MasTec (NYSE:MTZ) Updates FY24 Earnings Guidance

by · The Cerbat Gem

MasTec (NYSE:MTZ – Get Free Report) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.75 for the period, compared to the consensus earnings per share 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 Stock Performance

Shares of MTZ traded up $7.11 during trading hours on Friday, reaching $130.00. 2,451,701 shares of the company’s stock traded hands, compared to its average volume of 682,982. The firm has a market capitalization of $10.30 billion, a price-to-earnings 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. MasTec has a twelve month low of $44.65 and a twelve month high of $138.87. The business’s fifty day simple moving average is $119.20 and its two-hundred day simple moving average is $109.84.

MasTec (NYSE:MTZ – Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.09. The company had revenue of $2.96 billion for 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 company’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period last year, the company earned $0.81 earnings per share. Analysts predict that MasTec will post 2.69 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on MTZ shares. Citigroup raised their target price on MasTec from $122.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. DA Davidson raised their target price on MasTec from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, August 5th. The Goldman Sachs Group raised their target price on MasTec from $115.00 to $130.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. Truist Financial raised their target price on MasTec from $112.00 to $133.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, KeyCorp raised their target price on MasTec from $123.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $134.00.

Check Out Our Latest Research Report on MTZ

Insider Activity at MasTec

In other MasTec news, COO Robert E. Apple sold 800 shares of the firm’s stock in a transaction dated 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 in the company, 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 SEC, which is available through this hyperlink. In other news, COO Robert E. Apple sold 20,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $126.27, for a total transaction of $2,525,400.00. Following the completion of the sale, the chief operating officer now directly owns 217,202 shares of the company’s stock, valued at $27,426,096.54. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Robert E. Apple sold 800 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $130.04, for a total value of $104,032.00. Following the sale, the chief operating officer now directly owns 216,402 shares of the company’s stock, valued at $28,140,916.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,800 shares of company stock worth $2,978,212 in the last quarter. 21.30% of the stock is owned by company insiders.

MasTec Company Profile

(Get Free Report)

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.

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