MasTec (NYSE:MTZ) Issues FY24 Earnings Guidance

MasTec (NYSE:MTZ) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $3.75 for the period, compared to the consensus EPS estimate of $3.01. The company issued revenue guidance of ~$12.225 billion, compared to the consensus revenue estimate of $12.39 billion. MasTec also updated its FY 2024 guidance to 3.750-3.750 EPS.

MasTec Stock Up 5.8 %

MTZ stock traded up $7.11 during mid-day trading on Friday, reaching $130.00. The company had a trading volume of 2,451,701 shares, compared to its average volume of 682,982. The company has a market capitalization of $10.30 billion, a price-to-earnings ratio of 116.07 and a beta of 1.70. MasTec has a 52 week low of $44.65 and a 52 week high of $138.87. The stock has a 50 day simple moving average of $119.20 and a two-hundred day simple moving average of $109.84. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.27 and a quick ratio of 1.23.

MasTec (NYSE:MTZ) last released its earnings results on Thursday, August 1st. The construction company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.09. MasTec had a net margin of 0.73% and a return on equity of 8.35%. The business had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same period last year, the business earned $0.81 earnings per share. The firm’s revenue was up 3.0% on a year-over-year basis. As a group, equities analysts predict that MasTec will post 2.69 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on MTZ. DA Davidson boosted their price objective on shares of MasTec from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. B. Riley upped their price objective on MasTec from $132.00 to $134.00 and gave the company a “buy” rating in a research note on Monday, August 5th. KeyCorp lifted their target price on MasTec from $123.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. UBS Group boosted their target price on MasTec from $129.00 to $147.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Citigroup lifted their price objective on shares of MasTec from $122.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $134.00.

Insider Activity

In related news, Director C Robert Campbell sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $116.26, for a total transaction of $348,780.00. Following the transaction, the director now directly owns 48,173 shares of the company’s stock, valued at approximately $5,600,592.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Robert E. Apple sold 800 shares of the company’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $130.04, for a total transaction of $104,032.00. Following the completion of the sale, the chief operating officer now directly owns 216,402 shares in the company, valued at approximately $28,140,916.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director C Robert Campbell sold 3,000 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $116.26, for a total value of $348,780.00. Following the completion of the transaction, the director now owns 48,173 shares in the company, valued at $5,600,592.98. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,800 shares of company stock valued at $2,978,212. 21.30% of the stock is 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.