MasTec (NYSE:MTZ) Posts Quarterly Earnings Results, Beats Expectations By $0.08 EPS

MasTec (NYSE:MTZGet Rating) issued its earnings results on Thursday. The construction company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.08, Briefing.com reports. MasTec had a net margin of 1.99% and a return on equity of 10.86%. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter last year, the company posted $1.23 earnings per share. The firm’s quarterly revenue was up 17.3% on a year-over-year basis.

MasTec Price Performance

Shares of MTZ traded up $1.05 during trading hours on Friday, reaching $81.29. 788,904 shares of the stock traded hands, compared to its average volume of 749,631. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.71. MasTec has a 52-week low of $62.64 and a 52-week high of $104.21. The company’s 50-day moving average price is $75.70 and its two-hundred day moving average price is $80.17. The company has a market cap of $6.17 billion, a P/E ratio of 35.81 and a beta of 1.28.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vontobel Holding Ltd. lifted its stake in shares of MasTec by 8.1% during the 1st quarter. Vontobel Holding Ltd. now owns 11,591 shares of the construction company’s stock valued at $998,000 after buying an additional 866 shares in the last quarter. Moors & Cabot Inc. lifted its stake in shares of MasTec by 174.8% during the 1st quarter. Moors & Cabot Inc. now owns 8,410 shares of the construction company’s stock valued at $733,000 after buying an additional 5,350 shares in the last quarter. Dakota Wealth Management purchased a new position in shares of MasTec during the 1st quarter valued at $434,000. Neuberger Berman Group LLC bought a new stake in MasTec in the 1st quarter valued at $368,000. Finally, PNC Financial Services Group Inc. increased its holdings in MasTec by 121.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,126 shares of the construction company’s stock valued at $360,000 after acquiring an additional 2,260 shares during the last quarter. Hedge funds and other institutional investors own 68.44% of the company’s stock.

Analysts Set New Price Targets

MTZ has been the topic of several research reports. Craig Hallum dropped their target price on shares of MasTec from $108.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, July 26th. TheStreet cut shares of MasTec from a “b-” rating to a “c” rating in a report on Monday, May 16th. Cowen raised their target price on shares of MasTec from $110.00 to $120.00 in a report on Thursday, May 26th. DA Davidson dropped their target price on shares of MasTec from $120.00 to $105.00 in a report on Monday, May 9th. Finally, Citigroup dropped their price target on shares of MasTec from $109.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, July 22nd. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, MasTec currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.73.

MasTec Company Profile

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MasTec, Inc, an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, utility, and other infrastructure primarily in the United States and Canada. It operates through Communications, Clean Energy and Infrastructure, Oil and Gas, Power Delivery, and Other segments.

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Earnings History for MasTec (NYSE:MTZ)

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