MasTec (NYSE:MTZ) Reaches New 1-Year High – Time to Buy?

MasTec, Inc. (NYSE:MTZ) hit a new 52-week high during trading on Tuesday . The stock traded as high as $250.66 and last traded at $250.5050, with a volume of 37553 shares traded. The stock had previously closed at $245.29.

Analysts Set New Price Targets

Several research firms have issued reports on MTZ. Truist Financial raised their price target on shares of MasTec from $253.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, December 18th. Stifel Nicolaus increased their price target on shares of MasTec from $240.00 to $267.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. Guggenheim reiterated a “neutral” rating and issued a $215.00 price target on shares of MasTec in a research report on Wednesday, October 15th. JPMorgan Chase & Co. boosted their target price on shares of MasTec from $214.00 to $235.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Finally, Citigroup lifted their target price on shares of MasTec from $248.00 to $284.00 and gave the company a “buy” rating in a research note on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $238.16.

MasTec Stock Performance

The stock’s 50 day moving average is $223.72 and its two-hundred day moving average is $203.50. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.33 and a quick ratio of 1.30. The firm has a market capitalization of $19.30 billion, a P/E ratio of 58.09 and a beta of 1.91.

Insider Activity

In other news, CAO Timothy Michael Love sold 1,929 shares of the company’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $206.15, for a total value of $397,663.35. Following the completion of the sale, the chief accounting officer directly owned 9,757 shares of the company’s stock, valued at $2,011,405.55. This represents a 16.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On MasTec

A number of hedge funds and other institutional investors have recently made changes to their positions in MTZ. Allspring Global Investments Holdings LLC increased its position in shares of MasTec by 92.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 65,027 shares of the construction company’s stock worth $13,981,000 after purchasing an additional 31,218 shares during the last quarter. Bridge City Capital LLC raised its stake in MasTec by 27.2% in the 2nd quarter. Bridge City Capital LLC now owns 49,357 shares of the construction company’s stock valued at $8,412,000 after acquiring an additional 10,565 shares during the period. Schroder Investment Management Group bought a new position in shares of MasTec in the second quarter valued at about $12,366,000. Sterling Capital Management LLC grew its stake in MasTec by 16.3% in the 2nd quarter. Sterling Capital Management LLC now owns 79,049 shares of the construction company’s stock valued at $13,472,000 after buying an additional 11,071 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its holdings in shares of MasTec by 71.6% during the second quarter. Osaic Holdings Inc. now owns 30,118 shares of the construction company’s stock worth $5,132,000 after acquiring an additional 12,567 shares during the period. 78.10% of the stock is owned by institutional investors.

About MasTec

MasTec, Inc is a diversified infrastructure construction company that provides engineering, fabrication, installation and maintenance services across a broad range of end markets. Its principal activities encompass the development of communications networks, oil and gas pipeline systems, electrical transmission and distribution facilities, industrial installations and renewable energy projects.

The company traces its roots to a small cable installation operation in Miami and has grown through a series of strategic acquisitions to become one of the largest infrastructure contractors in North America.