Zacks Investment Research upgraded shares of MasTec, Inc. (NYSE:MTZ) from a hold rating to a buy rating in a research report sent to investors on Tuesday. The firm currently has $50.00 price target on the construction company’s stock.
According to Zacks, “MasTec reported record revenues and earnings in the second quarter with both outpacing the Zacks Consensus Estimate as well. The better-than-expected performance can be attributed to record levels of Oil & Gas project activity. MasTec raised 2017 guidance and estimates annual revenue of approximately $6 billion and adjusted earnings per share at $2.73. The company’s recent geographic expansion of heavy civil operations, as well as entry into the water, sewer and drainage systems infrastructure market operations will provide opportunity to capitalize on the increasing demand trends in this market. In its wireline and wireless communication markets, significant expansion related to both 5G and fiber deployment will benefit its communications business. MasTec outperformed the industry in the past one year.”
Other equities analysts also recently issued reports about the stock. DA Davidson upgraded shares of MasTec from a neutral rating to a buy rating and upped their price target for the company from $44.00 to $50.00 in a report on Thursday, April 13th. Canaccord Genuity reiterated a buy rating and set a $52.00 price target on shares of MasTec in a report on Friday, May 5th. Vetr upgraded shares of MasTec from a hold rating to a buy rating and set a $45.42 price target on the stock in a report on Monday, May 15th. Deutsche Bank AG upped their price target on shares of MasTec from $45.00 to $50.00 and gave the company a hold rating in a report on Monday, May 8th. Finally, FBR & Co upped their price target on shares of MasTec from $50.00 to $57.00 and gave the company an outperform rating in a report on Monday, May 15th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $46.47.
MasTec (NYSE MTZ) traded down 2.07% during mid-day trading on Tuesday, hitting $40.25. 1,507,482 shares of the stock were exchanged. The company’s 50-day moving average price is $45.09 and its 200 day moving average price is $42.16. MasTec has a 52 week low of $26.75 and a 52 week high of $49.50. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of 14.19 and a beta of 1.44.
MasTec (NYSE:MTZ) last issued its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.65 by $0.34. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.50 billion. MasTec had a net margin of 3.89% and a return on equity of 21.80%. The firm’s revenue was up 53.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 EPS. Equities research analysts expect that MasTec will post $2.74 EPS for the current year.
In other MasTec news, Director C Robert Campbell sold 12,000 shares of the company’s stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $45.00, for a total value of $540,000.00. Following the transaction, the director now directly owns 67,082 shares in the company, valued at approximately $3,018,690. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jose S. Sorzano sold 2,391 shares of the company’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $45.56, for a total transaction of $108,933.96. Following the completion of the transaction, the director now owns 37,545 shares in the company, valued at $1,710,550.20. The disclosure for this sale can be found here. 20.30% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of MTZ. BlackRock Inc. increased its position in shares of MasTec by 15,957.0% in the first quarter. BlackRock Inc. now owns 5,192,338 shares of the construction company’s stock worth $207,953,000 after buying an additional 5,160,001 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of MasTec by 126.7% in the second quarter. Prudential Financial Inc. now owns 1,484,687 shares of the construction company’s stock valued at $67,033,000 after buying an additional 829,650 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of MasTec by 12.1% in the first quarter. Vanguard Group Inc. now owns 6,884,461 shares of the construction company’s stock valued at $275,723,000 after buying an additional 743,879 shares during the last quarter. Boston Advisors LLC acquired a new stake in shares of MasTec during the first quarter valued at $19,419,000. Finally, Nationwide Fund Advisors boosted its stake in shares of MasTec by 297.9% in the first quarter. Nationwide Fund Advisors now owns 478,658 shares of the construction company’s stock valued at $19,170,000 after buying an additional 358,360 shares during the last quarter. Institutional investors and hedge funds own 70.36% of the company’s stock.
MasTec, Inc is an infrastructure construction company. The Company operates primarily across North America through a range of industries. The Company operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other. Its primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; conventional and renewable power generation, and industrial infrastructure.
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