MasTec (NYSE:MTZ) Releases FY24 Earnings Guidance

MasTec (NYSE:MTZ) issued an update on its FY24 earnings guidance on Thursday morning. 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 Q3 guidance to $1.24 EPS.

MasTec Trading Down 3.6 %

Shares of MTZ stock traded down $3.91 on Thursday, hitting $106.12. The stock had a trading volume of 1,717,547 shares, compared to its average volume of 876,477. The company’s 50 day moving average price is $107.52 and its 200-day moving average price is $92.51. MasTec has a 1 year low of $44.65 and a 1 year high of $123.33. The firm has a market capitalization of $8.43 billion, a P/E ratio of -758.00 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.

MasTec (NYSE:MTZ) last posted its quarterly earnings data on Thursday, May 2nd. The construction company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.33. MasTec had a negative net margin of 0.09% and a positive return on equity of 6.19%. The business had revenue of $2.69 billion during the quarter, compared to analyst estimates of $2.62 billion. Analysts anticipate that MasTec will post 2.59 earnings per share for the current year.

Analysts Set New Price Targets

MTZ has been the topic of several recent research reports. The Goldman Sachs Group upped their price target on MasTec from $88.00 to $109.00 and gave the stock a neutral rating in a report on Tuesday, May 28th. Robert W. Baird lifted their price target on shares of MasTec from $89.00 to $110.00 and gave the stock a neutral rating in a research note on Monday, May 6th. Barclays increased their price objective on shares of MasTec from $106.00 to $130.00 and gave the company an overweight rating in a research report on Monday, May 6th. Citigroup lifted their price objective on shares of MasTec from $118.00 to $122.00 and gave the stock a buy rating in a research report on Monday, July 22nd. Finally, KeyCorp increased their target price on MasTec from $113.00 to $120.00 and gave the company an overweight rating in a report on Monday, May 13th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, MasTec has a consensus rating of Moderate Buy and an average price target of $117.62.

Insider Activity at MasTec

In other news, Director Javier Alberto Palomarez sold 2,850 shares of the firm’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 transaction, the director now directly owns 10,666 shares in the company, valued at $1,137,742.22. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director C Robert Campbell sold 2,000 shares of the business’s stock in a transaction dated 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 owns 50,725 shares in the company, valued at approximately $5,579,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $304,009.50. Following the sale, 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.

MasTec Company Profile

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.