MasTec COO Robert Apple Sells Over $2.5 Million in Company Stock

MasTec Inc COO Sells Shares Amid Strategic Portfolio Adjustment

Robert Apple, the Chief Operating Officer of MasTec Inc, recently divested a significant number of his shares in the company, according to the latest filings with the Securities and Exchange Commission. On September 20, 2024, Apple sold a total of 20,000 shares of MasTec’s common stock, generating over $2.5 million in transactions.

The share sales occurred in two distinct transactions, with prices fluctuating between $125.04 and $127.50 per share. In the first transaction, 10,000 shares were sold at a weighted average price of $125.04, while the remaining 10,000 shares were sold at $127.50 each. As a result, Apple’s direct ownership in MasTec has decreased, but he continues to hold a substantial 217,202 shares, as noted in the official filing.

The filing also indicates that these sales are part of a planned strategy by Mr. Apple to diversify his holdings in MasTec. This systematic approach, referred to as a 10b5-1 plan, enables company insiders to establish a pre-arranged timetable for selling shares, ensuring compliance with insider trading regulations. The recent sale represents just 8% of Mr. Apple’s total stake in the company.

Moreover, part of Apple’s holdings are also attributed to shares held through The Apple Family Trust, of which he and his spouse serve as trustees and beneficiaries.

Insider transactions like these are of keen interest to investors, as they can offer insights into the executives’ confidence in the company’s performance and future trajectory. The substantial sale by a top executive such as the COO of MasTec is likely to attract scrutiny from the investment community.

MasTec, a prominent infrastructure construction firm based in Coral Gables, Florida, has not issued any official statements regarding these transactions as of the time of this report.

In other news, MasTec recently announced strong earnings for the second quarter, surpassing expectations with revenues reaching $3 billion. The company achieved an adjusted EBITDA of $268 million and adjusted earnings per share of $0.96. Additionally, MasTec’s backlog grew significantly, increasing by $500 million from the previous quarter to a total of $13.3 billion, fueled by robust performance in the Oil & Gas and Communications sectors.

Analysts from Stifel and Baird have adjusted their price targets for MasTec, with Stifel raising its target to $121 while maintaining a Buy rating, and Baird adjusting its target to $120 with a Neutral rating. Both firms highlighted MasTec’s strong fundamental performance and expressed a positive outlook for the company’s revenue growth through 2025.

The company also reported a notable year-over-year increase in total orders, driven in part by a major transmission project expected to enhance annual revenue through 2028. Additional growth drivers include an improving pipeline outlook, a recent project win with a major telecommunications company, and strong orders in the clean energy sector.

As changes in insider holdings unfold, particularly with COO Robert Apple’s recent share sales, investors may seek further insights into MasTec’s financial position and prospects. Current data indicates that MasTec has a market capitalization of approximately $9.7 billion, with a reported revenue growth of 10.97% over the last twelve months leading up to the second quarter of 2024. Despite this growth, the company’s gross profit margin is at a modest 12.3%.

Analysts appear optimistic about MasTec’s future, with expectations for net income growth this year and several analysts revising earnings forecasts upwards. However, MasTec’s stock is currently trading at a high earnings multiple, signified by a P/E ratio that suggests potential overvaluation in relation to earnings. Additionally, indicators point to the stock being in overbought territory, hinting at a possible retracement in the near future.

For those looking to further analyze MasTec’s performance and insider activity, there are multiple resources offering deeper insights for informed investment discussions.

This article was generated with the support of AI and reviewed by an editor.