Zacks Investment Research Downgrades MasTec (MTZ) to Hold
MasTec (NYSE:MTZ) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Backed by significant large project wins, MasTec expects year-end backlog at record levels, above $6 billion. Significant expansion related to both 5G and fiber deployment will benefit its wireless abd wireline businesses in the Communications segment. In the Power Generation segment, bidding activity will boost revenues while operational improvements carried out in the past will drive margins. The Electrical Transmission business is set for an improved 2018 and going through a transformational phase currently. A strong pipeline business will drive the Oil & Gas segment. MasTec outperformed the industry year to date. However, the company’s performance in Canada continues to be weak mainly due to lower commodity prices, the general oil and gas environment in Canada, along with delay of large transmission projects. Also, in the Communications segment, the company continues to suffer a decline in home fulfillment services”
A number of other equities research analysts have also recently issued reports on the stock. Citigroup set a $54.00 price objective on shares of MasTec and gave the stock a “buy” rating in a report on Friday, October 27th. Deutsche Bank upgraded shares of MasTec from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, September 12th. Stifel Nicolaus reiterated a “buy” rating and issued a $55.50 price objective on shares of MasTec in a report on Friday, October 13th. Robert W. Baird upgraded shares of MasTec from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $51.00 to $53.00 in a report on Monday, November 6th. Finally, Credit Suisse Group upped their price target on shares of MasTec from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Monday, November 6th. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. MasTec presently has a consensus rating of “Buy” and a consensus price target of $56.33.
Shares of MasTec (MTZ) traded down $0.20 during trading hours on Tuesday, reaching $49.85. 675,600 shares of the company were exchanged, compared to its average volume of 744,350. The company has a market capitalization of $4,130.00, a PE ratio of 17.07, a PEG ratio of 1.25 and a beta of 1.54. MasTec has a 12-month low of $34.33 and a 12-month high of $51.20. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.74 and a quick ratio of 1.66.
MasTec (NYSE:MTZ) last issued its quarterly earnings data on Thursday, November 2nd. The construction company reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.09. The firm had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.66 billion. MasTec had a net margin of 3.78% and a return on equity of 20.67%. MasTec’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.81 earnings per share. equities analysts anticipate that MasTec will post 2.65 earnings per share for the current year.
In other MasTec news, COO Robert E. Apple sold 25,000 shares of the company’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $50.16, for a total transaction of $1,254,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 20.30% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Parametric Portfolio Associates LLC raised its position in MasTec by 12.2% in the third quarter. Parametric Portfolio Associates LLC now owns 280,294 shares of the construction company’s stock worth $13,006,000 after purchasing an additional 30,475 shares in the last quarter. AXA increased its holdings in shares of MasTec by 397.1% during the third quarter. AXA now owns 161,522 shares of the construction company’s stock worth $7,495,000 after buying an additional 129,031 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of MasTec by 71.3% during the third quarter. Public Employees Retirement System of Ohio now owns 55,304 shares of the construction company’s stock worth $2,566,000 after buying an additional 23,013 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of MasTec during the third quarter worth approximately $623,000. Finally, Algert Global LLC increased its holdings in shares of MasTec by 112.0% during the third quarter. Algert Global LLC now owns 14,480 shares of the construction company’s stock worth $672,000 after buying an additional 7,651 shares in the last quarter. 73.22% of the stock is owned by institutional investors and hedge funds.
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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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