Legal & General Group Plc Reduces Position in MasTec, Inc. (NYSE:MTZ)

Legal & General Group Plc trimmed its holdings in MasTec, Inc. (NYSE:MTZ) by 4.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 98,035 shares of the construction company’s stock after selling 5,073 shares during the period. Legal & General Group Plc’s holdings in MasTec were worth $13,346,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of MTZ. Geode Capital Management LLC raised its holdings in MasTec by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,026,295 shares of the construction company’s stock valued at $126,370,000 after acquiring an additional 16,844 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of MasTec by 25.9% in the fourth quarter. Bank of New York Mellon Corp now owns 556,686 shares of the construction company’s stock valued at $75,787,000 after purchasing an additional 114,502 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in MasTec during the fourth quarter worth approximately $59,910,000. Prudential Financial Inc. boosted its stake in MasTec by 52.4% during the fourth quarter. Prudential Financial Inc. now owns 405,187 shares of the construction company’s stock worth $55,162,000 after buying an additional 139,235 shares during the last quarter. Finally, Country Trust Bank grew its holdings in MasTec by 10.9% in the 4th quarter. Country Trust Bank now owns 287,961 shares of the construction company’s stock valued at $39,203,000 after buying an additional 28,350 shares in the last quarter. 78.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other MasTec news, Director Ernst N. Csiszar sold 2,517 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $131.63, for a total value of $331,312.71. Following the sale, the director now directly owns 23,000 shares of the company’s stock, valued at approximately $3,027,490. This represents a 9.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 21.30% of the company’s stock.

MasTec Trading Up 0.1 %

Shares of MTZ stock opened at $118.36 on Wednesday. MasTec, Inc. has a fifty-two week low of $82.29 and a fifty-two week high of $166.95. The company has a 50 day moving average price of $123.75 and a 200 day moving average price of $132.95. The stock has a market capitalization of $9.38 billion, a P/E ratio of 105.68 and a beta of 1.62. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.20 and a current ratio of 1.24.

MasTec (NYSE:MTZ) last announced its quarterly earnings data on Thursday, February 27th. The construction company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.08. MasTec had a return on equity of 8.27% and a net margin of 0.73%. The business had revenue of $3.40 billion for the quarter, compared to analysts’ expectations of $3.32 billion. Equities research analysts predict that MasTec, Inc. will post 3.44 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Stifel Nicolaus lowered their price target on shares of MasTec from $175.00 to $143.00 and set a “buy” rating on the stock in a research report on Wednesday, April 9th. Barclays increased their price target on shares of MasTec from $130.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, March 4th. Robert W. Baird reduced their price target on shares of MasTec from $162.00 to $153.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. B. Riley reiterated a “buy” rating and issued a $165.00 price objective (up from $151.00) on shares of MasTec in a research report on Wednesday, March 19th. Finally, Truist Financial reduced their target price on MasTec from $197.00 to $154.00 and set a “buy” rating on the stock in a research report on Tuesday, April 8th. Three equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $153.87.

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.