Norges Bank Invests $7.66 Million in MasTec, Inc. (NYSE:MTZ)

Norges Bank bought a new stake in shares of MasTec, Inc. (NYSE:MTZ - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 56,291 shares of the construction company's stock, valued at approximately $7,663,000. Norges Bank owned about 0.07% of MasTec at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Allworth Financial LP grew its position in MasTec by 15.1% during the 4th quarter. Allworth Financial LP now owns 596 shares of the construction company's stock worth $81,000 after acquiring an additional 78 shares during the last quarter. Arizona State Retirement System raised its stake in shares of MasTec by 0.5% in the fourth quarter. Arizona State Retirement System now owns 18,393 shares of the construction company's stock worth $2,504,000 after acquiring an additional 89 shares during the last quarter. Coldstream Capital Management Inc. boosted its holdings in MasTec by 2.8% in the third quarter. Coldstream Capital Management Inc. now owns 3,425 shares of the construction company's stock valued at $423,000 after acquiring an additional 94 shares during the last quarter. Fielder Capital Group LLC grew its position in shares of MasTec by 6.1% during the 4th quarter. Fielder Capital Group LLC now owns 1,816 shares of the construction company's stock worth $247,000 after buying an additional 105 shares during the period. Finally, UMB Bank n.a. raised its position in shares of MasTec by 29.8% during the 4th quarter. UMB Bank n.a. now owns 492 shares of the construction company's stock valued at $67,000 after acquiring an additional 113 shares during the last quarter. Institutional investors and hedge funds own 78.10% of the company's stock.

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MasTec Trading Up 1.2 %

MasTec stock traded up $1.39 during trading hours on Monday, hitting $118.37. The company had a trading volume of 13,440 shares, compared to its average volume of 931,866. The firm has a market cap of $9.39 billion, a P/E ratio of 105.16 and a beta of 1.62. The company has a 50-day moving average price of $124.67 and a two-hundred day moving average price of $133.08. MasTec, Inc. has a 1 year low of $82.29 and a 1 year high of $166.95. 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 (NYSE:MTZ - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The construction company reported $1.36 earnings per share (EPS) for the quarter, topping 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. On average, sell-side analysts anticipate that MasTec, Inc. will post 3.44 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on MTZ shares. Citigroup increased their target price on MasTec from $156.00 to $167.00 and gave the stock a "buy" rating in a research note on Monday, March 3rd. Stifel Nicolaus decreased their price objective on shares of MasTec from $175.00 to $143.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Barclays upped their target price on shares of MasTec from $130.00 to $145.00 and gave the company an "overweight" rating in a report on Tuesday, March 4th. Robert W. Baird lowered their price target on MasTec from $162.00 to $153.00 and set a "neutral" rating on the stock in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. upped their price objective on MasTec from $154.00 to $172.00 and gave the company an "overweight" rating in a research note on Tuesday, January 28th. Three equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $153.87.

Insider Activity

In other news, Director Ernst N. Csiszar sold 2,517 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $131.63, for a total value of $331,312.71. Following the transaction, the director now owns 23,000 shares in the company, 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 can be accessed through this link. Insiders own 21.30% 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.