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 $3.03 for the period, compared to the consensus earnings per share estimate of $2.92. The company issued revenue guidance of $12.4 billion, compared to the consensus revenue estimate of $12.55 billion. MasTec also updated its FY 2024 guidance to 3.030-3.030 EPS.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. DA Davidson upped their price target on MasTec from $100.00 to $120.00 and gave the company a buy rating in a report on Tuesday, May 7th. Stifel Nicolaus increased their target price on MasTec from $100.00 to $120.00 and gave the stock a buy rating in a report on Monday, May 6th. Citigroup increased their target price on MasTec from $118.00 to $122.00 and gave the stock a buy rating in a report on Monday, July 22nd. Barclays raised their price target on MasTec from $106.00 to $130.00 and gave the company an overweight rating in a report on Monday, May 6th. Finally, B. Riley reaffirmed a buy rating and set a $132.00 price target on shares of MasTec in a report on Thursday, June 27th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, MasTec currently has an average rating of Moderate Buy and a consensus price target of $117.62.

MasTec Trading Down 3.7 %

MTZ traded down $3.94 during mid-day trading on Friday, reaching $102.18. The stock had a trading volume of 2,005,031 shares, compared to its average volume of 882,374. The stock has a market capitalization of $8.12 billion, a P/E ratio of -729.86 and a beta of 1.65. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.27 and a current ratio of 1.31. The firm’s fifty day simple moving average is $107.24 and its two-hundred day simple moving average is $92.82. MasTec has a 52 week low of $44.65 and a 52 week high of $123.33.

MasTec (NYSE:MTZ) last announced its quarterly earnings data on Thursday, May 2nd. The construction company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.33. The firm had revenue of $2.69 billion for the quarter, compared to analyst estimates of $2.62 billion. MasTec had a return on equity of 6.44% and a net margin of 0.06%. On average, equities analysts predict that MasTec will post 2.59 EPS for the current year.

Insider Buying and Selling at MasTec

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