Renasant Bank Sells 269 Shares of MasTec, Inc. (NYSE:MTZ)

by · The Cerbat Gem

Renasant Bank cut its position in MasTec, Inc. (NYSE:MTZ – Free Report) by 12.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,851 shares of the construction company’s stock after selling 269 shares during the period. Renasant Bank’s holdings in MasTec were worth $216,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC purchased a new stake in MasTec in the 4th quarter valued at $227,000. LPL Financial LLC raised its stake in MasTec by 1.5% in the 4th quarter. LPL Financial LLC now owns 20,520 shares of the construction company’s stock valued at $2,794,000 after acquiring an additional 310 shares during the period. Norges Bank purchased a new stake in MasTec during the fourth quarter valued at about $7,663,000. Franklin Resources Inc. bought a new position in MasTec in the 4th quarter worth approximately $1,191,000. Finally, National Bank of Canada FI purchased a new position in shares of MasTec in the fourth quarter valued at $1,988,000. 78.10% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MTZ has been the topic of a number of analyst reports. KeyCorp upped their target price on shares of MasTec from $196.00 to $205.00 and gave the stock an “overweight” rating in a report on Monday. Barclays restated an “overweight” rating and set a $200.00 price target (up previously from $145.00) on shares of MasTec in a report on Monday, July 21st. Guggenheim reiterated a “buy” rating and set a $195.00 target price on shares of MasTec in a report on Monday, May 5th. Jefferies Financial Group initiated coverage on shares of MasTec in a research report on Friday, May 16th. They set a “buy” rating and a $188.00 price target for the company. Finally, DA Davidson increased their price objective on MasTec from $170.00 to $210.00 and gave the company a “buy” rating in a research report on Monday. One analyst has rated the stock with a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $191.76.

Read Our Latest Stock Analysis on MasTec

Insiders Place Their Bets

In other news, COO Robert E. Apple sold 10,000 shares of the business’s stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $175.00, for a total value of $1,750,000.00. Following the completion of the transaction, the chief operating officer directly owned 194,249 shares of the company’s stock, valued at approximately $33,993,575. The trade was a 4.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director C Robert Campbell sold 3,000 shares of the company’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the transaction, the director directly owned 39,782 shares in the company, valued at approximately $6,122,051.98. The trade was a 7.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 21.30% of the stock is currently owned by corporate insiders.

MasTec Stock Down 0.1%

Shares of MTZ stock opened at $177.75 on Wednesday. MasTec, Inc. has a 52 week low of $96.01 and a 52 week high of $194.00. The company has a quick ratio of 1.19, a current ratio of 1.22 and a debt-to-equity ratio of 0.70. The company’s fifty day simple moving average is $169.97 and its two-hundred day simple moving average is $145.36. The stock has a market cap of $14.03 billion, a P/E ratio of 52.59 and a beta of 1.83.

MasTec (NYSE:MTZ – Get Free Report) last announced its earnings results on Thursday, July 31st. The construction company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.08. MasTec had a return on equity of 12.71% and a net margin of 2.04%. The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.40 billion. During the same quarter in the previous year, the business earned $0.96 earnings per share. The company’s revenue for the quarter was up 19.7% compared to the same quarter last year. Analysts predict that MasTec, Inc. will post 3.44 EPS for the current fiscal year.

MasTec Profile

(Free Report)

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.

See Also

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