MasTec (NYSE:MTZ) Given New $120.00 Price Target at DA Davidson

MasTec (NYSE:MTZ - Free Report) had its price target upped by DA Davidson from $100.00 to $120.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the construction company's stock.

Several other research analysts have also recently weighed in on the company. Truist Financial reaffirmed a hold rating and set a $109.00 target price (up previously from $96.00) on shares of MasTec in a research note on Monday. Barclays upped their target price on MasTec from $106.00 to $130.00 and gave the company an overweight rating in a report on Monday. KeyCorp upped their target price on MasTec from $104.00 to $113.00 and gave the company an overweight rating in a report on Monday. UBS Group upped their target price on MasTec from $89.00 to $92.00 and gave the company a buy rating in a report on Friday, February 2nd. Finally, StockNews.com raised MasTec from a hold rating to a buy rating in a report on Monday. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $111.08.

MasTec Price Performance

MTZ stock traded down $0.15 during trading hours on Tuesday, hitting $105.67. 1,087,651 shares of the stock traded hands, compared to its average volume of 933,105. The stock has a 50-day simple moving average of $88.63 and a 200 day simple moving average of $73.39. MasTec has a one year low of $44.65 and a one year high of $123.33. The company has a market cap of $8.40 billion, a P/E ratio of -763.71 and a beta of 1.61. The company has a current ratio of 1.31, a quick ratio of 1.27 and a debt-to-equity ratio of 0.94.

MasTec (NYSE:MTZ - Get Free Report) last announced its earnings results on Thursday, February 29th. The construction company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.20. MasTec had a positive return on equity of 6.19% and a negative net margin of 0.09%. The business had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.26 billion. Equities analysts forecast that MasTec will post 2.33 earnings per share for the current year.

Institutional Investors Weigh In On MasTec

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in MasTec by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,970,130 shares of the construction company's stock worth $429,670,000 after purchasing an additional 33,592 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of MasTec by 35.0% during the 4th quarter. Nordea Investment Management AB now owns 3,963,774 shares of the construction company's stock valued at $297,006,000 after acquiring an additional 1,027,085 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of MasTec by 0.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,658,067 shares of the construction company's stock valued at $263,271,000 after acquiring an additional 17,369 shares during the last quarter. Electron Capital Partners LLC increased its holdings in shares of MasTec by 16.1% during the 4th quarter. Electron Capital Partners LLC now owns 1,725,209 shares of the construction company's stock valued at $130,633,000 after acquiring an additional 238,874 shares during the last quarter. Finally, Frontier Capital Management Co. LLC increased its holdings in shares of MasTec by 42.9% during the 4th quarter. Frontier Capital Management Co. LLC now owns 1,041,868 shares of the construction company's stock valued at $78,890,000 after acquiring an additional 312,991 shares during the last quarter. 78.10% of the stock is owned by hedge funds and other institutional investors.

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.