MasTec (NYSE:MTZ) Price Target Raised to $122.00

MasTec (NYSE:MTZ) had its price objective raised by Citigroup from $118.00 to $122.00 in a research report sent to investors on Monday morning, Benzinga reports. Citigroup currently has a buy rating on the construction company’s stock.

A number of other brokerages have also weighed in on MTZ. StockNews.com upgraded MasTec from a hold rating to a buy rating in a research note on Monday, May 6th. TD Cowen raised their price objective on MasTec from $105.00 to $110.00 and gave the company a buy rating in a research note on Monday, May 6th. B. Riley restated a buy rating and set a $132.00 price objective on shares of MasTec in a research note on Thursday, June 27th. The Goldman Sachs Group raised their price objective on MasTec from $88.00 to $109.00 and gave the company a neutral rating in a research note on Tuesday, May 28th. Finally, Craig Hallum raised their price objective on MasTec from $96.00 to $125.00 and gave the company a buy rating in a research note on Monday, May 6th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $117.62.

MasTec Stock Performance

Shares of NYSE:MTZ opened at $104.98 on Monday. The company has a market cap of $8.34 billion, a P/E ratio of -749.86 and a beta of 1.65. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.27 and a current ratio of 1.31. MasTec has a one year low of $44.65 and a one year high of $123.33. The business’s 50-day simple moving average is $107.57 and its 200 day simple moving average is $91.29.

MasTec (NYSE:MTZ) last announced its earnings results on Thursday, May 2nd. The construction company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.33. The business had revenue of $2.69 billion for the quarter, compared to the consensus estimate of $2.62 billion. MasTec had a positive return on equity of 6.19% and a negative net margin of 0.09%. On average, sell-side analysts forecast that MasTec will post 2.59 earnings per share for the current fiscal year.

Insider Activity at MasTec

In related news, Director C Robert Campbell sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $110.00, for a total transaction of $220,000.00. Following the completion of the transaction, the director now owns 50,725 shares in the company, valued at approximately $5,579,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Javier Alberto Palomarez sold 2,850 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $106.67, for a total transaction of $304,009.50. Following the completion of the transaction, the director now owns 10,666 shares in the company, valued at approximately $1,137,742.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director C Robert Campbell sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $110.00, for a total value of $220,000.00. Following the transaction, the director now owns 50,725 shares of the company’s stock, valued at approximately $5,579,750. The disclosure for this sale can be found here. Insiders own 21.30% of the company’s stock.

Institutional Trading of MasTec

Hedge funds have recently added to or reduced their stakes in the business. Hobbs Group Advisors LLC bought a new stake in MasTec during the 2nd quarter valued at $27,000. GAMMA Investing LLC raised its stake in MasTec by 64.9% during the 2nd quarter. GAMMA Investing LLC now owns 366 shares of the construction company’s stock valued at $39,000 after acquiring an additional 144 shares in the last quarter. Quarry LP bought a new stake in MasTec during the 4th quarter valued at $37,000. Blue Trust Inc. raised its stake in MasTec by 32.6% during the 2nd quarter. Blue Trust Inc. now owns 561 shares of the construction company’s stock valued at $60,000 after acquiring an additional 138 shares in the last quarter. Finally, Rise Advisors LLC raised its stake in MasTec by 200.0% during the 2nd quarter. Rise Advisors LLC now owns 588 shares of the construction company’s stock valued at $63,000 after acquiring an additional 392 shares in the last quarter. 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.