MasTec, Inc. (MTZ) Expected to Announce Quarterly Sales of $1.98 Billion
Wall Street brokerages forecast that MasTec, Inc. (NYSE:MTZ) will report sales of $1.98 billion for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for MasTec’s earnings, with the lowest sales estimate coming in at $1.88 billion and the highest estimate coming in at $2.03 billion. MasTec reported sales of $1.96 billion in the same quarter last year, which would suggest a positive year over year growth rate of 1%. The company is expected to announce its next quarterly earnings results after the market closes on Thursday, November 1st.
According to Zacks, analysts expect that MasTec will report full-year sales of $6.88 billion for the current fiscal year, with estimates ranging from $6.73 billion to $6.99 billion. For the next fiscal year, analysts expect that the firm will report sales of $7.53 billion, with estimates ranging from $7.18 billion to $7.95 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for MasTec.
MasTec (NYSE:MTZ) last issued its earnings results on Thursday, August 2nd. The construction company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.01. The business had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.79 billion. MasTec had a net margin of 5.05% and a return on equity of 14.84%. The business’s revenue for the quarter was down 14.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.03 earnings per share.
In other news, EVP Cardenas Alberto De sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $48.00, for a total transaction of $480,000.00. Following the completion of the transaction, the executive vice president now directly owns 101,755 shares of the company’s stock, valued at $4,884,240. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 20.10% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Peregrine Capital Management LLC purchased a new position in shares of MasTec during the third quarter valued at approximately $8,346,000. Seven Eight Capital LP purchased a new stake in MasTec during the third quarter valued at approximately $3,831,000. Foundry Partners LLC purchased a new stake in MasTec during the third quarter valued at approximately $1,940,000. NJ State Employees Deferred Compensation Plan increased its holdings in MasTec by 28.6% during the third quarter. NJ State Employees Deferred Compensation Plan now owns 18,000 shares of the construction company’s stock valued at $804,000 after buying an additional 4,000 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its holdings in MasTec by 58.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 760,000 shares of the construction company’s stock valued at $33,934,000 after buying an additional 280,000 shares during the last quarter. 82.28% of the stock is owned by hedge funds and other institutional investors.
MasTec stock traded down $0.01 during trading hours on Friday, hitting $43.04. The stock had a trading volume of 1,253,100 shares, compared to its average volume of 1,013,073. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.74 and a current ratio of 1.82. The stock has a market capitalization of $3.46 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 1.53 and a beta of 1.56. MasTec has a 12-month low of $39.83 and a 12-month high of $55.53.
MasTec, Inc, an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, and utility infrastructure primarily in the United States and Canada. It operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other.
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