1492 Capital Management buys $3,561,335 stake in MasTec (MTZ)

MasTec (MTZ) : 1492 Capital Management scooped up 102,837 additional shares in MasTec during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 12, 2016. The investment management firm now holds a total of 119,749 shares of MasTec which is valued at $3,561,335.MasTec makes up approximately 2.94% of 1492 Capital Management’s portfolio.

Other Hedge Funds, Including , Menta Capital sold out all of its stake in MTZ during the most recent quarter. The investment firm sold 27,800 shares of MTZ which is valued $826,772.Fil Ltd reduced its stake in MTZ by selling 158,375 shares or 12.25% in the most recent quarter. The Hedge Fund company now holds 1,134,333 shares of MTZ which is valued at $33,735,063. MasTec makes up approx 0.10% of Fil Ltd’s portfolio. Huntington National Bank sold out all of its stake in MTZ during the most recent quarter. The investment firm sold 616 shares of MTZ which is valued $15,154. Old Mutual Global Investors (uk) Ltd. sold out all of its stake in MTZ during the most recent quarter. The investment firm sold 17,327 shares of MTZ which is valued $417,927. 1st Global Advisors added MTZ to its portfolio by purchasing 9,673 company shares during the most recent quarter which is valued at $233,313. MasTec makes up approx 0.03% of 1st Global Advisors’s portfolio.

MasTec opened for trading at $30.1 and hit $30.44 on the upside on Monday, eventually ending the session at $30.26, with a gain of 0.73% or 0.22 points. The heightened volatility saw the trading volume jump to 3,85,959 shares. Company has a market cap of $2,492 M.

On the company’s financial health, MasTec reported $0.36 EPS for the quarter, beating the analyst consensus estimate by $ 0.13 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $0.23. The company had revenue of $1232.40 million for the quarter, compared to analysts expectations of $1159.85 million. The company’s revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.10 EPS.

Many Wall Street Analysts have commented on MasTec. Company shares were Reiterated by Maxim Group on Aug 9, 2016 to “Buy”, Firm has raised the Price Target to $ 35 from a previous price target of $26 .Company shares were Reiterated by FBR Capital on Aug 8, 2016 to “Outperform”, Firm has raised the Price Target to $ 35 from a previous price target of $25 .Company shares were Reiterated by Wunderlich on Aug 8, 2016 to “Buy”, Firm has raised the Price Target to $ 35 from a previous price target of $28 .

MasTec Inc. is an infrastructure construction company. The Company’s primary activities include the engineering building installation maintenance and upgrade of communications energy and utility infrastructure such as wireless wireline/fiber and satellite communications; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation and industrial infrastructure. The Company manages its operations under five operating segments: Communications; Oil and Gas; Electrical Transmission; Power Generation and Industrial and Other. The Company offers its services primarily under the MasTec service mark and it has operations across 460 locations. It provides services under master service and other service agreements which are generally multi-year agreements. It offers its service offerings in markets including wireless services; natural gas natural gas liquids and petroleum pipeline; and electrical transmission among others.

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