MasTec (NYSE:MTZ) Updates FY24 Earnings Guidance

MasTec (NYSE:MTZ) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $3.03 for the period, compared to the consensus EPS 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.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MTZ shares. The Goldman Sachs Group increased their target price on MasTec from $88.00 to $109.00 and gave the company a neutral rating in a report on Tuesday, May 28th. Stifel Nicolaus raised their target price on shares of MasTec from $100.00 to $120.00 and gave the stock a buy rating in a report on Monday, May 6th. B. Riley reiterated a buy rating and set a $132.00 price target on shares of MasTec in a report on Thursday, June 27th. Craig Hallum raised their price target on shares of MasTec from $96.00 to $125.00 and gave the stock a buy rating in a report on Monday, May 6th. Finally, KeyCorp upped their price objective on shares of MasTec from $113.00 to $120.00 and gave the company an overweight rating in a research note on Monday, May 13th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $117.62.

MasTec Stock Performance

Shares of NYSE:MTZ traded down $3.94 during trading on Friday, hitting $102.18. The company’s stock had a trading volume of 2,005,031 shares, compared to its average volume of 882,374. The company has a 50-day moving average of $107.24 and a 200-day moving average of $92.82. 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 has a market cap of $8.12 billion, a price-to-earnings ratio of -729.86 and a beta of 1.65. MasTec has a 12 month low of $44.65 and a 12 month high of $123.33.

MasTec (NYSE:MTZ) last announced its earnings results on Thursday, May 2nd. The construction company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.33. MasTec had a return on equity of 6.44% and a net margin of 0.06%. The company had revenue of $2.69 billion for the quarter, compared to analysts’ expectations of $2.62 billion. On average, sell-side analysts expect that MasTec will post 2.59 earnings per share for the current year.

Insider Activity

In other news, Director C Robert Campbell sold 2,000 shares of the stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $110.00, for a total value of $220,000.00. Following the completion of the sale, the director now directly owns 50,725 shares of the company’s stock, valued at $5,579,750. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director C Robert Campbell sold 2,000 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $110.00, for a total value of $220,000.00. Following the transaction, the director now owns 50,725 shares of the company’s stock, valued at $5,579,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Javier Alberto Palomarez sold 2,850 shares of the company’s stock in a transaction 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 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. 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.