DA Davidson Has Bullish Estimate for MasTec FY2024 Earnings

MasTec, Inc. (NYSE:MTZ) – Analysts at DA Davidson lifted their FY2024 earnings per share (EPS) estimates for MasTec in a note issued to investors on Monday, November 4th. DA Davidson analyst B. Thielman now expects that the construction company will earn $3.44 per share for the year, up from their prior forecast of $2.72. DA Davidson has a “Buy” rating and a $125.00 price objective on the stock. The consensus estimate for MasTec’s current full-year earnings is $2.69 per share. DA Davidson also issued estimates for MasTec’s Q4 2024 earnings at $1.21 EPS and FY2025 earnings at $5.34 EPS.

A number of other equities research analysts also recently commented on MTZ. Truist Financial upgraded MasTec from a “hold” rating to a “buy” rating and increased their price objective for the company from $133.00 to $173.00 in a research report on Tuesday. B. Riley reiterated a “buy” rating and set a $166.00 price objective (up previously from $151.00) on shares of MasTec in a research report on Tuesday. The Goldman Sachs Group increased their price objective on MasTec from $115.00 to $130.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. TD Cowen increased their price objective on MasTec from $115.00 to $160.00 and gave the company a “buy” rating in a research report on Monday. Finally, Citigroup increased their price objective on MasTec from $122.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $148.62.

MasTec Price Performance

Shares of NYSE:MTZ opened at $136.65 on Wednesday. MasTec has a one year low of $46.70 and a one year high of $139.39. The stock has a fifty day moving average of $120.16 and a 200-day moving average of $110.75. The company has a market capitalization of $10.83 billion, a PE ratio of 122.01 and a beta of 1.70. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.20 and a current ratio of 1.24.

Hedge Funds Weigh In On MasTec

Several hedge funds have recently bought and sold shares of the business. Pacer Advisors Inc. increased its position in MasTec by 15,067.0% during the second quarter. Pacer Advisors Inc. now owns 1,365,638 shares of the construction company’s stock worth $146,110,000 after buying an additional 1,356,634 shares during the last quarter. Hood River Capital Management LLC grew its position in shares of MasTec by 59.8% in the second quarter. Hood River Capital Management LLC now owns 1,194,250 shares of the construction company’s stock valued at $127,773,000 after purchasing an additional 446,762 shares during the last quarter. D1 Capital Partners L.P. acquired a new stake in shares of MasTec in the second quarter valued at about $79,494,000. Marshall Wace LLP grew its position in shares of MasTec by 4.3% in the second quarter. Marshall Wace LLP now owns 718,086 shares of the construction company’s stock valued at $76,828,000 after purchasing an additional 29,631 shares during the last quarter. Finally, Vontobel Holding Ltd. grew its position in shares of MasTec by 6.3% in the third quarter. Vontobel Holding Ltd. now owns 531,393 shares of the construction company’s stock valued at $65,414,000 after purchasing an additional 31,266 shares during the last quarter. 78.10% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at MasTec

In other news, COO Robert E. Apple sold 19,023 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $135.63, for a total value of $2,580,089.49. Following the transaction, the chief operating officer now directly owns 197,202 shares of the company’s stock, valued at approximately $26,746,507.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other MasTec news, COO Robert E. Apple sold 20,000 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $126.27, for a total transaction of $2,525,400.00. Following the transaction, the chief operating officer now directly owns 217,202 shares of the company’s stock, valued at $27,426,096.54. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Robert E. Apple sold 19,023 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $135.63, for a total transaction of $2,580,089.49. Following the transaction, the chief operating officer now directly owns 197,202 shares in the company, valued at $26,746,507.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,823 shares of company stock valued at $5,558,301. 21.30% of the stock is owned by insiders.

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.