MasTec (NYSE:MTZ) Issues FY24 Earnings Guidance

MasTec (NYSE:MTZ) updated its FY24 earnings guidance on Thursday. 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 FY 2024 guidance to 3.030-3.030 EPS.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. TD Cowen upped their price target on shares of MasTec from $105.00 to $110.00 and gave the stock a buy rating in a report on Monday, May 6th. B. Riley restated a buy rating and issued a $132.00 price target on shares of MasTec in a report on Thursday, June 27th. Craig Hallum upped their price target on shares of MasTec from $96.00 to $125.00 and gave the stock a buy rating in a report on Monday, May 6th. Robert W. Baird upped their price target on shares of MasTec from $89.00 to $110.00 and gave the stock a neutral rating in a report on Monday, May 6th. Finally, Stifel Nicolaus upped their price target on shares of MasTec from $100.00 to $120.00 and gave the stock a buy rating in a report 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 company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $117.62.

MasTec Trading Down 3.7 %

Shares of NYSE:MTZ traded down $3.94 during midday trading on Friday, reaching $102.18. 2,005,031 shares of the company’s stock were exchanged, compared to its average volume of 882,374. The stock has a market cap of $8.12 billion, a price-to-earnings ratio of -729.86 and a beta of 1.65. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.31 and a quick ratio of 1.27. The firm’s 50 day simple moving average is $107.24 and its two-hundred day simple moving average is $92.82. MasTec has a fifty-two week low of $44.65 and a fifty-two week high of $123.33.

MasTec (NYSE:MTZ) last released its earnings results on Thursday, May 2nd. The construction company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.33. The company had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.62 billion. MasTec had a return on equity of 6.44% and a net margin of 0.06%. As a group, sell-side analysts forecast that MasTec will post 2.59 EPS for the current fiscal year.

Insider Transactions 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 sale, the director now owns 50,725 shares in the company, valued at $5,579,750. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other MasTec 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 value of $220,000.00. Following the completion of the sale, 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 SEC, which is available through this link. Also, Director Javier Alberto Palomarez sold 2,850 shares of the business’s stock in a transaction that occurred on 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 approximately $1,137,742.22. The disclosure for this sale can be found here. Corporate insiders own 21.30% 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.