MasTec (NYSE:MTZ) Shares Down 15.9% – Here’s What Happened

MasTec, Inc. (NYSE:MTZ)’s share price dropped 15.9% during trading on Monday . The stock traded as low as $134.61 and last traded at $134.43. Approximately 904,902 shares were traded during mid-day trading, an increase of 5% from the average daily volume of 860,482 shares. The stock had previously closed at $159.75.

Wall Street Analysts Forecast Growth

MTZ has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their target price on MasTec from $154.00 to $172.00 and gave the stock an “overweight” rating in a research note on Tuesday. B. Riley reissued a “buy” rating and set a $166.00 price objective (up from $151.00) on shares of MasTec in a research report on Tuesday, November 5th. Craig Hallum lifted their target price on shares of MasTec from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Stifel Nicolaus upped their target price on shares of MasTec from $155.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Finally, UBS Group raised their price target on shares of MasTec from $129.00 to $147.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.57.

MasTec Trading Up 3.4 %

The company has a current ratio of 1.24, a quick ratio of 1.20 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $11.07 billion, a PE ratio of 124.69 and a beta of 1.74. The stock has a 50 day moving average price of $143.03 and a 200-day moving average price of $126.84.

Insider Buying and Selling at MasTec

In other news, Director C Robert Campbell sold 3,000 shares of MasTec stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $145.00, for a total transaction of $435,000.00. Following the transaction, the director now directly owns 42,478 shares of the company’s stock, valued at $6,159,310. The trade was a 6.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Robert E. Apple sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $150.00, for a total transaction of $1,500,000.00. Following the completion of the sale, the chief operating officer now directly owns 187,202 shares of the company’s stock, valued at $28,080,300. This represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,023 shares of company stock worth $4,515,089 in the last three months. 21.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MasTec

A number of hedge funds have recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new stake in MasTec in the 3rd quarter worth $25,000. Ameliora Wealth Management Ltd. bought a new position in shares of MasTec in the fourth quarter worth about $25,000. R Squared Ltd purchased a new stake in shares of MasTec during the fourth quarter worth about $44,000. UMB Bank n.a. raised its stake in MasTec by 46.3% during the 3rd quarter. UMB Bank n.a. now owns 379 shares of the construction company’s stock valued at $47,000 after purchasing an additional 120 shares during the period. Finally, True Wealth Design LLC purchased a new position in MasTec in the 3rd quarter worth approximately $57,000. 78.10% of the stock is currently owned by institutional investors.

About MasTec

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.