MasTec (NYSE:MTZ) Shares Down 15.9% - Here's What Happened

MasTec, Inc. (NYSE:MTZ - Get Free Report) traded down 15.9% during trading on Monday . The stock traded as low as $134.61 and last traded at $134.43. 904,902 shares were traded during trading, an increase of 5% from the average session volume of 860,482 shares. The stock had previously closed at $159.75.

Wall Street Analyst Weigh In

MTZ has been the topic of a number of research reports. UBS Group raised their price objective on shares of MasTec from $129.00 to $147.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. raised their target price on MasTec from $154.00 to $172.00 and gave the stock an "overweight" rating in a report on Tuesday, January 28th. B. Riley reissued a "buy" rating and set a $166.00 price target (up previously from $151.00) on shares of MasTec in a report on Tuesday, November 5th. KeyCorp upped their price target on MasTec from $153.00 to $168.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 8th. Finally, The Goldman Sachs Group boosted their price objective on MasTec from $115.00 to $130.00 and gave the company a "neutral" rating in a research note on Wednesday, October 9th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $158.57.

MasTec Stock Down 1.1 %

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 stock has a market capitalization of $11.52 billion, a P/E ratio of 129.76 and a beta of 1.74. The company has a fifty day moving average price of $143.18 and a 200-day moving average price of $127.67.

Insiders Place Their Bets

In other MasTec news, COO Robert E. Apple sold 10,000 shares of the company's 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 sale, the chief operating officer now directly owns 187,202 shares in the company, valued at $28,080,300. This represents a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director C Robert Campbell sold 3,000 shares of MasTec stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $145.00, for a total value of $435,000.00. Following the completion of the transaction, the director now owns 42,478 shares of the company's stock, valued at approximately $6,159,310. This trade represents a 6.60 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 21.30% of the company's stock.

Institutional Investors Weigh In On MasTec

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC raised its position in MasTec by 162.4% in the 4th quarter. Global Retirement Partners LLC now owns 307 shares of the construction company's stock worth $42,000 after purchasing an additional 190 shares during the period. Convergence Investment Partners LLC grew its position in MasTec by 47.9% in the 4th quarter. Convergence Investment Partners LLC now owns 11,622 shares of the construction company's stock valued at $1,582,000 after acquiring an additional 3,762 shares during the last quarter. Venturi Wealth Management LLC grew its position in MasTec by 374.5% in the 4th quarter. Venturi Wealth Management LLC now owns 764 shares of the construction company's stock valued at $104,000 after acquiring an additional 603 shares during the last quarter. Truist Financial Corp purchased a new stake in MasTec in the fourth quarter worth $239,000. Finally, CIBC Asset Management Inc lifted its position in shares of MasTec by 5.1% during the fourth quarter. CIBC Asset Management Inc now owns 2,396 shares of the construction company's stock worth $326,000 after purchasing an additional 116 shares during the last quarter. Hedge funds and other institutional investors own 78.10% of the company's stock.

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.