Is MasTec (MTZ) A Smart Long-Term Buy?

FPA Queens Road, an investment management firm, published its “FPA Queens Road Small Cap Value Fund” third-quarter 2021 investor letter – a copy of which can be downloaded here. The portfolio outpaced the Russell 2000 Value TR USD Index in the quarter, delivering a -2.53% return against the index’s -2.98% return for the same period. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

FPA Queens Road Small Cap Value Fund, in its Q3 2021 investor letter, mentioned MasTec, Inc. (NYSE: MTZ) and discussed its stance on the firm. MasTec, Inc. is a Coral Gables, Florida-based multinational infrastructure engineering and construction company with a $7.2 billion market capitalization. MTZ delivered a 43.33% return since the beginning of the year, while its 12-month returns are up by 72.32%. The stock closed at $97.72 per share on November 26, 2021.

Here is what FPA Queens Road Small Cap Value Fund  has to say about MasTec, Inc.  in its Q3 2021 investor letter:

“MasTec gave back some of the strong gains made during the first half of the year during the third quarter. Earlier in the year, the infrastructure construction company rallied in part due to the proposed infrastructure bill being negotiated in Congress. As the size of the bill was reduced, thestock gave back some of those gains. On a fundamental basis, the company continued its long record of consistent, profitable growth. The company remains a top 10 holding in the portfolio.”

Photo by Ricardo Gomez Angel on Unsplash

Based on our calculations, MasTec, Inc. (NYSE: MTZ) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. MTZ was in 24 hedge fund portfolios at the end of the third quarter of 2021, compared to 39 funds in the previous quarter. MasTec, Inc. (NYSE: MTZ) delivered a 5.37% return in the past 3 months.

Disclosure: None. This article is originally published at Insider Monkey.