MasTec (NYSE:MTZ) Updates Q4 Earnings Guidance

MasTec (NYSE:MTZ) updated its fourth quarter earnings guidance on Thursday. The company provided EPS guidance of $1.29 for the period, compared to the consensus EPS estimate of $0.94. The company issued revenue guidance of ~$3.325 billion, compared to the consensus revenue estimate of $3.32 billion. MasTec also updated its FY 2024 guidance to 3.750-3.750 EPS.

MasTec Stock Up 5.8 %

Shares of NYSE:MTZ traded up $7.11 during trading on Friday, hitting $130.00. The company’s stock had a trading volume of 2,451,701 shares, compared to its average volume of 682,982. MasTec has a fifty-two week low of $44.65 and a fifty-two week high of $138.87. The business has a 50 day moving average price of $119.20 and a two-hundred day moving average price of $109.84. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.23 and a current ratio of 1.27. The company has a market capitalization of $10.30 billion, a PE ratio of 116.07 and a beta of 1.70.

MasTec (NYSE:MTZ) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.09. The business had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $3.09 billion. MasTec had a return on equity of 8.35% and a net margin of 0.73%. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 earnings per share. As a group, research analysts expect that MasTec will post 2.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on MTZ. DA Davidson increased their price target on shares of MasTec from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Truist Financial lifted their price target on shares of MasTec from $112.00 to $133.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. initiated coverage on shares of MasTec in a research note on Monday, October 7th. They issued an “overweight” rating and a $153.00 price objective for the company. KeyCorp lifted their target price on MasTec from $123.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Finally, UBS Group upped their target price on MasTec from $129.00 to $147.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, MasTec has an average rating of “Moderate Buy” and an average target price of $134.00.

Insider Activity

In related news, Director C Robert Campbell sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $116.26, for a total value of $348,780.00. Following the completion of the transaction, the director now directly owns 48,173 shares of the company’s stock, valued at $5,600,592.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, COO Robert E. Apple sold 800 shares of the stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 216,402 shares in the company, valued at $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 is available through the SEC website. Also, Director C Robert Campbell sold 3,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 48,173 shares of the company’s stock, valued at approximately $5,600,592.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,800 shares of company stock worth $2,978,212 in the last 90 days. 21.30% of the stock is currently owned by corporate 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.