Research Analysts Issue Forecasts for MasTec FY2024 Earnings

MasTec, Inc. (NYSE:MTZ - Free Report) - Equities researchers at DA Davidson raised their FY2024 EPS estimates for shares of MasTec in a research note issued to investors on Monday, November 4th. DA Davidson analyst B. Thielman now forecasts that the construction company will earn $3.44 per share for the year, up from their previous forecast of $2.72. DA Davidson currently has a "Buy" rating and a $125.00 target price on the stock. The consensus estimate for MasTec's current full-year earnings is $2.69 per share. DA Davidson also issued estimates for MasTec's Q4 2024 earnings at $1.21 EPS and FY2025 earnings at $5.34 EPS.

Several other equities research analysts have also issued reports on the stock. JPMorgan Chase & Co. initiated coverage on shares of MasTec in a report on Monday, October 7th. They issued an "overweight" rating and a $153.00 target price for the company. KeyCorp upped their target price on shares of MasTec from $123.00 to $145.00 and gave the stock an "overweight" rating in a report on Tuesday, October 8th. Truist Financial upgraded MasTec from a "hold" rating to a "buy" rating and boosted their price objective for the company from $133.00 to $173.00 in a research report on Tuesday. Citigroup boosted their price objective on MasTec from $122.00 to $150.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. Finally, Robert W. Baird boosted their price objective on MasTec from $120.00 to $153.00 and gave the company a "neutral" rating in a research report on Monday. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $148.62.

MasTec Stock Performance

Shares of NYSE:MTZ traded up $4.09 during midday trading on Wednesday, hitting $140.63. The company had a trading volume of 1,537,856 shares, compared to its average volume of 856,182. The company has a market cap of $11.14 billion, a price-to-earnings ratio of 125.63 and a beta of 1.70. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.24 and a quick ratio of 1.20. The company has a fifty day moving average of $120.16 and a two-hundred day moving average of $110.75. MasTec has a 12-month low of $46.70 and a 12-month high of $140.98.

Hedge Funds Weigh In On MasTec

A number of large investors have recently made changes to their positions in MTZ. Pacer Advisors Inc. boosted its stake in shares of MasTec by 15,067.0% during the 2nd quarter. Pacer Advisors Inc. now owns 1,365,638 shares of the construction company's stock worth $146,110,000 after purchasing an additional 1,356,634 shares during the period. D1 Capital Partners L.P. purchased a new position in shares of MasTec during the 2nd quarter worth about $79,494,000. Hood River Capital Management LLC boosted its stake in shares of MasTec by 59.8% during the 2nd quarter. Hood River Capital Management LLC now owns 1,194,250 shares of the construction company's stock worth $127,773,000 after purchasing an additional 446,762 shares during the period. AQR Capital Management LLC boosted its stake in shares of MasTec by 3,439.7% during the 2nd quarter. AQR Capital Management LLC now owns 262,504 shares of the construction company's stock worth $28,085,000 after purchasing an additional 255,088 shares during the period. Finally, Van ECK Associates Corp boosted its stake in shares of MasTec by 205.4% during the 3rd quarter. Van ECK Associates Corp now owns 282,970 shares of the construction company's stock worth $34,613,000 after purchasing an additional 190,320 shares during the period. 78.10% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MasTec

In other news, Director C Robert Campbell sold 3,000 shares of MasTec stock in a transaction dated 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 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 document filed with the SEC, which can be accessed through this hyperlink. In other MasTec news, COO Robert E. Apple sold 800 shares of the business's stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $130.04, for a total transaction of $104,032.00. Following the sale, the chief operating officer now directly owns 216,402 shares of the company's stock, valued at $28,140,916.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director C Robert Campbell sold 3,000 shares of MasTec stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $116.26, for a total transaction 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,823 shares of company stock valued at $5,558,301. 21.30% of the stock is currently owned by insiders.

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.