
• Negative Sentiment: Recent commentary points to margin pressure despite a record third-quarter backlog, raising questions about how much of that demand will translate into profitable growth. MasTec faces margin pressure after record third-quarter backlog

Analysts Set New Price Targets

MTZ has been the topic of several research analyst reports. UBS Group dropped their price objective on MasTec from $453.00 to $410.00 and set a “buy” rating on the stock in a report on Tuesday, August 4th. Truist Financial reaffirmed a “buy” rating and set a $332.00 target price (down from $380.00) on shares of MasTec in a research note on Monday. Cantor Fitzgerald decreased their target price on MasTec from $348.00 to $270.00 and set an “overweight” rating on the stock in a research report on Monday. Morgan Stanley set a $369.00 target price on MasTec in a research report on Friday, July 31st. Finally, TD Cowen dropped their price target on shares of MasTec from $320.00 to $310.00 and set a “buy” rating on the stock in a research note on Monday. Nineteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $347.80.

About MasTec

MasTec, Inc is an infrastructure construction and engineering company that provides services to the communications, energy, utility, and industrial sectors. The company designs, builds, installs, maintains, and upgrades infrastructure for wireless and wireline communications networks, including cellular, broadband, fiber-optic, and other connectivity systems.

MasTec also performs construction and maintenance work for electric transmission and distribution systems, renewable energy projects, and other power infrastructure.