Lord Abbett & CO. LLC Takes Position in MasTec, Inc. (NYSE:MTZ)

Lord Abbett & CO. LLC bought a new position in MasTec, Inc. (NYSE:MTZ - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 172,926 shares of the construction company's stock, valued at approximately $23,542,000. Lord Abbett & CO. LLC owned approximately 0.22% of MasTec at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership purchased a new stake in shares of MasTec during the 4th quarter worth approximately $59,910,000. First Trust Advisors LP lifted its position in MasTec by 173.8% during the fourth quarter. First Trust Advisors LP now owns 587,788 shares of the construction company's stock valued at $80,021,000 after purchasing an additional 373,145 shares during the last quarter. Barclays PLC lifted its position in MasTec by 642.7% during the third quarter. Barclays PLC now owns 242,066 shares of the construction company's stock valued at $29,797,000 after purchasing an additional 209,472 shares during the last quarter. Cartenna Capital LP purchased a new position in shares of MasTec in the 4th quarter worth $23,442,000. Finally, Prudential Financial Inc. increased its holdings in shares of MasTec by 52.4% in the 4th quarter. Prudential Financial Inc. now owns 405,187 shares of the construction company's stock worth $55,162,000 after buying an additional 139,235 shares during the last quarter. 78.10% of the stock is owned by institutional investors.

Insider Buying and Selling

In other MasTec news, Director Ernst N. Csiszar sold 2,517 shares of MasTec stock in a transaction 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 of the company's stock, valued at approximately $3,027,490. The trade was a 9.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

MTZ has been the subject of several recent research reports. Wolfe Research initiated coverage on MasTec in a research report on Monday, March 31st. They issued a "peer perform" rating for the company. KeyCorp cut their target price on MasTec from $168.00 to $140.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. B. Riley restated a "buy" rating and issued a $165.00 price target (up from $151.00) on shares of MasTec in a research report on Wednesday, March 19th. Robert W. Baird cut their price objective 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. Finally, Barclays raised their target price on shares of MasTec from $130.00 to $145.00 and gave the stock an "overweight" rating in a report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $151.00.

MasTec Price Performance

Shares of MTZ opened at $125.09 on Friday. The stock has a market capitalization of $9.89 billion, a PE ratio of 111.69 and a beta of 1.62. The company has a 50 day moving average price of $120.35 and a 200-day moving average price of $132.48. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.20 and a current ratio of 1.24. MasTec, Inc. has a fifty-two week low of $86.12 and a fifty-two week high of $166.95.

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

MasTec Company 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.

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