MasTec, Inc. (NYSE:MTZ) Forecasted to Post Q3 2024 Earnings of $1.15 Per Share

MasTec, Inc. (NYSE:MTZ) – Stock analysts at DA Davidson issued their Q3 2024 earnings estimates for MasTec in a research note issued to investors on Tuesday, August 6th. DA Davidson analyst B. Thielman anticipates that the construction company will post earnings of $1.15 per share for the quarter. DA Davidson has a “Buy” rating and a $125.00 price target on the stock. The consensus estimate for MasTec’s current full-year earnings is $2.59 per share. DA Davidson also issued estimates for MasTec’s FY2024 earnings at $2.67 EPS.

Several other brokerages also recently issued reports on MTZ. Stifel Nicolaus upped their price target on shares of MasTec from $120.00 to $121.00 and gave the company a “buy” rating in a report on Monday. StockNews.com raised shares of MasTec from a “hold” rating to a “buy” rating in a report on Monday, May 6th. KeyCorp upped their price target on shares of MasTec from $113.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, May 13th. Barclays upped their price target on shares of MasTec from $106.00 to $130.00 and gave the company an “overweight” rating in a report on Monday, May 6th. Finally, Truist Financial reissued a “hold” rating and issued a $112.00 price objective (up previously from $109.00) on shares of MasTec in a research report on Monday. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $117.50.

MasTec Stock Up 3.9 %

Shares of NYSE MTZ opened at $108.35 on Wednesday. MasTec has a 12-month low of $44.65 and a 12-month high of $113.12. The company has a market capitalization of $8.61 billion, a PE ratio of -773.93 and a beta of 1.65. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.31 and a quick ratio of 1.27. The firm’s 50-day moving average is $106.75 and its two-hundred day moving average is $93.87.

MasTec (NYSE:MTZ) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.09. The firm had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $3.09 billion. MasTec had a net margin of 0.06% and a return on equity of 6.44%. The firm’s revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 earnings per share.

Hedge Funds Weigh In On MasTec

Several institutional investors and hedge funds have recently bought and sold shares of MTZ. Hobbs Group Advisors LLC acquired a new stake in shares of MasTec in the second quarter worth $27,000. Quarry LP acquired a new stake in shares of MasTec in the fourth quarter worth $37,000. GAMMA Investing LLC increased its position in shares of MasTec by 64.9% in the second quarter. GAMMA Investing LLC now owns 366 shares of the construction company’s stock worth $39,000 after acquiring an additional 144 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of MasTec in the second quarter worth $40,000. Finally, Bessemer Group Inc. increased its position in shares of MasTec by 5,436.4% in the first quarter. Bessemer Group Inc. now owns 609 shares of the construction company’s stock worth $57,000 after acquiring an additional 598 shares in the last quarter. Institutional investors and hedge funds own 78.10% of the company’s stock.

Insider Buying and Selling

In related news, Director Javier Alberto Palomarez sold 2,850 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $106.67, for a total transaction of $304,009.50. Following the completion of the transaction, the director now owns 10,666 shares of the company’s stock, valued at $1,137,742.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director C Robert Campbell sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $110.00, for a total transaction of $220,000.00. Following the completion of the transaction, the director now owns 50,725 shares of the company’s stock, valued at $5,579,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Javier Alberto Palomarez sold 2,850 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $106.67, for a total transaction of $304,009.50. Following the transaction, the director now directly owns 10,666 shares of the company’s stock, valued at approximately $1,137,742.22. The disclosure for this sale can be found here. 21.30% of the stock is currently owned by company insiders.

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.