Jennison Associates LLC Cuts Holdings in MasTec, Inc. (NYSE:MTZ)

Jennison Associates LLC decreased its position in MasTec, Inc. (NYSE:MTZ) by 19.3% in the second quarter, Holdings Channel reports. The institutional investor owned 15,508 shares of the construction company’s stock after selling 3,704 shares during the period. Jennison Associates LLC’s holdings in MasTec were worth $799,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. WESCAP Management Group Inc. increased its stake in shares of MasTec by 1.8% during the first quarter. WESCAP Management Group Inc. now owns 23,626 shares of the construction company’s stock worth $1,136,000 after purchasing an additional 408 shares in the last quarter. Weaver Consulting Group purchased a new stake in shares of MasTec during the first quarter worth about $25,000. Endurance Wealth Management Inc. purchased a new stake in shares of MasTec during the first quarter worth about $29,000. IMA Wealth Inc. increased its stake in shares of MasTec by 1.1% during the second quarter. IMA Wealth Inc. now owns 53,498 shares of the construction company’s stock worth $2,757,000 after purchasing an additional 607 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in shares of MasTec by 1.4% during the second quarter. Arizona State Retirement System now owns 44,844 shares of the construction company’s stock worth $2,311,000 after purchasing an additional 624 shares in the last quarter. 84.25% of the stock is owned by institutional investors.

Shares of NYSE MTZ opened at $62.75 on Friday. MasTec, Inc. has a 12-month low of $37.24 and a 12-month high of $63.09. The stock has a market cap of $4.57 billion, a PE ratio of 17.24 and a beta of 1.44. The company has a current ratio of 1.53, a quick ratio of 1.44 and a debt-to-equity ratio of 0.92. The company has a 50-day moving average of $56.30 and a 200 day moving average of $50.32.

MasTec (NYSE:MTZ) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.51. MasTec had a net margin of 4.29% and a return on equity of 23.43%. The company had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the company earned $1.04 EPS. MasTec’s revenue was up 19.9% compared to the same quarter last year. On average, sell-side analysts forecast that MasTec, Inc. will post 4.9 EPS for the current fiscal year.

A number of research firms have recently commented on MTZ. Deutsche Bank boosted their target price on shares of MasTec from $60.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. DA Davidson upped their price objective on shares of MasTec to $70.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Craig Hallum upped their price objective on shares of MasTec from $69.00 to $76.00 and gave the company a “buy” rating in a research note on Monday, August 5th. ValuEngine raised shares of MasTec from a “sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, B. Riley upped their price objective on shares of MasTec from $62.00 to $72.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $65.25.

In other MasTec news, COO Robert E. Apple sold 25,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $60.05, for a total value of $1,501,250.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director C Robert Campbell sold 5,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $57.72, for a total transaction of $288,600.00. Following the completion of the transaction, the director now owns 67,001 shares in the company, valued at $3,867,297.72. The disclosure for this sale can be found here. 22.00% of the stock is currently owned by corporate insiders.

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, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other.

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Institutional Ownership by Quarter for MasTec (NYSE:MTZ)

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