MasTec (MTZ) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of MasTec (NYSE:MTZ) from a hold rating to a buy rating in a research report report published on Monday morning, Zacks.com reports. Zacks Investment Research currently has $56.00 target price on the construction company’s stock.

According to Zacks, “MasTec has outperformed its industry over the past three months. Earnings estimates for 2019 and 2020 have been trending upward over the past 60 days. On a further encouraging note, the company’s earnings have surpassed the Zacks Consensus Estimate for 13 consecutive quarters. Strong backlog and growth prospects across its segments have been driving MasTec’s performance. As of Dec 30, 2018, the company achieved a record 18-month backlog of $7.7 billion, reflecting an increase of 9% from the comparable prior-year period. Benefits from the tax reform, major expansion in 5G and FirstNet, fiber expansion, and sizable growth in the Power Generation business continue to be major growth catalysts. However, large project delays and ramp-up costs are indeed creating hurdles for MasTec.”

MTZ has been the subject of a number of other research reports. Robert W. Baird increased their target price on shares of MasTec from $50.00 to $52.00 and gave the stock a neutral rating in a research report on Monday, March 4th. B. Riley lowered their price target on shares of MasTec from $71.00 to $61.00 and set a buy rating on the stock in a report on Tuesday, March 5th. DA Davidson lowered their price target on shares of MasTec to $57.00 and set a buy rating on the stock in a report on Monday, February 4th. ValuEngine raised shares of MasTec from a sell rating to a hold rating in a report on Friday, March 15th. Finally, Barclays reissued a buy rating and issued a $57.00 price target on shares of MasTec in a report on Wednesday, March 13th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. MasTec presently has a consensus rating of Buy and a consensus target price of $59.88.

Shares of NYSE:MTZ opened at $50.44 on Monday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.69 and a quick ratio of 1.60. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 1.47 and a beta of 1.43. MasTec has a twelve month low of $37.24 and a twelve month high of $54.70.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. raised its stake in MasTec by 4.9% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 7,731 shares of the construction company’s stock valued at $314,000 after purchasing an additional 360 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in MasTec by 3.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 12,929 shares of the construction company’s stock valued at $524,000 after purchasing an additional 423 shares in the last quarter. Campbell Newman Asset Management Inc. raised its stake in MasTec by 2.5% in the first quarter. Campbell Newman Asset Management Inc. now owns 18,025 shares of the construction company’s stock valued at $867,000 after purchasing an additional 442 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in MasTec by 12.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,402 shares of the construction company’s stock valued at $179,000 after purchasing an additional 504 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in MasTec by 8.3% in the fourth quarter. Bank of Montreal Can now owns 7,234 shares of the construction company’s stock valued at $294,000 after purchasing an additional 552 shares in the last quarter. 87.55% of the stock is currently owned by institutional investors and hedge funds.

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, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other.

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