MasTec (NYSE:MTZ) Issues FY24 Earnings Guidance

MasTec (NYSE:MTZ) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $3.75 for the period, compared to the consensus EPS estimate of $3.01. The company issued revenue guidance of ~$12.225 billion, compared to the consensus revenue estimate of $12.39 billion. MasTec also updated its Q4 guidance to $1.29 EPS.

MasTec Stock Up 2.4 %

Shares of MasTec stock traded up $2.89 during trading on Thursday, reaching $122.89. The stock had a trading volume of 1,405,065 shares, compared to its average volume of 844,006. The company has a market capitalization of $9.76 billion, a price-to-earnings ratio of -867.57 and a beta of 1.70. The stock has a fifty day moving average price of $118.57 and a two-hundred day moving average price of $109.26. MasTec has a 52 week low of $44.65 and a 52 week high of $130.22. The company has a current ratio of 1.27, a quick ratio of 1.23 and a debt-to-equity ratio of 0.86.

MasTec (NYSE:MTZ) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.09. The company had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.09 billion. MasTec had a return on equity of 6.42% and a net margin of 0.06%. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.81 earnings per share. Sell-side analysts predict that MasTec will post 2.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MTZ shares. Truist Financial boosted their price target on MasTec from $112.00 to $133.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. B. Riley upped their target price on MasTec from $132.00 to $134.00 and gave the stock a “buy” rating in a report on Monday, August 5th. The Goldman Sachs Group upped their target price on MasTec from $115.00 to $130.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. Citigroup upped their target price on MasTec from $122.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, UBS Group upped their price objective on MasTec from $129.00 to $147.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $134.00.

Insider Activity

In other news, COO Robert E. Apple sold 800 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $130.04, for a total value of $104,032.00. Following the transaction, the chief operating officer now owns 216,402 shares of the company’s stock, valued at approximately $28,140,916.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other MasTec news, Director C Robert Campbell sold 3,000 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $116.26, for a total transaction of $348,780.00. Following the completion of the sale, the director now directly owns 48,173 shares in the company, valued at $5,600,592.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Robert E. Apple sold 800 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $130.04, for a total value of $104,032.00. Following the completion of the transaction, the chief operating officer now owns 216,402 shares of the company’s stock, valued at $28,140,916.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,800 shares of company stock valued at $2,978,212. 21.30% of the stock is owned by insiders.

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.