MasTec, Inc. (MTZ) Stock Rating Upgraded by Zacks Investment Research
MasTec, Inc. (NYSE:MTZ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm presently has a $50.00 price objective on the construction company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.98% from the company’s previous close.
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.”
A number of other brokerages have also issued reports on MTZ. Deutsche Bank AG raised their target price on shares of MasTec from $45.00 to $50.00 and gave the stock a “hold” rating in a research report on Monday, May 8th. FBR & Co restated an “outperform” rating and set a $57.00 target price (up from $50.00) on shares of MasTec in a research report on Monday, May 8th. Canaccord Genuity restated a “buy” rating and set a $52.00 target price on shares of MasTec in a research report on Friday, May 5th. DA Davidson raised their target price on shares of MasTec from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, May 8th. Finally, Vetr lowered shares of MasTec from a “buy” rating to a “hold” rating and set a $47.14 target price on the stock. in a research report on Monday, June 12th. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $44.70.
MasTec (NYSE:MTZ) traded down 2.35% during mid-day trading on Tuesday, reaching $43.60. 676,838 shares of the company’s stock traded hands. MasTec has a 52 week low of $25.61 and a 52 week high of $47.90. The stock’s 50 day moving average is $45.39 and its 200-day moving average is $41.88. The stock has a market capitalization of $3.53 billion, a PE ratio of 20.46 and a beta of 1.44.
MasTec (NYSE:MTZ) last announced its earnings results on Thursday, August 3rd. The construction company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.34. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.50 billion. MasTec had a net margin of 3.89% and a return on equity of 21.80%. The company’s revenue for the quarter was up 53.4% compared to the same quarter last year. During the same period last year, the firm posted $0.36 earnings per share. On average, equities analysts anticipate that MasTec will post $2.72 EPS for the current year.
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In other MasTec news, Director Jose S. Sorzano sold 2,391 shares of the firm’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $45.56, for a total value of $108,933.96. Following the completion of the sale, the director now owns 37,545 shares of the company’s stock, valued at $1,710,550.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director C Robert Campbell sold 12,000 shares of the firm’s stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $45.00, for a total value of $540,000.00. Following the completion of the sale, the director now directly owns 67,082 shares of the company’s stock, valued at approximately $3,018,690. The disclosure for this sale can be found here. Company insiders own 20.30% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in MasTec by 11.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,212 shares of the construction company’s stock worth $100,000 after buying an additional 229 shares during the period. IFP Advisors Inc increased its stake in MasTec by 218.6% in the first quarter. IFP Advisors Inc now owns 2,514 shares of the construction company’s stock worth $101,000 after buying an additional 1,725 shares during the period. SG Americas Securities LLC acquired a new stake in MasTec during the second quarter worth approximately $102,000. Envestnet Asset Management Inc. increased its stake in MasTec by 7.9% in the first quarter. Envestnet Asset Management Inc. now owns 2,681 shares of the construction company’s stock worth $107,000 after buying an additional 197 shares during the period. Finally, Global X Management Co. LLC increased its stake in MasTec by 220.7% in the second quarter. Global X Management Co. LLC now owns 2,614 shares of the construction company’s stock worth $118,000 after buying an additional 1,799 shares during the period. 70.36% of the stock is owned by institutional investors.
MasTec Company Profile
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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