Daruma Capital Management Lowers stake in MasTec (MTZ)

MasTec (MTZ) : Daruma Capital Management reduced its stake in MasTec by 22.64% during the most recent quarter end. The investment management company now holds a total of 1,911,313 shares of MasTec which is valued at $70,145,187 after selling 559,228 shares in MasTec , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.MasTec makes up approximately 4.08% of Daruma Capital Management’s portfolio.

Other Hedge Funds, Including , Pacad Investment Ltd. sold out all of its stake in MTZ during the most recent quarter. The investment firm sold 8,700 shares of MTZ which is valued $319,290.Cipher Capital Lp reduced its stake in MTZ by selling 40,417 shares or 46.98% in the most recent quarter. The Hedge Fund company now holds 45,621 shares of MTZ which is valued at $1,521,460. MasTec makes up approx 0.09% of Cipher Capital Lp’s portfolio.King Luther Capital Management Corp reduced its stake in MTZ by selling 121,875 shares or 32.44% in the most recent quarter. The Hedge Fund company now holds 253,820 shares of MTZ which is valued at $8,464,897. MasTec makes up approx 0.08% of King Luther Capital Management Corp’s portfolio.Teacher Retirement System Of Texas reduced its stake in MTZ by selling 1,834 shares or 20.43% in the most recent quarter. The Hedge Fund company now holds 7,144 shares of MTZ which is valued at $210,034.Aperio Group boosted its stake in MTZ in the latest quarter, The investment management firm added 469 additional shares and now holds a total of 18,588 shares of MasTec which is valued at $510,241.

MasTec closed down -0.25 points or -0.70% at $35.5 with 7,35,605 shares getting traded on Monday. Post opening the session at $35, the shares hit an intraday low of $34.2 and an intraday high of $35.55 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, MasTec reported $0.81 EPS for the quarter, beating the analyst consensus estimate by $ 0.11 according to the earnings call on Nov 3, 2016. Analyst had a consensus of $0.70. The company had revenue of $1586.10 million for the quarter, compared to analysts expectations of $1497.15 million. The company’s revenue was up 42.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 EPS.

Many Wall Street Analysts have commented on MasTec. Company shares were Reiterated by Stifel on Nov 14, 2016 to “Buy”, Firm has raised the Price Target to $ 40 from a previous price target of $35 .

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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