KLP Kapitalforvaltning AS Makes New Investment in MasTec, Inc. (NYSE:MTZ)

KLP Kapitalforvaltning AS bought a new position in MasTec, Inc. (NYSE:MTZ - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 12,900 shares of the construction company's stock, valued at approximately $1,756,000.

A number of other institutional investors also recently modified their holdings of the stock. Hillsdale Investment Management Inc. raised its holdings in shares of MasTec by 3.1% during the fourth quarter. Hillsdale Investment Management Inc. now owns 6,700 shares of the construction company's stock worth $912,000 after acquiring an additional 200 shares in the last quarter. American Century Companies Inc. increased its position in MasTec by 62.2% in the 4th quarter. American Century Companies Inc. now owns 27,845 shares of the construction company's stock worth $3,791,000 after purchasing an additional 10,679 shares during the last quarter. Quantbot Technologies LP raised its stake in shares of MasTec by 177.0% during the 4th quarter. Quantbot Technologies LP now owns 9,125 shares of the construction company's stock worth $1,242,000 after purchasing an additional 5,831 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of MasTec by 119.4% during the 4th quarter. Teacher Retirement System of Texas now owns 33,862 shares of the construction company's stock valued at $4,610,000 after buying an additional 18,425 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd grew its stake in shares of MasTec by 238.0% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 8,156 shares of the construction company's stock valued at $1,110,000 after buying an additional 5,743 shares in the last quarter. Institutional investors and hedge funds own 78.10% of the company's stock.

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MasTec Price Performance

Shares of MTZ traded up $1.66 during mid-day trading on Tuesday, hitting $118.37. 958,125 shares of the company traded hands, compared to its average volume of 908,023. 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 $9.39 billion, a price-to-earnings ratio of 105.69 and a beta of 1.74. The business has a 50-day moving average of $131.11 and a 200 day moving average of $133.72. MasTec, Inc. has a one year low of $82.29 and a one year high of $166.95.

MasTec (NYSE:MTZ - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The construction company reported $1.36 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.08. The firm had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.32 billion. MasTec had a return on equity of 8.27% and a net margin of 0.73%. As a group, equities analysts expect that MasTec, Inc. will post 3.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MTZ. JPMorgan Chase & Co. lifted their target price on shares of MasTec from $154.00 to $172.00 and gave the company an "overweight" rating in a research note on Tuesday, January 28th. B. Riley reaffirmed a "buy" rating and issued a $165.00 price objective (up previously from $151.00) on shares of MasTec in a research note on Wednesday, March 19th. Robert W. Baird lowered their target price on shares of MasTec from $162.00 to $153.00 and set a "neutral" rating on the stock in a research report on Monday, March 3rd. Citigroup boosted their price target on MasTec from $156.00 to $167.00 and gave the stock a "buy" rating in a research report on Monday, March 3rd. Finally, Truist Financial upped their price target on MasTec from $173.00 to $189.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $160.07.

Insider Buying and Selling

In related news, Director Ernst N. Csiszar sold 2,517 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $131.63, for a total value of $331,312.71. Following the transaction, the director now directly owns 23,000 shares in the company, valued at $3,027,490. This represents a 9.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 21.30% of the company's stock.

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.