MasTec (NYSE:MTZ) Stock Gets Price Target Cut from Cantor Fitzgerald

by · The Markets Daily

MasTec (NYSE:MTZ – Free Report) had its price target reduced by Cantor Fitzgerald from $348.00 to $270.00 in a report released on Monday, Marketbeat.com reports. They currently have an overweight rating on the construction company’s stock.

Other analysts have also issued reports about the stock. Piper Sandler cut their target price on shares of MasTec from $321.00 to $313.00 and set a “neutral” rating for the company in a research report on Monday, September 28th. Guggenheim increased their price target on shares of MasTec from $480.00 to $518.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Weiss Ratings upgraded shares of MasTec from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, October 30th. The Goldman Sachs Group reissued a “buy” rating and set a $274.00 price objective on shares of MasTec in a research report on Thursday, October 22nd. Finally, TD Cowen reduced their price objective on MasTec from $320.00 to $310.00 and set a “buy” rating for the company in a research note on Monday. Nineteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $347.80.

View Our Latest Research Report on MasTec

MasTec Stock Down 15.2%

MasTec stock opened at $167.96 on Monday. The stock has a market cap of $13.49 billion, a PE ratio of 27.44 and a beta of 1.91. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.36 and a current ratio of 1.39. MasTec has a one year low of $164.21 and a one year high of $441.43. The stock has a fifty day moving average of $211.44 and a 200 day moving average of $299.77.

MasTec (NYSE:MTZ – Get Free Report) last posted its earnings results on Thursday, October 29th. The construction company reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.95 by $0.01. The company had revenue of $5.15 billion for the quarter, compared to the consensus estimate of $4.94 billion. MasTec had a return on equity of 17.89% and a net margin of 2.80%. MasTec’s revenue was up 29.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.48 earnings per share. As a group, sell-side analysts predict that MasTec will post 8.84 EPS for the current year.

Insider Buying and Selling

In other MasTec news, CAO Timothy Love sold 366 shares of MasTec stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $198.52, for a total transaction of $72,658.32. Following the transaction, the chief accounting officer owned 9,926 shares of the company’s stock, valued at $1,970,509.52. The trade was a 3.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 21.40% of the company’s stock.

Institutional Trading of MasTec

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new position in MasTec during the 2nd quarter valued at approximately $3,178,069,000. Hill City Capital LP bought a new stake in MasTec in the 2nd quarter worth approximately $896,609,300. Bank of America Corp DE purchased a new stake in shares of MasTec during the 2nd quarter worth approximately $555,825,000. Bank of New York Mellon Corp purchased a new stake in shares of MasTec during the 2nd quarter worth approximately $280,544,000. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of MasTec during the 2nd quarter worth approximately $257,920,000. 78.10% of the stock is owned by hedge funds and other institutional investors.

About MasTec

(Get Free Report)

MasTec, Inc is an infrastructure construction and engineering company that provides services to the communications, energy, utility, and industrial sectors. The company designs, builds, installs, maintains, and upgrades infrastructure for wireless and wireline communications networks, including cellular, broadband, fiber-optic, and other connectivity systems.

MasTec also performs construction and maintenance work for electric transmission and distribution systems, renewable energy projects, and other power infrastructure.

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