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

MasTec (NYSE:MTZ) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other research analysts have also recently issued reports on MTZ. Stifel Nicolaus set a $455.00 price objective on MasTec in a research report on Monday, May 4th. Roth Capital reissued a “buy” rating and set a $450.00 target price on shares of MasTec in a research report on Monday, May 4th. Cantor Fitzgerald boosted their target price on MasTec from $545.00 to $581.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Citigroup upped their price target on MasTec from $440.00 to $483.00 and gave the company a “buy” rating in a report on Monday, May 4th. Finally, Weiss Ratings cut shares of MasTec from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $466.89.

MasTec Price Performance

MasTec stock opened at $287.00 on Tuesday. The stock has a market cap of $22.68 billion, a P/E ratio of 50.26 and a beta of 1.77. The company has a fifty day simple moving average of $369.21 and a 200-day simple moving average of $332.92. MasTec has a 12-month low of $160.08 and a 12-month high of $441.43. The company has a current ratio of 1.32, a quick ratio of 1.28 and a debt-to-equity ratio of 0.69.

MasTec (NYSE:MTZ) last posted its earnings results on Thursday, April 30th. The construction company reported $1.39 EPS for the quarter, beating the consensus estimate of $0.98 by $0.41. MasTec had a return on equity of 17.15% and a net margin of 2.94%.The firm had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same quarter in the prior year, the company posted $0.51 earnings per share. MasTec’s revenue for the quarter was up 34.5% compared to the same quarter last year. Equities analysts expect that MasTec will post 9.18 EPS for the current fiscal year.

Insider Activity

In related news, Director C Robert Campbell sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $417.00, for a total transaction of $1,251,000.00. Following the transaction, the director owned 30,646 shares in the company, valued at $12,779,382. This trade represents a 8.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ernst N. Csiszar sold 6,500 shares of MasTec stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $371.17, for a total value of $2,412,605.00. Following the transaction, the director directly owned 10,816 shares in the company, valued at approximately $4,014,574.72. This trade represents a 37.54% decrease in their position. The disclosure for this sale is available in the SEC filing. 21.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MasTec

Hedge funds have recently modified their holdings of the business. Ascentis Independent Advisors acquired a new stake in MasTec during the 1st quarter worth $30,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in MasTec in the fourth quarter valued at $30,000. GHP Investment Advisors Inc. acquired a new position in MasTec in the first quarter valued at $65,000. Harbor Investment Advisory LLC raised its holdings in shares of MasTec by 486.1% in the second quarter. Harbor Investment Advisory LLC now owns 211 shares of the construction company’s stock valued at $88,000 after buying an additional 175 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its holdings in shares of MasTec by 372.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 236 shares of the construction company’s stock valued at $51,000 after buying an additional 186 shares during the last quarter. 78.10% of the stock is currently owned by hedge funds and other institutional investors.

About MasTec

MasTec, Inc is a diversified infrastructure construction company that provides engineering, fabrication, installation and maintenance services across a broad range of end markets. Its principal activities encompass the development of communications networks, oil and gas pipeline systems, electrical transmission and distribution facilities, industrial installations and renewable energy projects.

The company traces its roots to a small cable installation operation in Miami and has grown through a series of strategic acquisitions to become one of the largest infrastructure contractors in North America.