AlphaCrest Capital Management LLC Purchases New Position in MasTec, Inc. (NYSE:MTZ)

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AlphaCrest Capital Management LLC purchased a new position in shares of MasTec, Inc. (NYSE:MTZ) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 9,273 shares of the construction company’s stock, valued at approximately $446,000.

A number of other large investors have also modified their holdings of MTZ. BlackRock Inc. boosted its stake in MasTec by 54.6% during the 4th quarter. BlackRock Inc. now owns 7,818,157 shares of the construction company’s stock worth $317,103,000 after purchasing an additional 2,762,363 shares during the period. Oregon Public Employees Retirement Fund acquired a new stake in MasTec during the 4th quarter worth $26,000. Bank of New York Mellon Corp boosted its stake in MasTec by 113.4% during the 4th quarter. Bank of New York Mellon Corp now owns 755,954 shares of the construction company’s stock worth $30,661,000 after purchasing an additional 401,654 shares during the period. Deutsche Bank AG boosted its stake in MasTec by 258.7% during the 4th quarter. Deutsche Bank AG now owns 505,434 shares of the construction company’s stock worth $20,498,000 after purchasing an additional 364,512 shares during the period. Finally, Norges Bank acquired a new stake in MasTec during the 4th quarter worth $13,787,000. Hedge funds and other institutional investors own 84.59% of the company’s stock.

MTZ stock opened at $48.84 on Thursday. MasTec, Inc. has a one year low of $37.24 and a one year high of $54.70. The firm has a market capitalization of $3.74 billion, a PE ratio of 13.42, a PEG ratio of 1.41 and a beta of 1.44. The company has a quick ratio of 1.70, a current ratio of 1.79 and a debt-to-equity ratio of 1.18.

MasTec (NYSE:MTZ) last released its earnings results on Thursday, May 2nd. The construction company reported $0.58 EPS for the quarter, topping the Thomson Reuters’ 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 last year, the business earned $0.35 EPS. The business’s revenue was up 8.7% on a year-over-year basis. As a group, research analysts expect that MasTec, Inc. will post 4.4 EPS for the current year.

A number of analysts recently weighed in on MTZ shares. UBS Group started coverage on shares of MasTec in a research note on Tuesday, May 28th. They set a “buy” rating and a $60.00 price target for the company. Zacks Investment Research upgraded shares of MasTec from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research note on Thursday, May 9th. Barclays reiterated a “buy” rating and set a $57.00 price target on shares of MasTec in a research note on Wednesday, March 13th. B. Riley decreased their price target on shares of MasTec from $71.00 to $61.00 and set a “buy” rating for the company in a research note on Tuesday, March 5th. Finally, ValuEngine upgraded shares of MasTec from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $60.11.

In other news, Director Robert J. Dwyer sold 10,000 shares of the firm’s 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 completion of the sale, the director now owns 23,587 shares in the company, valued at approximately $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 currently owned by company insiders.

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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, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other.

Further Reading: The limitations of an equal weight rating

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Institutional Ownership by Quarter for MasTec (NYSE:MTZ)

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