MasTec (NYSE:MTZ) Releases FY24 Earnings Guidance

MasTec (NYSE:MTZ) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $3.03 for the period, compared to the consensus EPS estimate of $2.92. The company issued revenue guidance of $12.4 billion, compared to the consensus revenue estimate of $12.55 billion. MasTec also updated its Q3 guidance to $1.24 EPS.

MasTec Price Performance

Shares of MasTec stock traded down $3.91 during trading on Thursday, reaching $106.12. 1,717,547 shares of the company’s stock were exchanged, compared to its average volume of 876,477. 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 1-year low of $44.65 and a 1-year high of $123.33. The company has a market cap of $8.43 billion, a P/E ratio of -758.00 and a beta of 1.65. The firm’s 50-day moving average price is $107.52 and its 200 day moving average price is $92.51.

MasTec (NYSE:MTZ) last issued its earnings results on Thursday, May 2nd. The construction company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.33. MasTec had a positive return on equity of 6.19% and a negative net margin of 0.09%. The firm had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.62 billion. As a group, research analysts anticipate that MasTec will post 2.59 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on MTZ shares. Citigroup increased their price objective on shares of MasTec from $118.00 to $122.00 and gave the company a buy rating in a research note on Monday, July 22nd. KeyCorp boosted their price objective on MasTec from $113.00 to $120.00 and gave the stock an overweight rating in a research report on Monday, May 13th. StockNews.com upgraded MasTec from a hold rating to a buy rating in a research report on Monday, May 6th. Barclays boosted their price target on MasTec from $106.00 to $130.00 and gave the stock an overweight rating in a report on Monday, May 6th. Finally, Stifel Nicolaus lifted their target price on shares of MasTec from $100.00 to $120.00 and gave the stock a buy rating in a research report on Monday, May 6th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, MasTec currently has an average rating of Moderate Buy and an average price target of $117.62.

Insider Activity

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