MasTec’s (MTZ) “Buy” Rating Reiterated at Truist Financial

Truist Financial reaffirmed their buy rating on shares of MasTec (NYSE:MTZ) in a research report report published on Monday,Benzinga reports. Truist Financial currently has a $332.00 price objective on the construction company’s stock, down from their previous price objective of $380.00.

Several other equities analysts also recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on MasTec from $369.00 to $303.00 and set an “overweight” rating for the company in a research report on Monday, October 19th. UBS Group reduced their price objective on MasTec from $453.00 to $410.00 and set a “buy” rating on the stock in a research note on Tuesday, August 4th. Robert W. Baird decreased their target price on MasTec from $475.00 to $363.00 and set an “outperform” rating on the stock in a report on Monday, August 3rd. Barclays lowered their target price on MasTec from $340.00 to $320.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Finally, Morgan Stanley set a $369.00 price target on MasTec in a report on Friday, July 31st. Nineteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, MasTec currently has a consensus rating of “Moderate Buy” and a consensus target price of $347.80.

MasTec Price Performance

NYSE:MTZ opened at $167.96 on Monday. The firm has a market cap of $13.49 billion, a PE ratio of 27.44 and a beta of 1.91. MasTec has a 12 month low of $164.21 and a 12 month high of $441.43. The company has a quick ratio of 1.36, a current ratio of 1.39 and a debt-to-equity ratio of 0.95. The company’s 50-day moving average price is $211.44 and its two-hundred day moving average price is $299.77.

MasTec (NYSE:MTZ) last issued its quarterly earnings data on Thursday, October 29th. The construction company reported $2.96 earnings per share for the quarter, topping the consensus estimate of $2.95 by $0.01. MasTec had a net margin of 2.80% and a return on equity of 17.89%. The firm had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $4.94 billion. During the same period in the prior year, the firm earned $2.48 earnings per share. The company’s quarterly revenue was up 29.9% compared to the same quarter last year. On average, equities analysts anticipate that MasTec will post 8.84 EPS for the current fiscal year.

Insider Transactions at MasTec

In related news, CAO Timothy Love sold 366 shares of the firm’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $198.52, for a total value of $72,658.32. Following the transaction, the chief accounting officer owned 9,926 shares in the company, valued at $1,970,509.52. This trade represents a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 21.40% of the stock is currently owned by corporate insiders.

Institutional Trading of MasTec

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Earned Wealth Advisors LLC raised its stake in shares of MasTec by 2.8% in the 1st quarter. Earned Wealth Advisors LLC now owns 1,013 shares of the construction company’s stock valued at $326,000 after purchasing an additional 28 shares during the period. Everhart Financial Group Inc. lifted its holdings in shares of MasTec by 5.4% in the second quarter. Everhart Financial Group Inc. now owns 874 shares of the construction company’s stock valued at $364,000 after purchasing an additional 45 shares in the last quarter. Armstrong Advisory Group Inc. boosted its position in shares of MasTec by 40.7% during the third quarter. Armstrong Advisory Group Inc. now owns 197 shares of the construction company’s stock worth $42,000 after buying an additional 57 shares during the period. Parallel Advisors LLC boosted its position in shares of MasTec by 21.0% during the first quarter. Parallel Advisors LLC now owns 340 shares of the construction company’s stock worth $109,000 after buying an additional 59 shares during the period. Finally, North Dakota State Investment Board boosted its position in shares of MasTec by 3.2% during the third quarter. North Dakota State Investment Board now owns 1,909 shares of the construction company’s stock worth $408,000 after buying an additional 60 shares during the period. 78.10% of the stock is owned by institutional investors.

About MasTec

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.