Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 9

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 2
Chunk 9
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 the Company’s stock is undervalued; (ii) such repurchases will enhance long-term shareholder value; (iii) the Company has adequate liquidity; and (iv) management believes that such repurchases are appropriate uses of capital, do not have an expiration date and may be modified or suspended at any time at the Company’s discretion.  See Note 11 - Equity in the notes to the audited consolidated financial statements, which is incorporated by reference, for information pertaining to our share repurchase programs.  We did not have any share repurchases under our share repurchase programs for the year ended December 31, 2024.

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The following table provides information about repurchases of our common stock during the three month period ended December 31, 2024:

Total Number of Shares Purchased (a)Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced ProgramApproximate Dollar Value of Shares that May Yet be Purchased under the Program (b)October 1 through October 318,580 $125.82 — $77,326,434 November 1 through November 304,865 $130.35 — $77,326,434 December 1 through December 316,631 $140.56 — $77,326,434 Total20,076 — 

(a)Includes 8,580, 4,569, and 6,631 shares reacquired by the Company on the open market pursuant to the Amended ESPPs in October, November and December of 2024, respectively, and 296 shares withheld for income tax purposes in connection with shares issued under compensation and benefit programs in November of 2024.

(b)As of December 31, 2024, the remaining amount available for share repurchases under our March 2020 $150 million share repurchase program, which was publicly announced on March 19, 2020, totaled $77.3 million.

Performance Graph

The performance graph below compares the cumulative five year total return for our common stock with the cumulative total return (including reinvestment of dividends) of the Standard and Poor’s 500 Composite Stock Index (“S&P 500”), and with that of the following members of a peer group consisting of Quanta Services, Inc., MYR Group, Inc., Dycom Industries, Inc., Jacobs Solutions Inc. and Primoris Services Corporation.  The graph assumes that the value of the investment in