Zacks Investment Research upgraded shares of MasTec (NYSE:MTZ) from a hold rating to a buy rating in a research note released on Wednesday morning. They currently have $56.00 price objective on the construction company’s stock.
According to Zacks, “MasTec raised 2017 guidance to revenues at $6.3 billion, adjusted EBITDA at $630 million and adjusted earnings per share of $2.80. Backed by significant large project wins, MasTec expects year-end backlog at record levels, above $6 billion. Significant expansion related to both 5G and fiber deployment will benefit its wireless abd wireline businesses in the Communications segment. In the Power Generation segment, bidding activity will boost revenues while operational improvements carried out in the past will drive margins. The Electrical Transmission business is set for an improved 2018 and going through a transformational phase currently. A strong pipeline business will drive the Oil & Gas segment. MasTec outperformed the industry over the past year.”
Several other equities analysts also recently weighed in on MTZ. Deutsche Bank raised shares of MasTec from a hold rating to a buy rating and set a $50.00 price target on the stock in a report on Tuesday, September 12th. KeyCorp reaffirmed a buy rating and set a $51.00 price target on shares of MasTec in a report on Tuesday, September 19th. Stifel Nicolaus reaffirmed a buy rating and set a $55.50 price target on shares of MasTec in a report on Friday, October 13th. Citigroup set a $54.00 price target on shares of MasTec and gave the company a buy rating in a report on Friday, October 27th. Finally, Robert W. Baird raised shares of MasTec from a neutral rating to an outperform rating and lifted their price target for the company from $51.00 to $53.00 in a report on Monday, November 6th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $56.33.
MasTec (NYSE:MTZ) last issued its quarterly earnings results on Thursday, November 2nd. The construction company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.09. MasTec had a net margin of 3.78% and a return on equity of 20.67%. The business had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the firm earned $0.81 earnings per share. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. research analysts expect that MasTec will post 2.65 EPS for the current year.
In other news, COO Robert E. Apple sold 25,000 shares of MasTec stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $50.16, for a total transaction of $1,254,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 20.30% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in MTZ. Gotham Asset Management LLC bought a new stake in MasTec in the second quarter worth $19,803,000. Koch Industries Inc. bought a new stake in MasTec in the second quarter worth $429,000. Macquarie Group Ltd. increased its position in MasTec by 15.3% in the third quarter. Macquarie Group Ltd. now owns 3,046,860 shares of the construction company’s stock worth $141,374,000 after purchasing an additional 404,076 shares during the last quarter. 1060 Capital LLC increased its position in MasTec by 73.0% in the third quarter. 1060 Capital LLC now owns 940,275 shares of the construction company’s stock worth $43,629,000 after purchasing an additional 396,847 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its position in MasTec by 112.3% in the third quarter. Point72 Asset Management L.P. now owns 690,800 shares of the construction company’s stock worth $32,053,000 after purchasing an additional 365,400 shares during the last quarter. Institutional investors own 73.22% of the company’s stock.
MasTec Company Profile
MasTec, Inc is an infrastructure construction company. The Company operates primarily across North America through a range of industries. The Company operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other. Its primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; conventional and renewable power generation, and industrial infrastructure.
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