MasTec (NYSE:MTZ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage currently has a $56.00 price objective on the construction company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.22% from the company’s previous close.
According to Zacks, “MasTec raised 2017 guidance to revenues at $6.3 billion, adjusted EBITDA at $630 million and adjusted earnings per share of $2.80. Backed by significant large project wins, MasTec expects year-end backlog at record levels, above $6 billion. Significant expansion related to both 5G and fiber deployment will benefit its wireless abd wireline businesses in the Communications segment. In the Power Generation segment, bidding activity will boost revenues while operational improvements carried out in the past will drive margins. The Electrical Transmission business is set for an improved 2018 and going through a transformational phase currently. A strong pipeline business will drive the Oil & Gas segment. MasTec outperformed the industry over the past year.”
A number of other equities analysts have also recently issued reports on the stock. Robert W. Baird set a $56.00 target price on shares of MasTec and gave the stock a “buy” rating in a research report on Wednesday. Craig Hallum boosted their price objective on shares of MasTec from $57.00 to $64.00 and gave the company a “buy” rating in a research report on Tuesday. Barclays began coverage on shares of MasTec in a research report on Tuesday, December 12th. They issued an “overweight” rating and a $54.00 price objective for the company. ValuEngine lowered shares of MasTec from a “buy” rating to a “hold” rating in a research report on Tuesday, November 14th. Finally, B. Riley reissued a “buy” rating and issued a $67.00 price objective (up previously from $66.00) on shares of MasTec in a research report on Tuesday, November 7th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $56.33.
MasTec (NYSE:MTZ) last announced its earnings results on Thursday, November 2nd. The construction company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.09. The company had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.66 billion. MasTec had a net margin of 3.78% and a return on equity of 20.67%. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.81 earnings per share. research analysts predict that MasTec will post 2.65 earnings per share for the current fiscal year.
In other news, COO Robert E. Apple sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $50.16, for a total value of $1,254,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 20.30% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in MasTec by 4.9% in the second quarter. Vanguard Group Inc. now owns 7,219,537 shares of the construction company’s stock valued at $325,963,000 after purchasing an additional 335,076 shares during the period. Macquarie Group Ltd. grew its holdings in MasTec by 15.3% in the third quarter. Macquarie Group Ltd. now owns 3,046,860 shares of the construction company’s stock valued at $141,374,000 after purchasing an additional 404,076 shares during the period. State Street Corp grew its holdings in MasTec by 6.8% in the second quarter. State Street Corp now owns 1,319,541 shares of the construction company’s stock valued at $59,578,000 after purchasing an additional 84,002 shares during the period. Hood River Capital Management LLC grew its holdings in MasTec by 3.9% in the second quarter. Hood River Capital Management LLC now owns 1,099,113 shares of the construction company’s stock valued at $49,625,000 after purchasing an additional 40,885 shares during the period. Finally, Rothschild Asset Management Inc. grew its holdings in MasTec by 18.5% in the third quarter. Rothschild Asset Management Inc. now owns 943,843 shares of the construction company’s stock valued at $43,794,000 after purchasing an additional 147,017 shares during the period. Hedge funds and other institutional investors own 73.22% of the company’s stock.
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MasTec Company Profile
MasTec, Inc is an infrastructure construction company. The Company operates primarily across North America through a range of industries. The Company operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other. Its primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; conventional and renewable power generation, and industrial infrastructure.
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