MasTec (NYSE:MTZ) Updates Q4 Earnings Guidance

MasTec (NYSE:MTZ) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.29 for the period, compared to the consensus earnings per share estimate of $0.94. The company issued revenue guidance of ~$3.325 billion, compared to the consensus revenue estimate of $3.32 billion. MasTec also updated its FY 2024 guidance to 3.750-3.750 EPS.

MasTec Stock Performance

MTZ stock traded up $7.11 during midday trading on Friday, reaching $130.00. 2,451,701 shares of the company were exchanged, compared to its average volume of 682,982. MasTec has a one year low of $44.65 and a one year high of $138.87. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.27 and a quick ratio of 1.23. The firm has a market capitalization of $10.30 billion, a price-to-earnings ratio of 116.07 and a beta of 1.70. The business has a 50-day moving average price of $119.20 and a two-hundred day moving average price of $109.84.

MasTec (NYSE:MTZ) last posted its earnings results on Thursday, August 1st. The construction company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.09. MasTec had a return on equity of 8.35% and a net margin of 0.73%. The company had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter last year, the firm earned $0.81 earnings per share. The company’s revenue was up 3.0% on a year-over-year basis. Equities research analysts forecast that MasTec will post 2.69 EPS for the current year.

Analyst Upgrades and Downgrades

MTZ has been the subject of a number of analyst reports. Truist Financial boosted their price target on MasTec from $112.00 to $133.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Stifel Nicolaus boosted their price target on MasTec from $121.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Citigroup boosted their price target on MasTec from $122.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. KeyCorp boosted their target price on MasTec from $123.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Finally, DA Davidson boosted their target price on MasTec from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, MasTec has an average rating of “Moderate Buy” and an average price target of $134.00.

Insider Activity at MasTec

In related news, Director C Robert Campbell sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $116.26, for a total value of $348,780.00. Following the sale, the director now directly owns 48,173 shares in the company, valued at $5,600,592.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other MasTec news, Director C Robert Campbell sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $116.26, for a total value of $348,780.00. Following the transaction, the director now directly owns 48,173 shares of the company’s stock, valued at approximately $5,600,592.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Robert E. Apple sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $126.27, for a total value of $2,525,400.00. Following the completion of the transaction, the chief operating officer now directly owns 217,202 shares in the company, valued at approximately $27,426,096.54. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,800 shares of company stock worth $2,978,212 over the last ninety days. Insiders own 21.30% of the company’s stock.

About MasTec

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.