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Miami's MasTec Makes Fortune 500 in Likely First for Cuban American Business

Miami's MasTec Makes Fortune 500 in Likely First for Cuban American Business
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By    |   Monday, 18 June 2018 11:16 AM

MasTec Inc., a construction and infrastructure firm founded by Cuban exile Jorge Mas Canosa, has made the 2018 Fortune 500 list of largest publicly traded companies in America, ranking at 428.

The Coral Gables, Florida-based company believes this is the first time a company created by a Cuban American has made the list, last year coming in at 502.

"It's a big deal, especially knowing where we've come from," CEO Jose R. Mas told the Miami Herald.

MasTec was created out of a merger of two southeast utility firms, Church & Tower and Burnup & Sims. Mas Canosa purchased Church and Tower in 1971, having arriving almost penniless from Cuba in 1960, the Herald reported.

"Thinking about the struggle so many Cuban Americans went through, so many people in this community who left their homeland in search of a better life for their families, who made a lot sacrifices, we wake up every day striving to make that legacy proud," Mas, Jorge's youngest son, told the Herlad.

"It’s humbling to think that we're now one of the 500 largest companies in the U.S., it’s pretty awesome."

MasTec last year reported $6 billion in revenues. It currently has a market cap of nearly $4 billion based on its share price of about $52.

MasTec shares (MTZ) have climbed 17 percent over the past 12 months.

The company just won a $500 million contract to help rebuild Puerto Rico's hurricane-damaged electrical grid

To be sure, Wall Street is taking notice of MasTec's potential.

MasTec shares have increased by more than 6.54 precent this year alone, Stock News gazette explains.

"Analysts have predicted that MTZ will grow it’s earnings at a 15.71% annual rate in the next 5 years," the report said.

Meanwhile, Wells Fargo & Co.increased its holdings in shares of MasTec by 30 percent in the first quarter, according to its most recent disclosure with the SEC, StockNewsTimes reported.

The firm owned 1,542,215 shares of the construction company’s stock after purchasing an additional 356,143 shares during the period. Wells Fargo owned 1.86 percent of MasTec worth $72,560,000 as of its most recent filing with the SEC.

(Newsmax wire services contributed to this report).

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MasTec Inc., a construction and infrastructure firm founded by Cuban exile Jorge Mas Canosa, has made the 2018 Fortune 500 list of largest publicly traded companies in America, ranking at 428.
mastec, fortune 500, first, cuban, american, business
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2018-16-18
Monday, 18 June 2018 11:16 AM
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