MasTec (NYSE:MTZ) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of MasTec (NYSE:MTZ) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

A number of other research firms have also issued reports on MTZ. Truist Financial upped their price target on MasTec from $518.00 to $550.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. boosted their price objective on MasTec from $471.00 to $491.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 13th. CICC Research initiated coverage on MasTec in a report on Thursday, May 21st. They issued an “outperform” rating and a $480.00 target price for the company. B. Riley Financial reaffirmed a “buy” rating on shares of MasTec in a research note on Monday, May 4th. Finally, UBS Group boosted their price target on shares of MasTec from $420.00 to $453.00 and gave the company a “buy” rating in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $466.89.

MasTec Stock Performance

NYSE:MTZ opened at $287.00 on Tuesday. The company has a market cap of $22.68 billion, a P/E ratio of 50.26 and a beta of 1.77. MasTec has a twelve month low of $160.08 and a twelve month high of $441.43. The company’s 50-day moving average price is $369.21 and its 200-day moving average price is $332.92. The company has a current ratio of 1.32, a quick ratio of 1.28 and a debt-to-equity ratio of 0.69.

MasTec (NYSE:MTZ) last released its quarterly earnings data on Thursday, April 30th. The construction company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. MasTec had a net margin of 2.94% and a return on equity of 17.15%. The company had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.47 billion. During the same quarter in the prior year, the firm earned $0.51 EPS. MasTec’s quarterly revenue was up 34.5% on a year-over-year basis. On average, sell-side analysts forecast that MasTec will post 9.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Ernst N. Csiszar sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $371.17, for a total transaction of $2,412,605.00. Following the sale, the director directly owned 10,816 shares of the company’s stock, valued at $4,014,574.72. This represents a 37.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director C Robert Campbell sold 3,000 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $417.00, for a total value of $1,251,000.00. Following the sale, the director directly owned 30,646 shares in the company, valued at $12,779,382. This represents a 8.92% decrease in their position. The SEC filing for this sale provides additional information. 21.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MasTec

Several large investors have recently bought and sold shares of MTZ. E. Ohman J or Asset Management AB purchased a new position in shares of MasTec in the 2nd quarter valued at about $974,000. Fulton Bank N.A. purchased a new stake in shares of MasTec during the second quarter worth approximately $354,000. Everhart Financial Group Inc. raised its holdings in MasTec by 5.4% in the second quarter. Everhart Financial Group Inc. now owns 874 shares of the construction company’s stock valued at $364,000 after acquiring an additional 45 shares in the last quarter. Trust Point Inc. purchased a new position in MasTec in the second quarter worth approximately $234,000. Finally, PensionDanmark Pensionsforsikringsaktieselskab lifted its stake in MasTec by 93.7% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 13,229 shares of the construction company’s stock worth $5,504,000 after acquiring an additional 6,400 shares during the last quarter. Hedge funds and other institutional investors own 78.10% of the company’s stock.

MasTec Company Profile

MasTec, Inc is a diversified infrastructure construction company that provides engineering, fabrication, installation and maintenance services across a broad range of end markets. Its principal activities encompass the development of communications networks, oil and gas pipeline systems, electrical transmission and distribution facilities, industrial installations and renewable energy projects.

The company traces its roots to a small cable installation operation in Miami and has grown through a series of strategic acquisitions to become one of the largest infrastructure contractors in North America.