Equities analysts expect MasTec, Inc. (NYSE:MTZ) to announce sales of $1.79 billion for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for MasTec’s earnings. The highest sales estimate is $1.81 billion and the lowest is $1.78 billion. MasTec reported sales of $1.89 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 5.3%. The company is scheduled to issue its next earnings results on Thursday, November 1st.
According to Zacks, analysts expect that MasTec will report full year sales of $6.89 billion for the current fiscal year, with estimates ranging from $6.86 billion to $6.90 billion. For the next fiscal year, analysts anticipate that the company will report sales of $7.45 billion per share, with estimates ranging from $7.21 billion to $7.75 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow MasTec.
MasTec (NYSE:MTZ) last announced its quarterly earnings data on Thursday, August 2nd. The construction company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.01. MasTec had a return on equity of 14.84% and a net margin of 5.05%. The company had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.79 billion. During the same quarter in the prior year, the firm earned $1.03 earnings per share. MasTec’s revenue was down 14.4% compared to the same quarter last year.
Several research analysts recently issued reports on the company. Canaccord Genuity reissued a “buy” rating and issued a $65.00 price objective on shares of MasTec in a research note on Friday, August 3rd. Zacks Investment Research cut MasTec from a “buy” rating to a “hold” rating in a research note on Thursday. Robert W. Baird raised MasTec from a “neutral” rating to an “outperform” rating and set a $51.00 price objective on the stock in a research note on Tuesday, August 7th. ValuEngine raised MasTec from a “hold” rating to a “buy” rating in a research note on Thursday, June 21st. Finally, Credit Suisse Group dropped their target price on MasTec from $70.00 to $64.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 2nd. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $60.08.
In related news, EVP Cardenas Alberto De sold 10,000 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $48.00, for a total transaction of $480,000.00. Following the completion of the transaction, the executive vice president now owns 101,755 shares in the company, valued at $4,884,240. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 20.10% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. Boston Partners bought a new stake in MasTec during the first quarter valued at about $68,949,000. Wells Fargo & Company MN boosted its holdings in MasTec by 50.5% in the 2nd quarter. Wells Fargo & Company MN now owns 2,320,900 shares of the construction company’s stock worth $117,786,000 after buying an additional 778,685 shares during the last quarter. Lord Abbett & CO. LLC boosted its holdings in MasTec by 29.7% in the 1st quarter. Lord Abbett & CO. LLC now owns 1,616,353 shares of the construction company’s stock worth $76,049,000 after buying an additional 370,544 shares during the last quarter. Alphinity Investment Management Pty Ltd acquired a new stake in MasTec in the 1st quarter worth about $13,164,000. Finally, Stack Financial Management Inc acquired a new stake in MasTec in the 2nd quarter worth about $12,205,000. Hedge funds and other institutional investors own 81.31% of the company’s stock.
MasTec traded up $0.45, hitting $46.95, during midday trading on Tuesday, Marketbeat reports. The stock had a trading volume of 781,699 shares, compared to its average volume of 1,153,977. MasTec has a one year low of $38.40 and a one year high of $55.53. The stock has a market cap of $3.73 billion, a P/E ratio of 17.20, a price-to-earnings-growth ratio of 0.93 and a beta of 1.56. The company has a quick ratio of 1.74, a current ratio of 1.82 and a debt-to-equity ratio of 1.07.
MasTec, Inc, an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, and utility infrastructure primarily in the United States and Canada. It operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other.
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