JPMorgan Chase & Co. lowered its stake in MasTec, Inc. (NYSE:MTZ) by 34.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 295,928 shares of the construction company’s stock after selling 158,081 shares during the quarter. JPMorgan Chase & Co. owned about 0.39% of MasTec worth $14,233,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the business. Oregon Public Employees Retirement Fund bought a new position in MasTec during the 4th quarter valued at about $26,000. Endurance Wealth Management Inc. bought a new position in MasTec during the 1st quarter valued at about $29,000. Flagship Harbor Advisors LLC grew its holdings in MasTec by 378.8% during the 4th quarter. Flagship Harbor Advisors LLC now owns 948 shares of the construction company’s stock valued at $38,000 after purchasing an additional 750 shares during the last quarter. IFP Advisors Inc grew its holdings in MasTec by 138.9% during the 4th quarter. IFP Advisors Inc now owns 989 shares of the construction company’s stock valued at $40,000 after purchasing an additional 575 shares during the last quarter. Finally, Johnson Financial Group Inc. bought a new position in MasTec during the 4th quarter valued at about $53,000. Institutional investors and hedge funds own 84.59% of the company’s stock.
Several equities research analysts have issued reports on the stock. Robert W. Baird boosted their price objective on shares of MasTec from $50.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, March 4th. B. Riley lowered their price objective on shares of MasTec from $71.00 to $61.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. ValuEngine raised shares of MasTec from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. UBS Group assumed coverage on shares of MasTec in a research report on Tuesday, May 28th. They issued a “buy” rating and a $60.00 price objective for the company. Finally, KeyCorp boosted their price objective on shares of MasTec from $60.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, May 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $60.11.
MasTec (NYSE:MTZ) last posted its earnings results on Thursday, May 2nd. The construction company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.19. MasTec had a net margin of 3.93% and a return on equity of 21.31%. The company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter in the prior year, the company posted $0.35 earnings per share. MasTec’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts forecast that MasTec, Inc. will post 4.4 EPS for the current year.
In other news, Director Robert J. Dwyer sold 10,000 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $51.66, for a total value of $516,600.00. Following the sale, the director now owns 23,587 shares in the company, valued at $1,218,504.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 22.00% of the stock is owned by corporate insiders.
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, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other.
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