MasTec (NYSE:MTZ) Updates FY24 Earnings Guidance

MasTec (NYSE:MTZ) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $3.75 for the period, compared to the consensus earnings per share 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.

MasTec Price Performance

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

MasTec (NYSE:MTZ) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.09. MasTec had a net margin of 0.73% and a return on equity of 8.35%. The firm had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter last year, the company earned $0.81 earnings per share. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. Equities research analysts expect that MasTec will post 2.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MTZ has been the topic of several recent analyst reports. DA Davidson boosted their price target on MasTec from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, August 5th. The Goldman Sachs Group increased their price objective on MasTec from $115.00 to $130.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. B. Riley increased their price objective on MasTec from $132.00 to $134.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Truist Financial increased their price objective on MasTec from $112.00 to $133.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, KeyCorp raised their target price on MasTec from $123.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $134.00.

Insiders Place Their Bets

In other MasTec news, Director C Robert Campbell sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $116.26, for a total transaction of $348,780.00. Following the transaction, the director now owns 48,173 shares in the company, valued at approximately $5,600,592.98. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, COO Robert E. Apple sold 800 shares of MasTec 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 transaction, the chief operating officer now owns 216,402 shares in the company, valued at $28,140,916.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director C Robert Campbell sold 3,000 shares of MasTec stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $116.26, for a total value of $348,780.00. Following the transaction, the director now owns 48,173 shares in the company, valued at $5,600,592.98. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,800 shares of company stock worth $2,978,212. 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.