Is MasTec, Inc. (MTZ) A Good Stock To Buy?

Is MasTec, Inc. (NYSE:MTZ) a good place to invest some of your money right now? We can gain invaluable insight to help us answer that question by studying the investment trends of top investors, who employ world-class Ivy League graduates, who are given immense resources and industry contacts to put their financial expertise to work. The top picks of these firms have historically outperformed the market when we account for known risk factors, making them very valuable investment ideas.

Hedge fund interest in MasTec, Inc. (NYSE:MTZ) shares was flat at the end of last quarter. This is usually a negative indicator. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Viavi Solutions Inc (NASDAQ:VIAV), Exelixis, Inc. (NASDAQ:EXEL), and Archrock Inc (NYSE:AROC) to gather more data points.

With all of this in mind, let’s analyze the latest action encompassing MasTec, Inc. (NYSE:MTZ).

How have hedgies been trading MasTec, Inc. (NYSE:MTZ)?

At Q3’s end, a total of 22 of the hedge funds tracked by Insider Monkey were long this stock, a change of 0% from one quarter earlier. With hedge funds’ capital changing hands, there exists an “upper tier” of key hedge fund managers who were upping their holdings meaningfully (or already accumulated large positions).

When looking at the institutional investors followed by Insider Monkey, Peconic Partners LLC, managed by William Harnisch, holds the number one position in MasTec, Inc. (NYSE:MTZ). Peconic Partners LLC has a $65.1 million position in the stock, comprising 10.6% of its 13F portfolio. Coming in second is Dmitry Balyasny of Balyasny Asset Management, with a $42.5 million position; 0.3% of its 13F portfolio is allocated to the stock. Some other members of the smart money that are bullish consist of Thomas Ellis and Todd Hammer’s North Run Capital, John A. Levin’s Levin Capital Strategies and Chuck Royce’s Royce & Associates.