MasTec (NYSE:MTZ) Stock Price Target Cut by Piper Sandler

MasTec (NYSE:MTZ) had its price target cut by Piper Sandler from $313.00 to $269.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the construction company’s stock. Piper Sandler‘s target price indicates a potential upside of 54.20% from the company’s current price.

Other equities analysts also recently issued reports about the company. Citigroup dropped their target price on MasTec from $408.00 to $308.00 and set a “buy” rating for the company in a research report on Friday, October 23rd. Zacks Research cut MasTec from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 26th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $274.00 price objective on shares of MasTec in a research note on Thursday, October 22nd. Guggenheim upped their price objective on MasTec from $480.00 to $518.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Finally, UBS Group dropped their price objective on shares of MasTec from $453.00 to $410.00 and set a “buy” rating for the company in a report on Tuesday, August 4th. Twenty investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $345.60.

MasTec Stock Up 0.2%

Shares of NYSE:MTZ opened at $174.45 on Monday. MasTec has a 52-week low of $147.49 and a 52-week high of $441.43. The company has a market capitalization of $14.01 billion, a PE ratio of 28.51 and a beta of 1.91. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.36 and a current ratio of 1.39. The company has a fifty day moving average of $208.10 and a 200-day moving average of $299.03.

MasTec (NYSE:MTZ) last released its quarterly earnings data on Thursday, October 29th. The construction company reported $2.96 earnings per share for the quarter, beating the consensus estimate of $2.95 by $0.01. The company had revenue of $5.15 billion for the quarter, compared to the consensus estimate of $4.94 billion. MasTec had a return on equity of 17.89% and a net margin of 2.80%. MasTec’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same quarter last year, the business posted $2.48 EPS. On average, equities analysts predict that MasTec will post 8.79 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Timothy Love sold 366 shares of the company’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $198.52, for a total value of $72,658.32. Following the sale, the chief accounting officer directly owned 9,926 shares in the company, valued at $1,970,509.52. This represents a 3.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 21.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MTZ. TFR Capital LLC. acquired a new stake in shares of MasTec during the second quarter worth $1,978,000. Bruni J V & Co. Co. acquired a new position in MasTec in the second quarter valued at $6,708,968. PensionDanmark Pensionsforsikringsaktieselskab lifted its holdings in MasTec by 93.7% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 13,229 shares of the construction company’s stock valued at $5,504,000 after buying an additional 6,400 shares during the period. Bank of America Corp DE acquired a new position in MasTec in the second quarter valued at $555,825,000. Finally, Legal & General Group Plc bought a new stake in MasTec during the second quarter valued at $75,670,000. Institutional investors and hedge funds own 78.10% of the company’s stock.

MasTec Company Profile

MasTec, Inc is an infrastructure construction and engineering company that builds and maintains systems used to deliver energy, communications and other essential services. Its work includes planning, installation, upgrading and maintenance of infrastructure for customers across a range of industries.

The company’s activities include communications networks such as fiber and wireless systems; electric power transmission and distribution; clean-energy and other infrastructure projects; and pipelines and related facilities.