MasTec (MTZ) Rating Increased to Strong-Buy at Zacks Investment Research

MasTec (NYSE:MTZ) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Friday. The firm currently has a $60.00 price target on the construction company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 15.27% from the company’s previous close.

According to Zacks, “MasTec raised 2017 guidance to revenues at $6.3 billion, adjusted EBITDA at $630 million and adjusted earnings per share of $2.80. Backed by significant large project wins, MasTec expects year-end backlog at record levels, above $6 billion. Significant expansion related to both 5G and fiber deployment will benefit its wireless abd wireline businesses in the Communications segment. In the Power Generation segment, bidding activity will boost revenues while operational improvements carried out in the past will drive margins. The Electrical Transmission business is set for an improved 2018 and going through a transformational phase currently. A strong pipeline business will drive the Oil & Gas segment. MasTec outperformed the industry over the past year.”

A number of other research firms also recently commented on MTZ. Credit Suisse Group reiterated an “outperform” rating and issued a $69.00 price target (up from $58.00) on shares of MasTec in a research note on Thursday. Robert W. Baird upgraded MasTec from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $51.00 to $53.00 in a research note on Monday, November 6th. Craig Hallum lifted their price target on MasTec from $57.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, January 2nd. ValuEngine downgraded MasTec from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Finally, Barclays initiated coverage on MasTec in a research note on Tuesday, December 12th. They issued an “overweight” rating and a $54.00 price target for the company. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. MasTec currently has an average rating of “Buy” and a consensus target price of $57.40.

MasTec (NYSE MTZ) traded up $0.15 during trading hours on Friday, reaching $52.05. The company had a trading volume of 752,900 shares, compared to its average volume of 736,192. The firm has a market capitalization of $4,350.00, a P/E ratio of 17.83, a price-to-earnings-growth ratio of 1.31 and a beta of 1.54. MasTec has a fifty-two week low of $35.45 and a fifty-two week high of $53.40. The company has a quick ratio of 1.66, a current ratio of 1.74 and a debt-to-equity ratio of 0.92.

MasTec (NYSE:MTZ) last posted its quarterly earnings results on Thursday, November 2nd. The construction company reported $0.82 EPS for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.09. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.66 billion. MasTec had a return on equity of 20.67% and a net margin of 3.78%. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period last year, the firm earned $0.81 earnings per share. analysts expect that MasTec will post 2.65 earnings per share for the current fiscal year.

In other MasTec news, COO Robert E. Apple sold 25,000 shares of MasTec stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $50.16, for a total value of $1,254,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 20.30% of the company’s stock.

A number of hedge funds have recently modified their holdings of MTZ. Gotham Asset Management LLC bought a new stake in shares of MasTec during the second quarter valued at approximately $19,803,000. Koch Industries Inc. bought a new stake in shares of MasTec during the second quarter valued at approximately $429,000. Macquarie Group Ltd. raised its holdings in shares of MasTec by 15.3% during the third quarter. Macquarie Group Ltd. now owns 3,046,860 shares of the construction company’s stock valued at $141,374,000 after buying an additional 404,076 shares during the last quarter. 1060 Capital LLC raised its holdings in shares of MasTec by 73.0% during the third quarter. 1060 Capital LLC now owns 940,275 shares of the construction company’s stock valued at $43,629,000 after buying an additional 396,847 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of MasTec by 112.3% during the third quarter. Point72 Asset Management L.P. now owns 690,800 shares of the construction company’s stock valued at $32,053,000 after buying an additional 365,400 shares during the last quarter. Institutional investors own 73.22% of the company’s stock.

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About MasTec

MasTec, Inc is an infrastructure construction company. The Company operates primarily across North America through a range of industries. The Company operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other. Its primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; conventional and renewable power generation, and industrial infrastructure.

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