Raymond James Financial Inc. Invests $17.78 Million in MasTec, Inc. (NYSE:MTZ)

Raymond James Financial Inc. purchased a new position in shares of MasTec, Inc. (NYSE:MTZ - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 130,573 shares of the construction company's stock, valued at approximately $17,776,000. Raymond James Financial Inc. owned about 0.16% of MasTec as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. New York State Teachers Retirement System grew its position in MasTec by 21.7% in the fourth quarter. New York State Teachers Retirement System now owns 32,307 shares of the construction company's stock valued at $4,398,000 after purchasing an additional 5,750 shares in the last quarter. Kingswood Wealth Advisors LLC grew its holdings in shares of MasTec by 45.8% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 28,498 shares of the construction company's stock valued at $3,880,000 after acquiring an additional 8,948 shares in the last quarter. Exchange Traded Concepts LLC increased its position in shares of MasTec by 286.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 17,871 shares of the construction company's stock valued at $2,433,000 after acquiring an additional 13,241 shares during the last quarter. Merit Financial Group LLC bought a new stake in MasTec during the fourth quarter worth about $415,000. Finally, CWA Asset Management Group LLC acquired a new position in MasTec during the fourth quarter valued at approximately $485,000. 78.10% of the stock is owned by institutional investors.

MasTec Stock Performance

Shares of MTZ stock traded up $1.99 on Friday, hitting $124.82. The company's stock had a trading volume of 116,200 shares, compared to its average volume of 934,442. MasTec, Inc. has a fifty-two week low of $83.17 and a fifty-two week high of $166.95. The company has a market capitalization of $9.87 billion, a PE ratio of 111.50 and a beta of 1.62. The stock's 50 day moving average is $120.56 and its 200-day moving average is $132.47. 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 announced its 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 net margin of 0.73% and a return on equity of 8.27%. The firm had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.32 billion. Equities research analysts expect that MasTec, Inc. will post 3.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MTZ has been the subject of several recent analyst reports. Piper Sandler began coverage on MasTec in a report on Tuesday, April 8th. They issued an "overweight" rating and a $134.00 price objective for the company. Stifel Nicolaus cut their price target on shares of MasTec from $175.00 to $143.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Citigroup lowered their price objective on shares of MasTec from $167.00 to $152.00 and set a "buy" rating on the stock in a research note on Friday. Barclays raised their target price on shares of MasTec from $130.00 to $145.00 and gave the company an "overweight" rating in a research note on Tuesday, March 4th. Finally, KeyCorp lowered their price target on MasTec from $168.00 to $140.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $151.00.

Insider Buying and Selling at MasTec

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