MasTec’s (MTZ) “Buy” Rating Reiterated at Canaccord Genuity
MasTec, Inc. (NYSE:MTZ)‘s stock had its “buy” rating reissued by analysts at Canaccord Genuity in a research report issued on Tuesday. They currently have a $55.00 price objective on the construction company’s stock. Canaccord Genuity’s price objective points to a potential upside of 37.50% from the stock’s current price.
Other analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of MasTec from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 11th. Vetr lowered shares of MasTec from a “buy” rating to a “hold” rating and set a $47.14 target price for the company. in a research note on Monday, June 12th. Credit Suisse Group AG upgraded shares of MasTec from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $46.00 to $55.00 in a research note on Monday, July 24th. FBR & Co boosted their target price on shares of MasTec from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Monday, May 15th. Finally, DA Davidson boosted their target price on shares of MasTec from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, May 8th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $46.74.
MasTec (MTZ) traded down 1.36% on Tuesday, hitting $40.00. 875,879 shares of the company were exchanged. MasTec has a 52-week low of $26.75 and a 52-week high of $49.50. The stock has a market cap of $3.24 billion, a PE ratio of 14.10 and a beta of 1.44. The firm has a 50 day moving average of $44.83 and a 200-day moving average of $42.19.
MasTec (NYSE:MTZ) last released its earnings results on Thursday, August 3rd. The construction company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.34. MasTec had a net margin of 3.89% and a return on equity of 21.80%. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the firm earned $0.36 earnings per share. The firm’s revenue for the quarter was up 53.4% compared to the same quarter last year. On average, equities analysts expect that MasTec will post $2.74 earnings per share for the current fiscal year.
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In other news, Director Jose S. Sorzano sold 2,391 shares of the company’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $45.56, for a total transaction of $108,933.96. Following the completion of the transaction, the director now owns 37,545 shares in the company, valued at $1,710,550.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director C Robert Campbell sold 12,000 shares of the company’s stock in a transaction dated Wednesday, June 28th. The stock was sold at an average price of $45.00, for a total transaction of $540,000.00. Following the transaction, the director now owns 67,082 shares of the company’s stock, valued at approximately $3,018,690. The disclosure for this sale can be found here. 20.30% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Renaissance Technologies LLC bought a new stake in MasTec during the fourth quarter valued at $1,033,000. Guggenheim Capital LLC increased its stake in MasTec by 2.9% in the fourth quarter. Guggenheim Capital LLC now owns 11,819 shares of the construction company’s stock valued at $452,000 after buying an additional 330 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in MasTec during the first quarter valued at $529,000. Boston Advisors LLC bought a new stake in MasTec during the first quarter valued at $19,419,000. Finally, Cypress Capital Management LLC WY bought a new stake in MasTec during the first quarter valued at $344,000. 71.35% of the stock is owned by institutional investors and hedge funds.
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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