Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of MasTech (NYSE: MTZ) jumped 10% for an instant this morning after the infrastructure construction company's board of directors agreed to a share buyback program. Shares settled to a more modest 6% gain later in the day.

So what: The board approved a buyback program that is up to $75 million in shares in the next 12 months. This expands on an existing $75 million buyback program for a total of $150 million in potential shares to be purchased by the company.

Now what: Considering the company's market cap is currently $1.3 billion, the total buyback authorization amounts to more than 10% of the company. That's an awful lot and is a very bullish sign that management thinks the shares are undervalued. I see the company's current 10 P/E ratio and the buybacks as enough for me to be bullish on the company's future.

Interested in more info on MasTec? Add it to your watchlist by clicking here.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.