MasTec (MTZ) Shares Gap Up After Analyst Upgrade

MasTec, Inc. (NYSE:MTZ) gapped up before the market opened on Monday after Robert W. Baird raised their price target on the stock from $51.00 to $52.00. The stock had previously closed at $45.56, but opened at $47.73. Robert W. Baird currently has a buy rating on the stock. MasTec shares last traded at $47.99, with a volume of 26465 shares.

MTZ has been the topic of several other reports. ValuEngine raised shares of MasTec from a “sell” rating to a “hold” rating in a research report on Monday, October 22nd. Zacks Investment Research raised shares of MasTec from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Monday, October 22nd. Citigroup reissued a “buy” rating on shares of MasTec in a research report on Thursday, August 30th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $65.00 target price on shares of MasTec in a research report on Friday, August 3rd. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. MasTec presently has an average rating of “Buy” and an average target price of $60.55.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MTZ. Amalgamated Bank lifted its position in MasTec by 11.5% during the second quarter. Amalgamated Bank now owns 9,926 shares of the construction company’s stock valued at $504,000 after buying an additional 1,024 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in MasTec by 7.2% during the third quarter. Janney Montgomery Scott LLC now owns 15,755 shares of the construction company’s stock valued at $703,000 after buying an additional 1,061 shares in the last quarter. Sheets Smith Wealth Management lifted its position in MasTec by 13.1% during the second quarter. Sheets Smith Wealth Management now owns 9,306 shares of the construction company’s stock valued at $472,000 after buying an additional 1,080 shares in the last quarter. Chicago Partners Investment Group LLC lifted its position in MasTec by 79.0% during the second quarter. Chicago Partners Investment Group LLC now owns 2,775 shares of the construction company’s stock valued at $141,000 after buying an additional 1,225 shares in the last quarter. Finally, Profit Investment Management LLC lifted its position in MasTec by 2.6% during the third quarter. Profit Investment Management LLC now owns 51,101 shares of the construction company’s stock valued at $161,000 after buying an additional 1,304 shares in the last quarter. 83.27% of the stock is currently owned by institutional investors and hedge funds.

The stock has a market cap of $3.83 billion, a price-to-earnings ratio of 17.67, a P/E/G ratio of 1.69 and a beta of 1.43. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.85 and a current ratio of 1.94.

MasTec (NYSE:MTZ) last announced its quarterly earnings results on Thursday, November 1st. The construction company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.13. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.99 billion. MasTec had a net margin of 5.89% and a return on equity of 17.01%. MasTec’s revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.82 earnings per share. As a group, research analysts predict that MasTec, Inc. will post 3.53 EPS for the current fiscal year.

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About MasTec (NYSE:MTZ)

MasTec, Inc, an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, and utility infrastructure primarily in the United States and Canada. It operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other.

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