B. Riley Has Bullish Estimate for MasTec FY2024 Earnings

MasTec, Inc. (NYSE:MTZ - Free Report) - Research analysts at B. Riley boosted their FY2024 earnings per share (EPS) estimates for shares of MasTec in a research report issued on Tuesday, November 5th. B. Riley analyst A. Rygiel now forecasts that the construction company will earn $3.44 per share for the year, up from their prior forecast of $2.72. B. Riley currently has a "Buy" rating and a $166.00 price objective on the stock. The consensus estimate for MasTec's current full-year earnings is $2.69 per share. B. Riley also issued estimates for MasTec's Q4 2024 earnings at $1.20 EPS and FY2025 earnings at $4.17 EPS.

Several other research analysts have also weighed in on the stock. TD Cowen increased their price objective on shares of MasTec from $115.00 to $160.00 and gave the stock a "buy" rating in a report on Monday. JPMorgan Chase & Co. began coverage on shares of MasTec in a research note on Monday, October 7th. They set an "overweight" rating and a $153.00 price target on the stock. Citigroup boosted their price objective on shares of MasTec from $122.00 to $150.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. Stifel Nicolaus boosted their price target on MasTec from $121.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday, October 10th. Finally, Truist Financial upgraded MasTec from a "hold" rating to a "buy" rating and upped their price target for the stock from $133.00 to $173.00 in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $148.62.

MasTec Trading Up 2.3 %

NYSE MTZ traded up $3.32 during trading hours on Friday, hitting $144.85. 811,394 shares of the company's stock were exchanged, compared to its average volume of 855,626. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.20 and a current ratio of 1.24. The firm has a market capitalization of $11.48 billion, a P/E ratio of 129.33 and a beta of 1.70. The business's 50 day moving average is $121.40 and its 200-day moving average is $111.17. MasTec has a 12-month low of $47.02 and a 12-month high of $145.74.

Hedge Funds Weigh In On MasTec

Several large investors have recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC acquired a new stake in MasTec during the first quarter valued at approximately $785,000. Swedbank AB acquired a new stake in shares of MasTec during the 1st quarter valued at approximately $5,287,000. Interval Partners LP bought a new position in MasTec during the first quarter worth $4,230,000. Boston Partners acquired a new position in MasTec in the first quarter worth $748,000. Finally, Texas Permanent School Fund Corp increased its stake in MasTec by 8.9% during the second quarter. Texas Permanent School Fund Corp now owns 57,522 shares of the construction company's stock valued at $6,154,000 after purchasing an additional 4,716 shares during the last quarter. Institutional investors own 78.10% of the company's stock.

Insider Activity at MasTec

In other news, COO Robert E. Apple sold 20,000 shares of MasTec stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $126.27, for a total transaction of $2,525,400.00. Following the sale, the chief operating officer now directly owns 217,202 shares of the company's stock, valued at approximately $27,426,096.54. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Robert E. Apple sold 20,000 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $126.27, for a total transaction 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 represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director C Robert Campbell sold 3,000 shares of MasTec stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $116.26, for a total transaction of $348,780.00. Following the completion of the sale, the director now owns 48,173 shares of the company's stock, valued at approximately $5,600,592.98. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 42,823 shares of company stock valued at $5,558,301. Corporate insiders own 21.30% of the company's stock.

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.