MasTec (NYSE:MTZ) Stock Price Target Lowered at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald lowered MasTec’s price target from $348 to $270 while maintaining an “overweight” rating, implying roughly 45% upside from the stock’s $186.03 price.
• Analyst sentiment remains positive overall: 19 analysts rate MasTec a Buy and three rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $361.20.
• MasTec exceeded quarterly expectations, reporting $2.96 in EPS versus $2.95 expected and $5.15 billion in revenue, up 29.9% year over year; institutional investors own 78.1% of the shares.

MasTec (NYSE:MTZ - Get Free Report) had its target price reduced by research analysts at Cantor Fitzgerald from $348.00 to $270.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an "overweight" rating on the construction company's stock. Cantor Fitzgerald's price target indicates a potential upside of 45.14% from the company's current price.

Other equities analysts have also recently issued research reports about the stock. The Goldman Sachs Group reiterated a "buy" rating and issued a $274.00 price target on shares of MasTec in a research note on Thursday, October 22nd. Piper Sandler lowered their price target on MasTec from $321.00 to $313.00 and set a "neutral" rating on the stock in a report on Monday, September 28th. Stifel Nicolaus decreased their target price on MasTec from $376.00 to $305.00 and set a "buy" rating on the stock in a research report on Thursday, October 8th. Mizuho set a $352.00 price target on MasTec in a research report on Wednesday, October 7th. Finally, Citigroup lowered their target price on shares of MasTec from $408.00 to $308.00 and set a "buy" rating for the company in a research note on Friday, October 23rd. Nineteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $361.20.

MasTec Price Performance

Shares of NYSE MTZ opened at $186.03 on Monday. The stock's 50-day simple moving average is $215.62 and its two-hundred day simple moving average is $300.41. MasTec has a twelve month low of $164.31 and a twelve month high of $441.43. The company has a quick ratio of 1.36, a current ratio of 1.39 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $14.94 billion, a P/E ratio of 30.40 and a beta of 1.84.

MasTec (NYSE:MTZ - Get Free Report) last issued its earnings results on Thursday, October 29th. The construction company reported $2.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.95 by $0.01. MasTec had a return on equity of 17.89% and a net margin of 2.80%. The business had revenue of $5.15 billion during the quarter, compared to analyst estimates of $4.94 billion. During the same quarter in the prior year, the firm earned $2.48 earnings per share. MasTec's revenue for the quarter was up 29.9% on a year-over-year basis. As a group, equities analysts anticipate that MasTec will post 8.87 EPS for the current fiscal year.

Hedge Funds Weigh In On MasTec

Several hedge funds and other institutional investors have recently modified their holdings of MTZ. TFR Capital LLC. purchased a new stake in MasTec during the second quarter worth about $1,978,000. Bruni J V & Co. Co. purchased a new position in shares of MasTec in the 2nd quarter valued at $6,708,968. PensionDanmark Pensionsforsikringsaktieselskab lifted its position in shares of MasTec by 93.7% during the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 13,229 shares of the construction company's stock worth $5,504,000 after purchasing an additional 6,400 shares in the last quarter. Bank of America Corp DE purchased a new position in MasTec in the second quarter valued at about $555,825,000. Finally, Legal & General Group Plc bought a new position in MasTec during the 2nd quarter valued at $75,670,000. 78.10% of the stock is owned by hedge funds and other institutional investors.

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.

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