Key Points
- MasTec CAO Timothy Love sold 366 shares for $72,658 under a pre-arranged Rule 10b5-1 plan to cover tax withholding on vested equity awards; he retained 9,926 shares.
- MasTec beat quarterly earnings estimates slightly, reporting $2.96 per share versus $2.95 expected, while revenue of $5.15 billion exceeded forecasts and rose 29.9% year over year.
- Analysts maintain a “Moderate Buy” consensus, with a $347.80 average price target; 19 analysts rate the stock Buy and three rate it Hold.
MasTec, Inc. (NYSE:MTZ - Get Free Report) CAO Timothy Love sold 366 shares of MasTec stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $198.52, for a total value of $72,658.32. Following the sale, the chief accounting officer directly owned 9,926 shares of the company's stock, valued at $1,970,509.52. This represents a 3.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 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.
MasTec Price Performance
MasTec stock opened at $167.96 on Thursday. The stock has a market cap of $13.49 billion, a price-to-earnings ratio of 27.44 and a beta of 1.91. The company has a quick ratio of 1.36, a current ratio of 1.39 and a debt-to-equity ratio of 0.95. The business has a 50-day simple moving average of $211.44 and a 200 day simple moving average of $299.77. MasTec, Inc. has a 52 week low of $164.21 and a 52 week high of $441.43.
MasTec (NYSE:MTZ - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The construction company reported $2.96 earnings per share for the quarter, beating the consensus estimate of $2.95 by $0.01. The firm had revenue of $5.15 billion for the quarter, compared to analysts' expectations of $4.94 billion. MasTec had a return on equity of 17.89% and a net margin of 2.80%. The company's revenue was up 29.9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.48 EPS. On average, research analysts forecast that MasTec, Inc. will post 8.84 earnings per share for the current fiscal year.
Hedge Funds Weigh In On MasTec
Hedge funds and other institutional investors have recently modified their holdings of the company. GK Wealth Management LLC purchased a new position in shares of MasTec during the 3rd quarter valued at about $29,000. Ascentis Independent Advisors purchased a new stake in MasTec in the first quarter worth approximately $30,000. Bell Investment Advisors Inc purchased a new stake in MasTec in the second quarter worth approximately $32,000. Transamerica Financial Advisors LLC purchased a new stake in MasTec in the second quarter worth approximately $32,000. Finally, Generali Asset Management SPA SGR purchased a new stake in MasTec in the third quarter worth approximately $34,000. 78.10% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on the stock. Piper Sandler lowered their target price on shares of MasTec from $321.00 to $313.00 and set a "neutral" rating on the stock in a research note on Monday, September 28th. The Goldman Sachs Group reissued a "buy" rating and issued a $274.00 price target on shares of MasTec in a research note on Thursday, October 22nd. Roth Capital reissued a "buy" rating and issued a $380.00 price target (down from $500.00) on shares of MasTec in a report on Monday. TD Cowen lowered their price objective on shares of MasTec from $320.00 to $310.00 and set a "buy" rating on the stock in a research report on Monday. Finally, Stifel Nicolaus lowered their price objective on shares of MasTec from $376.00 to $305.00 and set a "buy" rating on the stock in a research report on Thursday, October 8th. Nineteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, MasTec has an average rating of "Moderate Buy" and a consensus price target of $347.80.
Check Out Our Latest Research Report on MTZ
MasTec Company Profile
(
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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