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Watch for Continued Gains in Shares of MasTec (MTZ)

By Shiri Gupta

MasTec (NYSE:MTZ) traded at a new 52-week high today of $21.73. Approximately 71,000 shares have changed hands today, as compared to an average 30-day volume of 854,000 shares.

MasTec, Inc. builds internal and external voice, video, data, Internet, and other computer and communications networks. The Company designs, installs, constructs, and maintains aerial, underground, and buried copper, coaxial, and fiber optic cable networks, as well as wireless antenna networks. Customers include telecommunications service providers and cable television operators.

In the past 52 weeks, shares of MasTec have traded between a low of $12.44 and a high of $21.73 and are now at $21.72, which is 75% above that low price. The 200-day and 50-day moving averages have moved 0.11% higher and 2.16% higher over the past week, respectively.

Potential upside of 4.0% exists for MasTec, based on a current level of $21.72 and analysts' average consensus price target of $22.59. The stock should discover initial support at its 50-day moving average (MA) of $17.99 and subsequent support at its 200-day MA of $17.38.

SmarTrend recommended that subscribers consider buying shares of MasTec on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.49. Since that recommendation, shares of MasTec have risen 47.6%. We continue to monitor MTZ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows mastec

Ticker(s): MTZ