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.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on MTZ shares. UBS Group lifted 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. B. Riley lifted their price objective on MasTec from $132.00 to $134.00 and gave the company a “buy” rating in a research note on Monday, August 5th. DA Davidson lifted their price objective on MasTec from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Citigroup lifted their price objective on MasTec from $122.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Truist Financial lifted 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. Three 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $134.00.

MasTec Stock Performance

MasTec stock traded up $7.11 during mid-day trading on Friday, reaching $130.00. 2,451,701 shares of the stock traded hands, compared to its average volume of 682,982. The stock has a market capitalization of $10.30 billion, a PE ratio of 116.07 and a beta of 1.70. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.27 and a quick ratio of 1.23. MasTec has a 12-month low of $44.65 and a 12-month high of $138.87. The business’s 50-day moving average is $119.20 and its 200-day moving average is $109.84.

MasTec (NYSE:MTZ) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.09. The company had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $3.09 billion. MasTec had a return on equity of 8.35% and a net margin of 0.73%. MasTec’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.81 earnings per share. As a group, sell-side analysts predict that MasTec will post 2.69 EPS for the current fiscal year.

Insider Activity at MasTec

In related news, COO Robert E. Apple sold 20,000 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $126.27, for a total transaction of $2,525,400.00. Following the completion of the sale, the chief operating officer now owns 217,202 shares in the company, valued at approximately $27,426,096.54. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other MasTec news, COO Robert E. Apple sold 800 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $130.04, for a total transaction of $104,032.00. Following the completion of the sale, the chief operating officer now owns 216,402 shares of the company’s stock, valued at approximately $28,140,916.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Robert E. Apple sold 20,000 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $126.27, for a total value of $2,525,400.00. Following the sale, 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,800 shares of company stock worth $2,978,212. 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.