MasTec (NYSE:MTZ) Stock Price Down 10.8% – What’s Next?

MasTec, Inc. (NYSE:MTZ) was down 10.8% during trading on Wednesday. The stock traded as low as $175.30 and last traded at $176.6760. 419,235 shares traded hands during trading, a decline of 66% from the average session volume of 1,224,855 shares. The stock had previously closed at $198.10.

Wall Street Analysts Forecast Growth

MTZ has been the topic of several research reports. Morgan Stanley set a $369.00 price target on shares of MasTec in a research report on Friday, July 31st. Zacks Research downgraded shares of MasTec from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 26th. Jefferies Financial Group reiterated a “buy” rating and issued a $353.00 price objective on shares of MasTec in a research note on Wednesday. Guggenheim boosted their target price on shares of MasTec from $480.00 to $518.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Finally, Weiss Ratings raised shares of MasTec from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday. Nineteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, MasTec presently has a consensus rating of “Moderate Buy” and an average target price of $347.80.

MasTec Stock Down 17.0%

The company has a market cap of $13.20 billion, a PE ratio of 26.92 and a beta of 1.91. The stock has a 50-day moving average of $213.02 and a 200-day moving average of $300.11. The company has a quick ratio of 1.36, a current ratio of 1.39 and a debt-to-equity ratio of 0.95.

MasTec (NYSE:MTZ) last posted its earnings results on Thursday, October 29th. The construction company reported $2.96 EPS for the quarter, topping the consensus estimate of $2.95 by $0.01. The business had revenue of $5.15 billion during the quarter, compared to analysts’ expectations of $4.94 billion. MasTec had a return on equity of 17.89% and a net margin of 2.80%. The firm’s revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.48 earnings per share. Sell-side analysts predict that MasTec, Inc. will post 8.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MasTec

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of MasTec in the 2nd quarter worth about $3,178,069,000. Hill City Capital LP purchased a new position in shares of MasTec during the 2nd quarter valued at about $896,609,300. First Trust Advisors LP raised its holdings in shares of MasTec by 7.6% during the 1st quarter. First Trust Advisors LP now owns 1,411,584 shares of the construction company’s stock valued at $454,163,000 after buying an additional 100,151 shares in the last quarter. Bank of America Corp DE bought a new stake in MasTec in the 2nd quarter worth approximately $555,825,000. Finally, Bank of New York Mellon Corp bought a new stake in MasTec in the 2nd quarter worth approximately $280,544,000. Hedge funds and other institutional investors own 78.10% of the company’s stock.

MasTec Company Profile

MasTec, Inc is an infrastructure construction and engineering company that provides services to the communications, energy, utility, and industrial sectors. The company designs, builds, installs, maintains, and upgrades infrastructure for wireless and wireline communications networks, including cellular, broadband, fiber-optic, and other connectivity systems.

MasTec also performs construction and maintenance work for electric transmission and distribution systems, renewable energy projects, and other power infrastructure.