MasTec (NYSE:MTZ) Issues FY24 Earnings Guidance

MasTec (NYSE:MTZ) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $3.75 for the period, compared to the consensus 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 Q4 guidance to $1.29 EPS.

MasTec Stock Up 2.4 %

NYSE:MTZ traded up $2.89 during trading hours on Thursday, hitting $122.89. 1,405,065 shares of the company’s stock traded hands, compared to its average volume of 844,006. The firm has a market cap of $9.76 billion, a P/E ratio of -867.57 and a beta of 1.70. MasTec has a twelve month low of $44.65 and a twelve month high of $130.22. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.23 and a current ratio of 1.27. The stock’s fifty day moving average price is $118.57 and its two-hundred day moving average price is $109.26.

MasTec (NYSE:MTZ) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.09. The firm had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.09 billion. MasTec had a return on equity of 6.42% and a net margin of 0.06%. MasTec’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.81 earnings per share. On average, research analysts expect that MasTec will post 2.69 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MTZ. UBS Group upped their price target on MasTec from $129.00 to $147.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Stifel Nicolaus upped their price target on MasTec from $121.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. KeyCorp upped their price target on MasTec from $123.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. The Goldman Sachs Group upped their price target on MasTec from $115.00 to $130.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. assumed coverage on MasTec in a research note on Monday, October 7th. They set an “overweight” rating and a $153.00 target price for the company. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $134.00.

Insider Activity at MasTec

In other news, COO Robert E. Apple sold 20,000 shares of MasTec stock in a transaction on Friday, September 20th. The stock was sold at an average price of $126.27, for a total value of $2,525,400.00. Following the completion of the sale, the chief operating officer now directly owns 217,202 shares of the company’s stock, valued at approximately $27,426,096.54. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Robert E. Apple sold 20,000 shares of MasTec stock in a transaction on Friday, September 20th. The stock was sold at an average price of $126.27, for a total value of $2,525,400.00. Following the completion of the sale, the chief operating officer now directly owns 217,202 shares of the company’s stock, valued at approximately $27,426,096.54. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director C Robert Campbell sold 3,000 shares of MasTec stock in a transaction on 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 sale, the director now directly owns 48,173 shares of the company’s stock, valued at $5,600,592.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,800 shares of company stock valued at $2,978,212 in the last three months. 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.