Citigroup Cuts MasTec (NYSE:MTZ) Price Target to $219.00

Key Points

• Citigroup has lowered its price target for MasTec from $220.00 to $219.00 while maintaining a "buy" rating, indicating a potential upside of approximately 23.75% from its previous close.
• Various analysts have set their price targets for MasTec, with the consensus rating being "Buy" and an average price target of $191.76, reflecting strong market interest in the construction company's stock.
• MasTec reported a quarterly earnings per share (EPS) of $1.49, exceeding estimates and marking a 19.7% revenue increase year-over-year, showcasing its strong financial performance amidst market fluctuations.

MasTec (NYSE:MTZ - Get Free Report) had its target price lowered by stock analysts at Citigroup from $220.00 to $219.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the construction company's stock. Citigroup's price objective indicates a potential upside of 23.75% from the company's previous close.

Several other research analysts also recently weighed in on MTZ. Piper Sandler upped their price target on MasTec from $134.00 to $175.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Jefferies Financial Group started coverage on shares of MasTec in a research report on Friday, May 16th. They set a "buy" rating and a $188.00 target price for the company. KeyCorp lifted their price target on shares of MasTec from $196.00 to $205.00 and gave the company an "overweight" rating in a report on Monday. Stifel Nicolaus boosted their price target on shares of MasTec from $181.00 to $198.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Guggenheim reaffirmed a "buy" rating and issued a $195.00 target price on shares of MasTec in a report on Monday, May 5th. One equities research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $191.76.

MasTec Stock Performance

Shares of NYSE:MTZ traded up $2.91 during mid-day trading on Monday, reaching $176.96. 804,321 shares of the company traded hands, compared to its average volume of 1,055,230. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.22 and a quick ratio of 1.19. MasTec has a 52 week low of $89.96 and a 52 week high of $194.00. The firm has a market cap of $13.96 billion, a PE ratio of 52.28 and a beta of 1.83. The company's 50 day moving average price is $169.01 and its 200-day moving average price is $144.98.

MasTec (NYSE:MTZ - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.41 by $0.08. The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.40 billion. MasTec had a net margin of 2.04% and a return on equity of 12.71%. The company's revenue was up 19.7% on a year-over-year basis. During the same period last year, the firm earned $0.96 EPS. On average, equities analysts expect that MasTec will post 3.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director C Robert Campbell sold 3,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the transaction, the director directly owned 39,782 shares in the company, valued at approximately $6,122,051.98. This represents a 7.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Robert E. Apple sold 10,000 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $175.00, for a total transaction of $1,750,000.00. Following the completion of the transaction, the chief operating officer directly owned 194,249 shares in the company, valued at $33,993,575. This represents a 4.90% decrease in their position. The disclosure for this sale can be found here. 21.30% of the stock is owned by insiders.

Hedge Funds Weigh In On MasTec

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Colonial Trust Co SC raised its holdings in shares of MasTec by 335.7% in the fourth quarter. Colonial Trust Co SC now owns 183 shares of the construction company's stock valued at $25,000 after acquiring an additional 141 shares in the last quarter. Rothschild Investment LLC raised its holdings in shares of MasTec by 2,023.1% in the 1st quarter. Rothschild Investment LLC now owns 276 shares of the construction company's stock valued at $32,000 after purchasing an additional 263 shares in the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in shares of MasTec in the 1st quarter worth approximately $35,000. Ameritas Advisory Services LLC bought a new position in shares of MasTec during the second quarter valued at approximately $35,000. Finally, Harbor Investment Advisory LLC boosted its stake in shares of MasTec by 147.1% during the first quarter. Harbor Investment Advisory LLC now owns 336 shares of the construction company's stock valued at $39,000 after purchasing an additional 200 shares in the last quarter. Institutional investors own 78.10% of the company's stock.

About MasTec

MasTec, Inc, an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, utility, and other infrastructure primarily in the United States and Canada. It operates through five segments: Communications, Clean Energy and Infrastructure, Oil and Gas, Power Delivery, and Other.

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