Profit Investment Management LLC reduced its position in MasTec, Inc. (NYSE:MTZ – Get Rating) by 16.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 41,881 shares of the construction company’s stock after selling 8,486 shares during the period. MasTec accounts for approximately 2.4% of Profit Investment Management LLC’s investment portfolio, making the stock its 16th largest holding. Profit Investment Management LLC’s holdings in MasTec were worth $3,865,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in MTZ. Royal Bank of Canada raised its holdings in MasTec by 6.9% during the second quarter. Royal Bank of Canada now owns 68,442 shares of the construction company’s stock valued at $7,262,000 after acquiring an additional 4,413 shares during the period. Prudential Financial Inc. boosted its position in shares of MasTec by 118.8% during the second quarter. Prudential Financial Inc. now owns 32,025 shares of the construction company’s stock valued at $3,398,000 after buying an additional 17,387 shares during the period. Metropolitan Life Insurance Co NY boosted its position in shares of MasTec by 42,560.0% during the second quarter. Metropolitan Life Insurance Co NY now owns 10,665 shares of the construction company’s stock valued at $1,132,000 after buying an additional 10,640 shares during the period. Invesco Ltd. raised its stake in shares of MasTec by 213.5% during the second quarter. Invesco Ltd. now owns 487,209 shares of the construction company’s stock valued at $51,693,000 after acquiring an additional 331,795 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of MasTec by 39.3% during the second quarter. Morgan Stanley now owns 363,864 shares of the construction company’s stock valued at $38,607,000 after acquiring an additional 102,619 shares in the last quarter. Hedge funds and other institutional investors own 74.20% of the company’s stock.
MTZ stock opened at $85.38 on Monday. The company’s 50-day simple moving average is $87.86 and its 200-day simple moving average is $89.94. The company has a quick ratio of 1.56, a current ratio of 1.61 and a debt-to-equity ratio of 0.74. MasTec, Inc. has a 52-week low of $71.85 and a 52-week high of $122.33. The firm has a market cap of $6.53 billion, a P/E ratio of 19.19 and a beta of 1.21.
A number of brokerages recently commented on MTZ. Zacks Investment Research downgraded shares of MasTec from a “hold” rating to a “sell” rating and set a $99.00 price objective for the company. in a research note on Tuesday, January 4th. Cowen reduced their price target on MasTec from $125.00 to $110.00 and set an “outperform” rating on the stock in a research report on Monday, February 28th. Credit Suisse Group dropped their price objective on shares of MasTec from $130.00 to $114.00 and set an “outperform” rating on the stock in a report on Monday, February 28th. Craig Hallum dropped their price objective on shares of MasTec from $139.00 to $108.00 in a report on Monday, February 28th. Finally, B. Riley dropped their price objective on shares of MasTec from $122.00 to $120.00 and set a “buy” rating on the stock in a report on Monday, February 28th. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, MasTec has a consensus rating of “Buy” and an average target price of $118.00.
MasTec Company Profile (Get Rating)
MasTec, Inc engages in the provision of infrastructure construction services. It operates through the following segments: Communications, Oil and Gas, Electrical Transmissions, Clean Energy and Infrastructure, and Other. The Communications segment performs engineering, construction, maintenance, and customer fulfillment activities related to communications infrastructure, primarily for wireless and wireline/fiber communications, and install-to-the-home customers.
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