MasTec (NYSE:MTZ) Stock Gets Price Target Trim from Piper Sandler

Key Points

• Piper Sandler lowered MasTec’s price target from $313 to $269 but maintained its “overweight” rating; the new target implies 54.2% upside from the stock’s current price.
• Analyst sentiment remains positive overall: MarketBeat reports a “Moderate Buy” consensus and a $345.60 average price target, with 20 Buy ratings and two Hold ratings.
• MasTec slightly beat quarterly EPS estimates ($2.96 versus $2.95) and reported revenue of $5.15 billion, up 29.9% year over year.

MasTec (NYSE:MTZ - Get Free Report) had its price target decreased by Piper Sandler from $313.00 to $269.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an "overweight" rating on the construction company's stock. Piper Sandler's target price suggests a potential upside of 54.20% from the company's current price.

Several other research firms have also recently commented on MTZ. JPMorgan Chase & Co. cut their target price on MasTec from $369.00 to $303.00 and set an "overweight" rating on the stock in a research note on Monday, October 19th. Citigroup lowered their price objective on shares of MasTec from $408.00 to $308.00 and set a "buy" rating on the stock in a report on Friday, October 23rd. UBS Group cut their price objective on shares of MasTec from $453.00 to $410.00 and set a "buy" rating on the stock in a research report on Tuesday, August 4th. Cantor Fitzgerald cut their price objective on shares of MasTec from $348.00 to $270.00 and set an "overweight" rating on the stock in a research report on Monday, November 2nd. Finally, Truist Financial restated a "buy" rating and set a $332.00 target price (down from $380.00) on shares of MasTec in a report on Monday, November 2nd. Twenty investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $345.60.

MasTec Stock Performance

Shares of MasTec stock opened at $174.45 on Monday. The company has a market capitalization of $14.01 billion, a PE ratio of 28.51 and a beta of 1.91. MasTec has a 12 month low of $147.49 and a 12 month high of $441.43. The company has a current ratio of 1.39, a quick ratio of 1.36 and a debt-to-equity ratio of 0.95. The stock's fifty day simple moving average is $208.10 and its 200 day simple moving average is $299.03.

MasTec (NYSE:MTZ - Get Free Report) last posted its earnings results on Thursday, October 29th. The construction company reported $2.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.95 by $0.01. MasTec had a return on equity of 17.89% and a net margin of 2.80%. The firm had revenue of $5.15 billion during the quarter, compared to analysts' expectations of $4.94 billion. During the same period in the previous year, the firm earned $2.48 earnings per share. The company's revenue was up 29.9% on a year-over-year basis. On average, research analysts predict that MasTec will post 8.79 EPS for the current year.

Insider Buying and Selling

In related news, CAO Timothy Love sold 366 shares of MasTec stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $198.52, for a total transaction of $72,658.32. Following the completion of the transaction, the chief accounting officer owned 9,926 shares in the company, valued at approximately $1,970,509.52. This trade represents a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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. Insiders own 21.40% of the company's stock.

Institutional Trading of MasTec

A number of hedge funds have recently made changes to their positions in the business. Access Financial Services Inc. bought a new position in shares of MasTec in the 3rd quarter valued at $922,000. Aberdeen Group plc lifted its position in shares of MasTec by 3,764.1% during the 3rd quarter. Aberdeen Group plc now owns 292,742 shares of the construction company's stock worth $62,536,000 after buying an additional 285,166 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of MasTec by 12.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 77,585 shares of the construction company's stock worth $16,573,000 after buying an additional 8,809 shares during the last quarter. Eurizon Capital SGR S.p.A. boosted its stake in MasTec by 196.1% in the third quarter. Eurizon Capital SGR S.p.A. now owns 26,332 shares of the construction company's stock valued at $5,623,000 after buying an additional 17,440 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in MasTec by 14.0% in the third quarter. Fifth Third Bancorp now owns 26,173 shares of the construction company's stock valued at $5,591,000 after buying an additional 3,220 shares in the last quarter. 78.10% of the stock is owned by institutional investors and hedge funds.

MasTec Company Profile

MasTec, Inc is an infrastructure construction and engineering company that builds and maintains systems used to deliver energy, communications and other essential services. Its work includes planning, installation, upgrading and maintenance of infrastructure for customers across a range of industries.

The company's activities include communications networks such as fiber and wireless systems; electric power transmission and distribution; clean-energy and other infrastructure projects; and pipelines and related facilities.

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