Robert Apple (NASDAQ:AAPL), the Chief Operating Officer of MasTec Inc . (NYSE:NYSE:MTZ), has sold a substantial portion of his holdings in a series of transactions reported on November 1, 2024. Apple sold a total of 19,023 shares of MasTec common stock, generating approximately $2.58 million. The shares were sold at prices ranging from $133.0268 to $138.8667 per share.
Following these transactions, Apple holds 197,202 shares directly. The sales were part of a systematic reduction of his portfolio concentration in MasTec shares through a 10b5-1 trading plan. This planned sale represents about 8.8% of his holdings in the company.
Apple, aged 74, continues to manage his investment strategy while maintaining a significant stake in the company. The transactions reflect a strategic decision to diversify his portfolio while adhering to regulatory guidelines for insider trading.
In other recent news, infrastructure construction company MasTec has been garnering attention due to its strong financial performance and strategic moves. The company reported robust Q3 earnings with revenues reaching $3.3 billion and an adjusted EBITDA of $306 million. In light of these results, MasTec raised its full-year revenue projection to $12.225 billion and adjusted EPS estimates to $3.75.
Several analyst firms have responded to these developments. Truist Securities upgraded MasTec's stock to a Buy rating and increased the price target to $173, citing potential growth within the company's various business segments. TD Cowen and DA Davidson also raised their price targets for MasTec to $160, maintaining a Buy rating, while Baird adjusted its price target to $153, retaining a Neutral rating.
These recent developments suggest confidence in MasTec's future performance, driven by consistent margin improvement and strong presence in high growth markets. The company is also actively exploring merger and acquisition opportunities, indicating potential for sustained growth. These are the latest developments in the company's activities.
InvestingPro Insights
As Robert Apple reduces his stake in MasTec Inc. (NYSE:MTZ), investors might be curious about the company's current financial standing and market performance. According to InvestingPro data, MasTec boasts a market capitalization of $10.66 billion, indicating its significant presence in the infrastructure construction sector.
The company's stock has shown remarkable performance, with a 157.1% price total return over the past year. This impressive gain aligns with an InvestingPro Tip highlighting MasTec's high return over the last year. Additionally, the stock is trading near its 52-week high, with the current price at 97.96% of that peak.
Despite the strong stock performance, MasTec's P/E ratio stands at 119.97, which an InvestingPro Tip notes as trading at a high earnings multiple. This valuation metric suggests investors are pricing in significant future growth expectations.
For those interested in a deeper analysis, InvestingPro offers 17 additional tips for MasTec, providing a comprehensive view of the company's financial health and market position. These insights can be particularly valuable for investors considering the implications of insider transactions like Apple's recent sale.
Robert Apple, the Chief Operating Officer of MasTec Inc. (NYSE:MTZ), has sold a substantial portion of his holdings in a series of transactions reported on November 1, 2024. Apple sold a total of 19,023 shares of MasTec common stock, generating approximately $2.58 million. The shares were sold at prices ranging from $133.0268 to $138.8667 per share.
Following these transactions, Apple holds 197,202 shares directly. The sales were part of a systematic reduction of his portfolio concentration in MasTec shares through a 10b5-1 trading plan. This planned sale represents about 8.8% of his holdings in the company.
Apple, aged 74, continues to manage his investment strategy while maintaining a significant stake in the company. The transactions reflect a strategic decision to diversify his portfolio while adhering to regulatory guidelines for insider trading.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.