MasTec (NYSE:MTZ) PT Raised to $120.00

MasTec (NYSE:MTZ) had its target price boosted by DA Davidson from $100.00 to $120.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock. DA Davidson also issued estimates for MasTec’s Q2 2024 earnings at $0.79 EPS, FY2024 earnings at $2.59 EPS and FY2025 earnings at $4.21 EPS.

Several other research analysts have also weighed in on the company. Truist Financial reaffirmed a hold rating and set a $109.00 price target (up previously from $96.00) on shares of MasTec in a research report on Monday. TD Cowen upped their price target on shares of MasTec from $105.00 to $110.00 and gave the stock a buy rating in a research report on Monday. Craig Hallum boosted their price objective on shares of MasTec from $96.00 to $125.00 and gave the stock a buy rating in a research note on Monday. StockNews.com upgraded shares of MasTec from a hold rating to a buy rating in a research note on Monday. Finally, Robert W. Baird boosted their price target on MasTec from $89.00 to $110.00 and gave the stock a neutral rating in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, MasTec currently has an average rating of Moderate Buy and a consensus target price of $111.08.

MasTec Stock Performance

Shares of MTZ stock opened at $105.67 on Tuesday. The firm has a market cap of $8.40 billion, a PE ratio of -754.79 and a beta of 1.61. MasTec has a 12 month low of $44.65 and a 12 month high of $123.33. The company’s fifty day simple moving average is $89.26 and its 200-day simple moving average is $73.70. The company has a quick ratio of 1.27, a current ratio of 1.31 and a debt-to-equity ratio of 0.94.

MasTec (NYSE:MTZ) last posted its quarterly earnings data on Thursday, February 29th. The construction company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.20. The company had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.26 billion. MasTec had a negative net margin of 0.09% and a positive return on equity of 6.19%. Equities research analysts expect that MasTec will post 2.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MTZ. Raymond James & Associates increased its stake in MasTec by 2.3% during the 3rd quarter. Raymond James & Associates now owns 86,771 shares of the construction company’s stock worth $6,245,000 after acquiring an additional 1,912 shares during the period. Bank of New York Mellon Corp increased its position in shares of MasTec by 0.9% in the third quarter. Bank of New York Mellon Corp now owns 537,773 shares of the construction company’s stock worth $38,704,000 after purchasing an additional 5,059 shares during the period. Strs Ohio raised its stake in MasTec by 30.1% in the third quarter. Strs Ohio now owns 17,859 shares of the construction company’s stock valued at $1,285,000 after purchasing an additional 4,137 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in MasTec by 9.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 415,190 shares of the construction company’s stock worth $29,881,000 after purchasing an additional 35,997 shares during the period. Finally, Park Avenue Securities LLC bought a new stake in MasTec during the third quarter worth about $245,000. Institutional investors own 78.10% 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.