First Mercantile Trust Co Lowers stake in MasTec (MTZ)

MasTec (MTZ) : First Mercantile Trust Co reduced its stake in MasTec by 6.01% during the most recent quarter end. The investment management company now holds a total of 22,637 shares of MasTec which is valued at $668,923 after selling 1,448 shares in MasTec , the firm said in a disclosure report filed with the SEC on Oct 7, 2016.MasTec makes up approximately 0.09% of First Mercantile Trust Co’s portfolio.

Other Hedge Funds, Including , Advisory Services Network reduced its stake in MTZ by selling 5,175 shares or 53.35% in the most recent quarter. The Hedge Fund company now holds 4,525 shares of MTZ which is valued at $133,714. MasTec makes up approx 0.03% of Advisory Services Network’s portfolio.Bnp Paribas Arbitrage Sa boosted its stake in MTZ in the latest quarter, The investment management firm added 2,938 additional shares and now holds a total of 5,674 shares of MasTec which is valued at $167,553.

MasTec closed down -0.62 points or -2.06% at $29.55 with 4,22,143 shares getting traded on Friday. Post opening the session at $29.97, the shares hit an intraday low of $29.16 and an intraday high of $29.97 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, MasTec reported $0.36 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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