JPMorgan Chase & Co. Forecasts Strong Price Appreciation for MasTec (NYSE:MTZ) Stock

MasTec (NYSE:MTZ - Free Report) had its target price lifted by JPMorgan Chase & Co. from $180.00 to $214.00 in a research note issued to investors on Tuesday morning, Marketbeat reports. The firm currently has an overweight rating on the construction company's stock.

Several other equities analysts have also recently commented on MTZ. The Goldman Sachs Group raised shares of MasTec from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $156.00 to $195.00 in a research note on Friday, June 6th. Wall Street Zen lowered shares of MasTec from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Barclays reiterated an "overweight" rating and set a $200.00 target price (up from $145.00) on shares of MasTec in a research report on Monday. KeyCorp reiterated an "overweight" rating and set a $196.00 target price (up from $171.00) on shares of MasTec in a research report on Wednesday, July 16th. Finally, Piper Sandler lifted their target price on shares of MasTec from $134.00 to $175.00 and gave the company an "overweight" rating in a research report on Monday, May 5th. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $176.94.

MasTec Price Performance

NYSE:MTZ traded down $1.56 on Tuesday, hitting $173.77. The company had a trading volume of 742,443 shares, compared to its average volume of 944,251. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 0.69. MasTec has a 52 week low of $89.96 and a 52 week high of $178.93. The firm has a 50 day moving average of $164.33 and a two-hundred day moving average of $142.98. The stock has a market capitalization of $13.71 billion, a price-to-earnings ratio of 63.89 and a beta of 1.75.

MasTec (NYSE:MTZ - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The construction company reported $0.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.17. MasTec had a net margin of 1.72% and a return on equity of 11.65%. The firm had revenue of $2.85 billion for the quarter, compared to analyst estimates of $2.71 billion. During the same period last year, the firm earned ($0.13) earnings per share. The business's quarterly revenue was up 6.0% compared to the same quarter last year. On average, research analysts anticipate that MasTec will post 3.44 earnings per share for the current year.

Insider Transactions at MasTec

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

Institutional Investors Weigh In On MasTec

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MTZ. Goldman Sachs Group Inc. raised its position in MasTec by 163.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,043,981 shares of the construction company's stock worth $121,843,000 after acquiring an additional 648,184 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in MasTec in the fourth quarter valued at $59,910,000. First Trust Advisors LP grew its holdings in MasTec by 173.8% in the fourth quarter. First Trust Advisors LP now owns 587,788 shares of the construction company's stock valued at $80,021,000 after purchasing an additional 373,145 shares during the last quarter. Balyasny Asset Management L.P. grew its holdings in MasTec by 137.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 627,670 shares of the construction company's stock valued at $85,451,000 after purchasing an additional 363,502 shares during the last quarter. Finally, Merewether Investment Management LP acquired a new stake in shares of MasTec during the fourth quarter valued at $46,612,000. Hedge funds and other 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.