Corebridge Financial Inc. Trims Stake in MasTec, Inc. (NYSE:MTZ)

Corebridge Financial Inc. lowered its holdings in shares of MasTec, Inc. (NYSE:MTZ - Free Report) by 4.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 69,670 shares of the construction company's stock after selling 3,112 shares during the period. Corebridge Financial Inc. owned approximately 0.09% of MasTec worth $9,485,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Ameliora Wealth Management Ltd. acquired a new stake in shares of MasTec during the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC boosted its stake in MasTec by 181.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 180 shares of the construction company's stock worth $25,000 after acquiring an additional 116 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in MasTec in the third quarter worth $25,000. Smartleaf Asset Management LLC increased its stake in MasTec by 93.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 265 shares of the construction company's stock valued at $36,000 after purchasing an additional 128 shares in the last quarter. Finally, Global Retirement Partners LLC raised its holdings in shares of MasTec by 162.4% during the fourth quarter. Global Retirement Partners LLC now owns 307 shares of the construction company's stock valued at $42,000 after purchasing an additional 190 shares during the period. 78.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MTZ. Truist Financial boosted their target price on MasTec from $173.00 to $189.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Robert W. Baird reduced their price objective on MasTec from $162.00 to $153.00 and set a "neutral" rating for the company in a research note on Monday, March 3rd. Citigroup upped their target price on MasTec from $156.00 to $167.00 and gave the stock a "buy" rating in a research report on Monday, March 3rd. Barclays lifted their price target on shares of MasTec from $130.00 to $145.00 and gave the company an "overweight" rating in a research report on Tuesday, March 4th. Finally, Wolfe Research assumed coverage on shares of MasTec in a report on Monday. They set a "peer perform" rating on the stock. Three equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $160.07.

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MasTec Stock Performance

Shares of NYSE MTZ traded up $1.60 during midday trading on Monday, hitting $116.85. The company's stock had a trading volume of 1,872,380 shares, compared to its average volume of 906,691. The stock has a fifty day moving average price of $131.96 and a 200 day moving average price of $133.67. The firm has a market capitalization of $9.27 billion, a price-to-earnings ratio of 104.33 and a beta of 1.74. MasTec, Inc. has a one year low of $82.29 and a one year high of $166.95. The company has a current ratio of 1.24, a quick ratio of 1.20 and a debt-to-equity ratio of 0.76.

MasTec (NYSE:MTZ - Get Free Report) last posted its earnings results on Thursday, February 27th. The construction company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.08. MasTec had a return on equity of 8.27% and a net margin of 0.73%. The firm had revenue of $3.40 billion for the quarter, compared to the consensus estimate of $3.32 billion. On average, research analysts forecast that MasTec, Inc. will post 3.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Ernst N. Csiszar sold 2,517 shares of the company's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $131.63, for a total transaction of $331,312.71. Following the sale, the director now owns 23,000 shares of the company's stock, valued at approximately $3,027,490. This represents a 9.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 21.30% of the stock is owned by corporate insiders.

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.