Irving Magee Investment Management buys $6.3 Million stake in MasTec (MTZ)

MasTec (MTZ) : Irving Magee Investment Management scooped up 160 additional shares in MasTec during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 293,735 shares of MasTec which is valued at $6.3 Million.MasTec makes up approximately 3.24% of Irving Magee Investment Management’s portfolio.

Other Hedge Funds, Including , Cornerstone Capital Management Holdings. boosted its stake in MTZ in the latest quarter, The investment management firm added 11,800 additional shares and now holds a total of 184,300 shares of MasTec which is valued at $3.9 Million. MasTec makes up approx 0.03% of Cornerstone Capital Management Holdings.’s portfolio.Blackrock Fund Advisors reduced its stake in MTZ by selling 37,637 shares or 2.3% in the most recent quarter. The Hedge Fund company now holds 1,596,589 shares of MTZ which is valued at $34 Million. MasTec makes up approx 0.01% of Blackrock Fund Advisors’s portfolio.First Trust Advisors Lp reduced its stake in MTZ by selling 18,720 shares or 21.2% in the most recent quarter. The Hedge Fund company now holds 69,583 shares of MTZ which is valued at $1.5 Million.Hood River Capital Management reduced its stake in MTZ by selling 250,412 shares or 36.03% in the most recent quarter. The Hedge Fund company now holds 444,650 shares of MTZ which is valued at $9.9 Million. MasTec makes up approx 1.37% of Hood River Capital Management’s portfolio. Nisa Investment Advisors L.l.c. added MTZ to its portfolio by purchasing 1,100 company shares during the most recent quarter which is valued at $24,926.

MasTec opened for trading at $21.5 and hit $22.375 on the upside on Monday, eventually ending the session at $22.24, with a gain of 4.51% or 0.96 points. The heightened volatility saw the trading volume jump to 8,81,471 shares. Company has a market cap of $1,829 M.

On the company’s financial health, MasTec reported $0.02 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on May 5, 2016. Analyst had a consensus of $-0.02. The company had revenue of $974.20 million for the quarter, compared to analysts expectations of $951.17 million. The company’s revenue was down -2.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.08 EPS.

Many Wall Street Analysts have commented on MasTec. Company shares were Reiterated by Maxim Group on May 9, 2016 to “Buy”, Firm has raised the Price Target to $ 26 from a previous price target of $24 .Company shares were Reiterated by FBR Capital on May 9, 2016 to “Outperform”, Firm has raised the Price Target to $ 25 from a previous price target of $24 .Canaccord Genuity Initiated MasTec on Apr 12, 2016 to “Buy”, Price Target of the shares are set at $23.

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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