MasTec’s (MTZ) Buy Rating Reiterated at Truist Financial

MasTec (NYSE:MTZ)‘s stock had its “buy” rating restated by stock analysts at Truist Financial in a report issued on Monday, Benzinga reports. They presently have a $332.00 price target on the construction company’s stock, down from their previous price target of $380.00. Truist Financial‘s price objective suggests a potential upside of 67.82% from the company’s current price.

MTZ has been the topic of a number of other research reports. The Goldman Sachs Group reiterated a “buy” rating and issued a $274.00 price objective on shares of MasTec in a report on Thursday, October 22nd. Piper Sandler lowered their target price on MasTec from $321.00 to $313.00 and set a “neutral” rating for the company in a research note on Monday, September 28th. Cantor Fitzgerald dropped their target price on MasTec from $348.00 to $270.00 and set an “overweight” rating on the stock in a research report on Monday. Morgan Stanley set a $369.00 price target on MasTec in a research note on Friday, July 31st. Finally, JPMorgan Chase & Co. reduced their price target on MasTec from $369.00 to $303.00 and set an “overweight” rating for the company in a report on Monday, October 19th. Nineteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $358.80.

MasTec Stock Up 6.3%

Shares of NYSE MTZ traded up $11.78 during trading on Monday, reaching $197.84. 630,593 shares of the stock were exchanged, compared to its average volume of 1,217,830. The business’s 50-day moving average price is $215.62 and its 200 day moving average price is $300.41. MasTec has a twelve month low of $164.31 and a twelve month high of $441.43. The company has a quick ratio of 1.36, a current ratio of 1.39 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $15.89 billion, a price-to-earnings ratio of 32.22 and a beta of 1.84.

MasTec (NYSE:MTZ) last announced its earnings results on Thursday, October 29th. The construction company reported $2.96 earnings per share for the quarter, beating the consensus estimate of $2.95 by $0.01. The business had revenue of $5.15 billion during the quarter, compared to the consensus estimate of $4.94 billion. MasTec had a net margin of 2.80% and a return on equity of 17.89%. The business’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.48 earnings per share. As a group, equities analysts forecast that MasTec will post 8.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of MasTec during the second quarter worth about $3,178,069,000. Hill City Capital LP acquired a new position in MasTec in the second quarter worth about $896,609,300. Bank of America Corp DE bought a new stake in MasTec in the second quarter valued at about $555,825,000. Bank of New York Mellon Corp bought a new stake in MasTec in the second quarter valued at about $280,544,000. Finally, Canada Pension Plan Investment Board acquired a new stake in MasTec during the second quarter valued at approximately $257,920,000. 78.10% of the stock is owned by institutional investors and hedge funds.

MasTec Company Profile

MasTec, Inc is an infrastructure construction and engineering company that provides services to the communications, energy, utility, and industrial sectors. The company designs, builds, installs, maintains, and upgrades infrastructure for wireless and wireline communications networks, including cellular, broadband, fiber-optic, and other connectivity systems.

MasTec also performs construction and maintenance work for electric transmission and distribution systems, renewable energy projects, and other power infrastructure.