MasTec (NYSE:MTZ) Issues FY24 Earnings Guidance

MasTec (NYSE:MTZ) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $3.75 for the period, compared to the consensus EPS estimate of $3.01. The company issued revenue guidance of ~$12.225 billion, compared to the consensus revenue estimate of $12.39 billion. MasTec also updated its FY 2024 guidance to 3.750-3.750 EPS.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Truist Financial raised their price objective on MasTec from $112.00 to $133.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. assumed coverage on MasTec in a research note on Monday, October 7th. They issued an “overweight” rating and a $153.00 price objective on the stock. KeyCorp raised their price objective on MasTec from $123.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. UBS Group raised their price objective on MasTec from $129.00 to $147.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, B. Riley raised their target price on MasTec from $132.00 to $134.00 and gave the company a “buy” rating in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, MasTec currently has an average rating of “Moderate Buy” and an average price target of $134.00.

MasTec Trading Up 5.8 %

Shares of MTZ traded up $7.11 during trading hours on Friday, hitting $130.00. 2,451,701 shares of the stock traded hands, compared to its average volume of 682,982. The company has a current ratio of 1.27, a quick ratio of 1.23 and a debt-to-equity ratio of 0.86. MasTec has a 1-year low of $44.65 and a 1-year high of $138.87. The firm has a market capitalization of $10.30 billion, a PE ratio of 116.07 and a beta of 1.70. The business has a fifty day moving average of $119.20 and a 200-day moving average of $109.84.

MasTec (NYSE:MTZ) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.09. MasTec had a return on equity of 8.35% and a net margin of 0.73%. The business had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. Analysts expect that MasTec will post 2.69 EPS for the current year.

Insider Activity

In other news, Director C Robert Campbell sold 3,000 shares of the company’s 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 transaction, the director now owns 48,173 shares of the company’s stock, valued at $5,600,592.98. This represents 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. In other MasTec news, COO Robert E. Apple sold 800 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $130.04, for a total value of $104,032.00. Following the transaction, the chief operating officer now owns 216,402 shares of the company’s stock, valued at approximately $28,140,916.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director C Robert Campbell sold 3,000 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $116.26, for a total value of $348,780.00. Following the completion of the transaction, the director now directly owns 48,173 shares in the company, valued at $5,600,592.98. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,800 shares of company stock valued at $2,978,212 over the last 90 days. 21.30% of the stock is owned by company 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.