Billings Capital Management Lowers stake in MasTec (MTZ)

MasTec (MTZ) : Billings Capital Management reduced its stake in MasTec by 15.96% during the most recent quarter end. The investment management company now holds a total of 798,756 shares of MasTec which is valued at $16,997,528 after selling 151,717 shares in MasTec , the firm said in a disclosure report filed with the SEC on May 9, 2016.MasTec makes up approximately 17.87% of Billings Capital Management’s portfolio.

Other Hedge Funds, Including , Alpine Woods Capital Investors reduced its stake in MTZ by selling 28,000 shares or 25.0% in the most recent quarter. The Hedge Fund company now holds 84,000 shares of MTZ which is valued at $1,787,520. MasTec makes up approx 0.10% of Alpine Woods Capital Investors’s portfolio.Stephens Inc Ar boosted its stake in MTZ in the latest quarter, The investment management firm added 6,192 additional shares and now holds a total of 45,911 shares of MasTec which is valued at $1,025,193. MasTec makes up approx 0.05% of Stephens Inc Ar’s portfolio.State Of New Jersey Common Pension Fund D reduced its stake in MTZ by selling 400,000 shares or 33.33% in the most recent quarter. The Hedge Fund company now holds 800,000 shares of MTZ which is valued at $18,128,000. MasTec makes up approx 0.08% of State Of New Jersey Common Pension Fund D’s portfolio.Aperio Group reduced its stake in MTZ by selling 5,470 shares or 26.63% in the most recent quarter. The Hedge Fund company now holds 15,073 shares of MTZ which is valued at $341,554.

MasTec closed down -0.53 points or -2.43% at $21.28 with 10,69,471 shares getting traded on Friday. Post opening the session at $21.71, the shares hit an intraday low of $21.14 and an intraday high of $22.1096 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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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