MasTec (NYSE:MTZ – Get Free Report) updated its third quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.24 for the period, compared to the consensus estimate of $1.22. The company issued revenue guidance of $3.45 billion, compared to the consensus revenue estimate of $3.44 billion. MasTec also updated its FY 2024 guidance to 3.030-3.030 EPS.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on the stock. Stifel Nicolaus boosted their target price on shares of MasTec from $100.00 to $120.00 and gave the company a buy rating in a research report on Monday, May 6th. StockNews.com raised shares of MasTec from a hold rating to a buy rating in a report on Monday, May 6th. Barclays upped their price objective on shares of MasTec from $106.00 to $130.00 and gave the company an overweight rating in a research note on Monday, May 6th. Citigroup upped their price objective on shares of MasTec from $118.00 to $122.00 and gave the company a buy rating in a research note on Monday, July 22nd. Finally, Truist Financial reaffirmed a hold rating and issued a $109.00 price objective (up from $96.00) on shares of MasTec in a research note on Monday, May 6th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, MasTec currently has a consensus rating of Moderate Buy and an average target price of $117.62.
Read Our Latest Analysis on MasTec
MasTec Stock Performance
MasTec (NYSE:MTZ – Get Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The construction company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.33. MasTec had a net margin of 0.06% and a return on equity of 6.44%. The business had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.62 billion. On average, equities research analysts expect that MasTec will post 2.59 earnings per share for the current year.
Insider Transactions at MasTec
In other news, Director C Robert Campbell sold 2,000 shares of the firm’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 value of $220,000.00. Following the completion of the transaction, the director now directly owns 50,725 shares in the company, valued at $5,579,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Javier Alberto Palomarez sold 2,850 shares of the business’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 value of $304,009.50. Following the completion of the sale, the director now directly owns 10,666 shares in the company, valued at approximately $1,137,742.22. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director C Robert Campbell sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $110.00, for a total transaction of $220,000.00. Following the completion of the sale, the director now owns 50,725 shares of the company’s stock, valued at $5,579,750. The disclosure for this sale can be found here. Corporate 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.
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