Peregrine Capital Management LLC Cuts Position in MasTec, Inc. (NYSE:MTZ)

Peregrine Capital Management LLC cut its holdings in shares of MasTec, Inc. (NYSE:MTZ - Free Report) by 17.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,053 shares of the construction company's stock after selling 2,750 shares during the period. Peregrine Capital Management LLC's holdings in MasTec were worth $1,777,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Allworth Financial LP increased its stake in shares of MasTec by 15.1% during the fourth quarter. Allworth Financial LP now owns 596 shares of the construction company's stock valued at $81,000 after buying an additional 78 shares during the period. CIBC Asset Management Inc grew its stake in MasTec by 3.7% in the third quarter. CIBC Asset Management Inc now owns 2,280 shares of the construction company's stock worth $281,000 after purchasing an additional 82 shares during the period. Coldstream Capital Management Inc. grew its stake in MasTec by 2.8% in the third quarter. Coldstream Capital Management Inc. now owns 3,425 shares of the construction company's stock worth $423,000 after purchasing an additional 94 shares during the period. New York State Teachers Retirement System grew its stake in MasTec by 0.4% in the third quarter. New York State Teachers Retirement System now owns 26,557 shares of the construction company's stock worth $3,269,000 after purchasing an additional 100 shares during the period. Finally, Victory Capital Management Inc. grew its stake in MasTec by 0.8% in the third quarter. Victory Capital Management Inc. now owns 12,858 shares of the construction company's stock worth $1,583,000 after purchasing an additional 101 shares during the period. 78.10% of the stock is owned by hedge funds and other institutional investors.

MasTec Stock Performance

MTZ traded down $6.43 during midday trading on Friday, reaching $126.35. The company had a trading volume of 1,179,244 shares, compared to its average volume of 973,703. The company has a quick ratio of 1.20, a current ratio of 1.24 and a debt-to-equity ratio of 0.76. The business has a 50-day moving average of $142.25 and a two-hundred day moving average of $130.67. The company has a market cap of $10.01 billion, a P/E ratio of 112.81 and a beta of 1.73. MasTec, Inc. has a 1 year low of $69.80 and a 1 year high of $166.95.

Insider Buying and Selling

In related news, COO Robert E. Apple sold 10,000 shares of the stock in a transaction dated 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 owns 187,202 shares in the company, valued at approximately $28,080,300. This trade represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director C Robert Campbell sold 3,000 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $145.00, for a total value of $435,000.00. Following the sale, the director now owns 42,478 shares of the company's stock, valued at $6,159,310. This represents a 6.60 % decrease in their position. The disclosure for this sale can be found here. 21.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MTZ has been the topic of several recent research reports. TD Cowen upped their price target on MasTec from $115.00 to $160.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. JPMorgan Chase & Co. upped their price target on MasTec from $154.00 to $172.00 and gave the stock an "overweight" rating in a research note on Tuesday, January 28th. Guggenheim initiated coverage on MasTec in a research note on Wednesday, January 8th. They issued a "buy" rating and a $195.00 price target on the stock. Craig Hallum boosted their target price on MasTec from $125.00 to $150.00 and gave the stock a "buy" rating in a report on Monday, November 4th. Finally, Stifel Nicolaus upped their price target on MasTec from $155.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $158.57.

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.