MasTec (NYSE:MTZ) Issues FY24 Earnings Guidance

MasTec (NYSE:MTZ) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $3.03 for the period, compared to the consensus EPS estimate of $2.92. The company issued revenue guidance of $12.4 billion, compared to the consensus revenue estimate of $12.55 billion. MasTec also updated its FY 2024 guidance to 3.030-3.030 EPS.

MasTec Trading Down 3.7 %

Shares of NYSE:MTZ traded down $3.94 during trading on Friday, reaching $102.18. The company’s stock had a trading volume of 2,005,031 shares, compared to its average volume of 882,374. The stock has a market capitalization of $8.12 billion, a PE ratio of -729.86 and a beta of 1.65. MasTec has a 12 month low of $44.65 and a 12 month high of $123.33. The company has a current ratio of 1.31, a quick ratio of 1.27 and a debt-to-equity ratio of 0.94. The firm’s 50 day simple moving average is $107.24 and its two-hundred day simple moving average is $92.82.

MasTec (NYSE:MTZ) last announced its quarterly earnings data on Thursday, May 2nd. The construction company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.33. The business had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.62 billion. MasTec had a net margin of 0.06% and a return on equity of 6.44%. On average, research analysts predict that MasTec will post 2.59 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on MTZ. Citigroup lifted their price objective on shares of MasTec from $118.00 to $122.00 and gave the company a buy rating in a report on Monday, July 22nd. StockNews.com raised shares of MasTec from a hold rating to a buy rating in a research report on Monday, May 6th. Barclays lifted their price target on MasTec from $106.00 to $130.00 and gave the stock an overweight rating in a research report on Monday, May 6th. Robert W. Baird increased their price objective on MasTec from $89.00 to $110.00 and gave the company a neutral rating in a report on Monday, May 6th. Finally, B. Riley reaffirmed a buy rating and set a $132.00 target price on shares of MasTec in a report on Thursday, June 27th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $117.62.

Insiders Place Their Bets

In other MasTec news, Director C Robert Campbell sold 2,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $110.00, for a total value of $220,000.00. Following the completion of the sale, the director now directly owns 50,725 shares of the company’s stock, valued at approximately $5,579,750. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other MasTec news, Director C Robert Campbell sold 2,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $110.00, for a total value of $220,000.00. Following the transaction, the director now directly owns 50,725 shares in the company, valued at approximately $5,579,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Javier Alberto Palomarez sold 2,850 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $106.67, for a total transaction of $304,009.50. Following the sale, the director now owns 10,666 shares of the company’s stock, valued at approximately $1,137,742.22. The disclosure for this sale can be found here. Corporate insiders own 21.30% of the company’s stock.

MasTec Company Profile

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.