MasTec Inc. (NYSE: MTZ) shares rose on Monday Nov 14 with heavier trade volume than normal after a number of analysts weighed in on the investing value of the stock, increasing the price target of stock.
Meanwhile as investors continued to try and decipher policy proposals of President-elect Donald Trump’s administration, the Dow Jones Industrial Average DJIA, +0.11% rose 21.03 points, or 0.1%, to finish at 18,868.69, its third straight record close.
The blue-chip index had also touched a historic high of 18,934.05 during the session.
The S&P 500 index SPX, -0.01% fell 0.25 points to end at 2,164.20, and the Nasdaq Composite COMP, -0.36% dropped 18.72 points, or 0.4%, to close at 5,218.40.
MasTec Inc. (NYSE: MTZ) had its price target boosted by equities researchers at Stifel Nicolaus from $35.00 to $40.00. Stifel Nicolaus currently has a rating of Buy on the stock. The one-year price target of $34.33 is lower than the opening price of $35.10, that has caused a fair amount of other analysts to comment on the company recently. Looking back over the last 52 weeks, MasTec Inc. stock has a high of $37.25.
Shares of MasTec Inc. (NYSE: MTZ) opened at $35.10 on Monday trading between $34.75 and $37.25, and last traded at $36.70, which represents a spike of $1.95 or 5.61% over the previous closing price.
MasTec Inc. (NYSE: MTZ) now has a market cap of 2.95B.
MasTec Inc. (NYSE: MTZ) Average Daily Trading Volume
1,528,809 shares traded hands yesterday, higher than the norm, out of a total float 60,332,000. Heavy volume aggregation by institutional investors may be in the near future as the combination of significant gains in trading volume and price inflation can be deciding factors.
As with all potential breakouts, investors look for volume to be at least 40%-50% greater than normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you’re researching.
MasTec Inc. (NYSE: MTZ) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
Traders are able to make make more impactful judgments on trades when they track the activity of professional investors.
With that in mind, MasTec Inc. (NYSE: MTZ) now has a 50-day MA of $29.43 and 200-day MA of $26.26. It has traded in a 52-week range between $12.44 – 37.25 and today’s last price is 1.48%% lower than the 52 week high of $37.25.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors look for companies that have been successful at growing their earnings by at least 25% over a 3 year period.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.