MasTec (NYSE:MTZ) Releases Quarterly Earnings Results, Beats Estimates By $0.08 EPS

MasTec (NYSE:MTZGet Rating) announced its earnings results on Thursday. The construction company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.65 by $0.08, Briefing.com reports. MasTec had a return on equity of 12.91% and a net margin of 2.81%. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the previous year, the business earned $1.23 EPS. MasTec’s revenue was up 17.3% compared to the same quarter last year.

MasTec Trading Up 1.3 %

Shares of MTZ traded up $1.05 during trading hours on Friday, reaching $81.29. The stock had a trading volume of 788,789 shares, compared to its average volume of 693,291. The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.71. MasTec has a 52 week low of $62.64 and a 52 week high of $104.21. The firm has a 50-day moving average of $75.70 and a 200 day moving average of $80.17. The company has a market cap of $6.17 billion, a P/E ratio of 26.31 and a beta of 1.28.

Institutional Trading of MasTec

A number of large investors have recently made changes to their positions in MTZ. Raymond James Financial Services Advisors Inc. increased its position in shares of MasTec by 6.6% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 15,281 shares of the construction company’s stock valued at $1,331,000 after buying an additional 940 shares in the last quarter. Citigroup Inc. increased its holdings in MasTec by 139.8% during the 1st quarter. Citigroup Inc. now owns 48,537 shares of the construction company’s stock worth $4,228,000 after purchasing an additional 28,295 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in MasTec by 121.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,126 shares of the construction company’s stock worth $360,000 after purchasing an additional 2,260 shares in the last quarter. Bank of Montreal Can increased its holdings in MasTec by 97.1% during the 1st quarter. Bank of Montreal Can now owns 30,573 shares of the construction company’s stock worth $2,635,000 after purchasing an additional 15,061 shares in the last quarter. Finally, MetLife Investment Management LLC increased its holdings in MasTec by 37.2% during the 1st quarter. MetLife Investment Management LLC now owns 38,037 shares of the construction company’s stock worth $3,313,000 after purchasing an additional 10,310 shares in the last quarter. Institutional investors own 68.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Cowen upped their price objective on MasTec from $110.00 to $120.00 in a report on Thursday, May 26th. Credit Suisse Group reduced their price objective on MasTec from $103.00 to $102.00 and set an “outperform” rating on the stock in a report on Tuesday, July 26th. DA Davidson reduced their price objective on MasTec from $120.00 to $105.00 in a report on Monday, May 9th. Citigroup reduced their price objective on MasTec from $109.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, July 22nd. Finally, UBS Group dropped their target price on shares of MasTec from $116.00 to $100.00 and set a “na” rating for the company in a research report on Wednesday, May 18th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, MasTec has an average rating of “Moderate Buy” and an average target price of $106.73.

MasTec Company Profile

(Get Rating)

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 Communications, Clean Energy and Infrastructure, Oil and Gas, Power Delivery, and Other segments.

Featured Articles

Earnings History for MasTec (NYSE:MTZ)

Receive News & Ratings for MasTec Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MasTec and related companies with MarketBeat.com's FREE daily email newsletter.