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Here’s Why MasTec (MTZ) Shares Declined in the Third Quarter

Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the quarter, the fund returned -5.72% compared to a -4.61 % return for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In the third-quarter letter, FPA discussed stocks like MasTec, Inc. (NYSE:MTZ). Based in Fremont, California, MasTec, Inc. (NYSE:MTZ) operates as an infrastructure construction company. On October 28, 2022, MasTec, Inc. (NYSE:MTZ) stock closed at $76.72 per share. One-month return of MasTec, Inc. (NYSE:MTZ) was 14.70% and its shares lost 15.69% of their value over the last 52 weeks. MasTec, Inc. (NYSE:MTZ) has a market capitalization of $5.999 billion.

FPA made the following comment about MasTec, Inc. (NYSE:MTZ) in its Q3 2022 investor letter:

MasTec, Inc. (NYSE:MTZ) is a specialty engineering, procurement, and construction (EPC) company that builds pipelines, telecom infrastructure and electric utility and renewable transmission and distribution infrastructure. Founders and operators Jorge and Jose Mas own 20% of the company and we believe have done a great job growing MasTec and rolling up smaller competitors at attractive prices. 14 The trailing 12-month performance suffers from timing as expectations for infrastructure stimulus caused the share price to peak at the end of Q2 2021.”

Copyright: ultimagaina / 123RF Stock Photo

MasTec, Inc. (NYSE:MTZ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held MasTec, Inc. (NYSE:MTZ) at the end of the second quarter, which was 28 in the previous quarter.

We discussed MasTec, Inc. (NYSE:MTZ) in another article and shared FPA’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

 

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

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