Harvest Fund Management Co. Ltd Cuts Holdings in MasTec, Inc. (NYSE:MTZ)

Harvest Fund Management Co. Ltd lowered its stake in MasTec, Inc. (NYSE:MTZ) by 39.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,413 shares of the construction company’s stock after selling 1,553 shares during the period. Harvest Fund Management Co. Ltd’s holdings in MasTec were worth $297,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Hobbs Group Advisors LLC purchased a new stake in shares of MasTec during the 2nd quarter worth $27,000. GAMMA Investing LLC lifted its holdings in MasTec by 64.9% during the 2nd quarter. GAMMA Investing LLC now owns 366 shares of the construction company’s stock worth $39,000 after buying an additional 144 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of MasTec in the 2nd quarter valued at about $40,000. UMB Bank n.a. raised its position in shares of MasTec by 46.3% during the 3rd quarter. UMB Bank n.a. now owns 379 shares of the construction company’s stock worth $47,000 after acquiring an additional 120 shares in the last quarter. Finally, Bessemer Group Inc. lifted its stake in MasTec by 5,436.4% during the first quarter. Bessemer Group Inc. now owns 609 shares of the construction company’s stock worth $57,000 after purchasing an additional 598 shares during the last quarter. Hedge funds and other institutional investors own 78.10% of the company’s stock.

MasTec Price Performance

Shares of NYSE:MTZ opened at $147.94 on Wednesday. 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 company has a 50-day moving average price of $129.60 and a 200 day moving average price of $115.40. MasTec, Inc. has a 52 week low of $54.06 and a 52 week high of $150.12. The company has a market cap of $11.72 billion, a P/E ratio of 132.09 and a beta of 1.70.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. TD Cowen increased their price target on shares of MasTec from $115.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Truist Financial upgraded shares of MasTec from a “hold” rating to a “buy” rating and lifted their price target for the stock from $133.00 to $173.00 in a research note on Tuesday, November 5th. Craig Hallum upped their price objective on shares of MasTec from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Citigroup lifted their target price on MasTec from $122.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, B. Riley reissued a “buy” rating and issued a $166.00 target price (up from $151.00) on shares of MasTec in a report on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, MasTec has an average rating of “Moderate Buy” and a consensus price target of $148.62.

Insider Activity

In related news, Director C Robert Campbell sold 3,000 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $116.26, for a total transaction of $348,780.00. Following the sale, the director now owns 48,173 shares of the company’s stock, valued at approximately $5,600,592.98. The trade was a 5.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Robert E. Apple sold 20,000 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $126.27, for a total transaction of $2,525,400.00. Following the completion of the transaction, the chief operating officer now directly owns 217,202 shares of the company’s stock, valued at approximately $27,426,096.54. This trade represents a 8.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,823 shares of company stock valued at $5,558,301 in the last three months. 21.30% of the stock is currently owned by company insiders.

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.