MasTec (NYSE:MTZ) Issues FY24 Earnings Guidance

MasTec (NYSE:MTZ) issued an update on its FY24 earnings guidance on Thursday morning. 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 Price Performance

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

MasTec (NYSE:MTZ) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.09. The firm had revenue of $2.96 billion during the quarter, compared to analyst estimates of $3.09 billion. MasTec had a return on equity of 8.35% and a net margin of 0.73%. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.81 earnings per share. As a group, sell-side analysts anticipate that MasTec will post 2.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. UBS Group boosted their target price on MasTec from $129.00 to $147.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. KeyCorp boosted their target price on MasTec from $123.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. assumed coverage on MasTec in a research report on Monday, October 7th. They issued an “overweight” rating and a $153.00 target price on the stock. Truist Financial boosted their target price on MasTec from $112.00 to $133.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Finally, Citigroup boosted their target price on MasTec from $122.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $134.00.

Insider Buying and Selling at MasTec

In related news, COO Robert E. Apple sold 800 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $28,140,916.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Robert E. Apple sold 800 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $28,140,916.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Robert E. Apple sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $126.27, for a total value of $2,525,400.00. Following the sale, the chief operating officer now directly owns 217,202 shares of the company’s stock, valued at $27,426,096.54. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,800 shares of company stock worth $2,978,212 over the last ninety days. Company 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.