MasTec (NYSE:MTZ) Price Target Raised to $120.00 at DA Davidson

MasTec (NYSE:MTZ) had its price objective lifted by DA Davidson from $100.00 to $120.00 in a report published on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock. DA Davidson also issued estimates for MasTec’s Q2 2024 earnings at $0.79 EPS, FY2024 earnings at $2.59 EPS and FY2025 earnings at $4.21 EPS.

A number of other research firms have also weighed in on MTZ. Citigroup lifted their price objective on shares of MasTec from $99.00 to $104.00 and gave the company a buy rating in a research report on Monday, April 22nd. Craig Hallum lifted their price objective on shares of MasTec from $96.00 to $125.00 and gave the company a buy rating in a research report on Monday. Robert W. Baird lifted their price objective on shares of MasTec from $89.00 to $110.00 and gave the company a neutral rating in a research report on Monday. The Goldman Sachs Group raised their target price on MasTec from $54.00 to $61.00 and gave the company a neutral rating in a report on Friday, February 9th. Finally, B. Riley raised their target price on MasTec from $104.00 to $120.00 and gave the company a buy rating in a report on Monday. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $111.08.

MasTec Stock Performance

Shares of MasTec stock opened at $105.67 on Tuesday. The firm has a market capitalization of $8.40 billion, a P/E ratio of -754.79 and a beta of 1.61. MasTec has a 52 week low of $44.65 and a 52 week high of $123.33. The company has a quick ratio of 1.27, a current ratio of 1.31 and a debt-to-equity ratio of 0.94. The firm’s 50 day moving average is $89.26 and its two-hundred day moving average is $73.70.

MasTec (NYSE:MTZ) last announced its quarterly earnings results on Thursday, February 29th. The construction company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.37 by $0.20. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.26 billion. MasTec had a negative net margin of 0.09% and a positive return on equity of 6.19%. Research analysts forecast that MasTec will post 2.33 EPS for the current fiscal year.

Institutional Trading of MasTec

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. grew its holdings in MasTec by 16.2% in the 4th quarter. Vontobel Holding Ltd. now owns 1,036,101 shares of the construction company’s stock valued at $78,454,000 after buying an additional 144,180 shares during the period. Vanguard Group Inc. grew its holdings in MasTec by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,970,130 shares of the construction company’s stock valued at $429,670,000 after buying an additional 33,592 shares during the period. Oak Thistle LLC purchased a new stake in MasTec in the 4th quarter valued at about $883,000. Nordea Investment Management AB grew its holdings in MasTec by 35.0% in the 4th quarter. Nordea Investment Management AB now owns 3,963,774 shares of the construction company’s stock valued at $297,006,000 after buying an additional 1,027,085 shares during the period. Finally, Sycomore Asset Management purchased a new stake in shares of MasTec during the 4th quarter worth about $965,000. Hedge funds and other institutional investors own 78.10% of the company’s stock.

About MasTec

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 five segments: Communications, Clean Energy and Infrastructure, Oil and Gas, Power Delivery, and Other.