Pallas Capital Advisors LLC Increases Holdings in MasTec, Inc. (NYSE:MTZ)

Pallas Capital Advisors LLC grew its holdings in MasTec, Inc. (NYSE:MTZ) by 105.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 7,175 shares of the construction company’s stock after acquiring an additional 3,691 shares during the quarter. Pallas Capital Advisors LLC’s holdings in MasTec were worth $879,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MTZ. Susquehanna Fundamental Investments LLC acquired a new stake in MasTec during the first quarter worth approximately $785,000. Swedbank AB acquired a new stake in MasTec during the 1st quarter worth $5,287,000. Interval Partners LP purchased a new stake in MasTec in the first quarter valued at $4,230,000. Boston Partners acquired a new position in MasTec in the first quarter valued at $748,000. Finally, Texas Permanent School Fund Corp increased its position in shares of MasTec by 8.9% during the second quarter. Texas Permanent School Fund Corp now owns 57,522 shares of the construction company’s stock worth $6,154,000 after purchasing an additional 4,716 shares in the last quarter. Institutional investors and hedge funds own 78.10% of the company’s stock.

MasTec Stock Performance

Shares of MTZ stock opened at $120.00 on Thursday. The company has a current ratio of 1.27, a quick ratio of 1.23 and a debt-to-equity ratio of 0.86. The stock has a 50 day simple moving average of $118.42 and a 200-day simple moving average of $109.18. The company has a market cap of $9.53 billion, a price-to-earnings ratio of -877.07 and a beta of 1.70. MasTec, Inc. has a 12-month low of $44.65 and a 12-month high of $130.22.

MasTec (NYSE:MTZ) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.09. The firm had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $3.09 billion. MasTec had a return on equity of 6.42% and a net margin of 0.06%. MasTec’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.81 earnings per share. On average, equities analysts forecast that MasTec, Inc. will post 2.69 EPS for the current year.

Insider Activity

In related news, Director C Robert Campbell sold 3,000 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $116.26, for a total transaction of $348,780.00. Following the sale, the director now owns 48,173 shares of the company’s stock, valued at approximately $5,600,592.98. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director C Robert Campbell sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $116.26, for a total value of $348,780.00. Following the completion of the transaction, the director now directly owns 48,173 shares of the company’s stock, valued at $5,600,592.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Robert E. Apple sold 800 shares of the business’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $130.04, for a total value of $104,032.00. Following the sale, the chief operating officer now owns 216,402 shares in the company, valued at approximately $28,140,916.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,800 shares of company stock worth $2,978,212 in the last 90 days. 21.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on MTZ shares. UBS Group upped their target price on MasTec from $129.00 to $147.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. B. Riley increased their price objective on MasTec from $132.00 to $134.00 and gave the company a “buy” rating in a report on Monday, August 5th. Stifel Nicolaus lifted their target price on shares of MasTec from $121.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, October 10th. JPMorgan Chase & Co. began coverage on shares of MasTec in a research report on Monday, October 7th. They issued an “overweight” rating and a $153.00 price target for the company. Finally, KeyCorp raised their price objective on shares of MasTec from $123.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, MasTec has a consensus rating of “Moderate Buy” and an average target price of $134.00.

MasTec Profile

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.