MasTec (NYSE:MTZ) Stock Keeps Buy Rating at Truist Financial

Key Points

• Truist Financial reiterated its “buy” rating on MasTec but lowered its price target from $380 to $332, still implying approximately 67.8% upside from the stock’s cited price.
• MasTec shares rose 6.3% to $197.84, while the broader analyst consensus remained “Moderate Buy,” with 19 buy ratings, three hold ratings, and an average target of $358.80.
• The company slightly exceeded quarterly EPS estimates and beat revenue expectations, reporting $2.96 EPS and $5.15 billion in revenue, up 29.9% year over year.

MasTec (NYSE:MTZ - Get Free Report)'s stock had its "buy" rating restated by Truist Financial in a research note issued to investors on Monday, Benzinga reports. They currently have a $332.00 price objective on the construction company's stock, down from their prior price objective of $380.00. Truist Financial's price target would indicate a potential upside of 67.82% from the company's current price.

A number of other equities research analysts also recently commented on the company. Morgan Stanley set a $369.00 price objective on MasTec in a research report on Friday, July 31st. Barclays reduced their target price on MasTec from $340.00 to $320.00 and set an "overweight" rating on the stock in a research report on Monday, October 19th. Stifel Nicolaus lowered their price target on MasTec from $376.00 to $305.00 and set a "buy" rating for the company in a report on Thursday, October 8th. Weiss Ratings raised shares of MasTec from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday. Finally, Wall Street Zen downgraded shares of MasTec from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Nineteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $358.80.

MasTec Trading Up 6.3%

Shares of MasTec stock traded up $11.78 during mid-day trading on Monday, hitting $197.84. 630,593 shares of the stock were exchanged, compared to its average volume of 1,217,830. The company has a 50-day simple moving average of $215.62 and a 200 day simple moving average of $300.41. 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 has a market capitalization of $15.89 billion, a price-to-earnings ratio of 32.22 and a beta of 1.84. MasTec has a twelve month low of $164.31 and a twelve month high of $441.43.

MasTec (NYSE:MTZ - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The construction company reported $2.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.95 by $0.01. The business had revenue of $5.15 billion for the quarter, compared to the consensus estimate of $4.94 billion. MasTec had a net margin of 2.80% and a return on equity of 17.89%. The company's quarterly revenue was up 29.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.48 earnings per share. Research analysts forecast that MasTec will post 8.87 EPS for the current year.

Hedge Funds Weigh In On MasTec

A number of hedge funds have recently made changes to their positions in MTZ. BlackRock Inc. acquired a new stake in MasTec in the 2nd quarter valued at $3,178,069,000. Hill City Capital LP acquired a new position in shares of MasTec during the second quarter worth about $896,609,300. Bank of America Corp DE acquired a new position in shares of MasTec during the second quarter worth about $555,825,000. First Trust Advisors LP boosted its position in shares of MasTec by 7.6% in the first quarter. First Trust Advisors LP now owns 1,411,584 shares of the construction company's stock worth $454,163,000 after buying an additional 100,151 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in shares of MasTec in the second quarter worth about $280,544,000. Hedge funds and other institutional investors own 78.10% of the company's stock.

MasTec Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.