MasTec, Inc. (MTZ) Shares Bought by OppenheimerFunds Inc.

OppenheimerFunds Inc. boosted its stake in MasTec, Inc. (NYSE:MTZ) by 12.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 671,893 shares of the construction company’s stock after purchasing an additional 75,361 shares during the quarter. OppenheimerFunds Inc. owned approximately 0.84% of MasTec worth $34,099,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of MTZ. Penserra Capital Management LLC increased its position in MasTec by 331.8% during the first quarter. Penserra Capital Management LLC now owns 2,254 shares of the construction company’s stock valued at $103,000 after acquiring an additional 1,732 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in MasTec during the first quarter valued at $112,000. Mount Yale Investment Advisors LLC purchased a new stake in MasTec during the first quarter valued at $141,000. Wellington Shields Capital Management LLC purchased a new stake in MasTec during the second quarter valued at $203,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new stake in MasTec during the first quarter valued at $204,000. Hedge funds and other institutional investors own 82.33% of the company’s stock.

MTZ has been the subject of a number of research reports. Canaccord Genuity reiterated a “buy” rating and set a $65.00 price objective on shares of MasTec in a research report on Friday, August 3rd. ValuEngine cut MasTec from a “hold” rating to a “sell” rating in a research report on Friday, August 24th. Zacks Investment Research cut MasTec from a “buy” rating to a “hold” rating in a research report on Thursday, August 9th. Citigroup restated a “buy” rating on shares of MasTec in a research report on Thursday, August 30th. Finally, Robert W. Baird upgraded MasTec from a “neutral” rating to an “outperform” rating and set a $51.00 price target for the company in a research report on Tuesday, August 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $60.91.

In other news, EVP Cardenas Alberto De sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $48.00, for a total value of $480,000.00. Following the completion of the sale, the executive vice president now directly owns 101,755 shares of the company’s stock, valued at approximately $4,884,240. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 20.10% of the stock is owned by company insiders.

MasTec stock traded up $0.10 during midday trading on Friday, reaching $41.73. 1,650,377 shares of the stock traded hands, compared to its average volume of 1,019,493. MasTec, Inc. has a 12 month low of $39.83 and a 12 month high of $55.53. The firm has a market cap of $3.58 billion, a PE ratio of 15.29, a PEG ratio of 1.58 and a beta of 1.56. The company has a current ratio of 1.82, a quick ratio of 1.74 and a debt-to-equity ratio of 1.07.

MasTec (NYSE:MTZ) last announced its quarterly earnings results on Thursday, August 2nd. The construction company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.01. MasTec had a return on equity of 14.84% and a net margin of 5.05%. The company had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.79 billion. During the same period in the prior year, the company earned $1.03 earnings per share. The firm’s revenue was down 14.4% on a year-over-year basis. As a group, equities research analysts forecast that MasTec, Inc. will post 3.53 earnings per share for the current fiscal year.

MasTec Profile

MasTec, Inc, an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, and utility infrastructure primarily in the United States and Canada. It operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other.

Further Reading: Exchange-Traded Funds (ETFs)

Institutional Ownership by Quarter for MasTec (NYSE:MTZ)

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