In a recent transaction, Campbell C. Robert, a director at MasTec Inc (NYSE:MTZ), sold 2,000 shares of the company's common stock. The shares were sold at a consistent price of $110.00 each, amounting to a total sale value of $220,000. The sale took place on May 22, 2024, as reported in the latest filings.
MasTec Inc, which is known for its work in water, sewer, pipeline, and power line construction, saw this transaction occur amidst the normal course of trading. After the sale, Campbell C. Robert retained ownership of 50,725 shares in the company, indicating a continued vested interest in MasTec's performance.
The transaction was executed in three separate trades, each at the price mentioned above. The details of the individual trades have been offered to be provided upon request to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission.
Investors often monitor insider transactions like these for insights into how company executives view the stock's value and prospects. Such sales are routine and must be reported to the SEC to maintain transparency in the markets.
The company, formerly known as Burnup & Sims Inc., is headquartered in Coral Gables, Florida, and has been a notable player in the real estate and construction sectors.
The transaction was duly signed off by Alberto de Cardenas on behalf of Robert Campbell on May 24, 2024. As per regulatory requirements, insiders must report such transactions to the SEC, and these filings are publicly available for investor scrutiny.
InvestingPro Insights
As MasTec Inc (NYSE:MTZ) navigates the market, recent data from InvestingPro indicates a complex financial landscape for the company. With an adjusted market capitalization of approximately $8.74 billion, MasTec's valuation reflects its significant presence in the construction sector. Despite a negative P/E ratio of -825.59, the adjusted P/E ratio for the last twelve months as of Q1 2024 stands at a more favorable 30.29, suggesting potential for a turnaround in earnings sentiment.
The company's revenue growth is a bright spot, showing a solid increase of 16.24% over the last twelve months as of Q1 2024. This growth aligns with the company's strategic initiatives and may signal confidence in its future prospects, despite the recent insider sale. The revenue growth is further supported by a quarterly increase of 3.95% in Q1 2024.
An InvestingPro Tip to consider is the company's recent price performance. MasTec's stock has experienced a significant 6-month price total return of 92.5%, with a year-to-date return of 45.36%. This robust short-term performance may attract investors looking for momentum in their portfolio. Moreover, the current price is close to 91.01% of its 52-week high, potentially indicating room for growth or a reassessment of the stock's value.
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