Robert Apple (NASDAQ:AAPL), Chief Operating Officer of MasTec Inc . (NYSE:NYSE:MTZ), recently sold 10,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of $150 each, totaling $1.5 million. The sale occurred near the stock's 52-week high of $150.12, during a period of remarkable performance that has seen MTZ shares surge 145% over the past year. InvestingPro analysis shows the company maintains a "GOOD" overall financial health score. Following this transaction, Apple retains direct ownership of 187,202 shares, while also holding additional shares indirectly through a 401(k) plan. The sale was part of a pre-arranged 10b5-1 trading plan, designed to systematically reduce his portfolio concentration in MasTec shares, which remain a significant holding in the $11.25 billion market cap company. For deeper insights into MTZ's valuation and insider trading patterns, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with detailed analysis and actionable intelligence.
In other recent news, MasTec has been the focus of several analyst firms following its robust Q3 performance. Truist Securities upgraded the company's stock from Hold to Buy, setting a new price target at $173.00. This upgrade was based on MasTec's strong performance and potential growth in its Power Delivery, Clean Energy & Infrastructure, and Communications segments. Similarly, TD Cowen, DA Davidson, and Baird also adjusted their price targets for MasTec, reflecting confidence in the company's future performance.
MasTec's Q3 results showed revenues reaching $3.3 billion and an adjusted EBITDA of $306 million. The company raised its full-year revenue projection to $12.225 billion and adjusted EPS estimates to $3.75. These results were driven by consistent margin improvement, cash generation, and a strong presence in high growth markets.
Additionally, MasTec is actively exploring merger and acquisition opportunities, indicating potential for sustained growth. These are recent developments that reflect the company's potential for continued success. Analysts from Truist Securities, TD Cowen, DA Davidson, and Baird have all responded positively to these developments, adjusting their price targets and ratings accordingly.
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