MasTec (NYSE:MTZ) Stock Price Down 10.8% - What's Next?

Key Points

• MasTec shares fell 10.8% on Wednesday to about $176.68, with trading volume 66% below the average.
• The company slightly beat quarterly estimates, reporting EPS of $2.96 versus $2.95 expected and revenue of $5.15 billion, up 29.9% year over year.
• Analyst sentiment remains broadly positive: 19 analysts rate the stock Buy and three Hold, giving it a “Moderate Buy” consensus and an average price target of $347.80.

Shares of MasTec, Inc. (NYSE:MTZ - Get Free Report) dropped 10.8% on Wednesday. The company traded as low as $175.30 and last traded at $176.6760. 419,235 shares changed hands during trading, a decline of 66% from the average daily volume of 1,224,855 shares. The stock had previously closed at $198.10.

Wall Street Analysts Forecast Growth

MTZ has been the subject of several research reports. Zacks Research downgraded MasTec from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 26th. Guggenheim increased their price objective on shares of MasTec from $480.00 to $518.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Cantor Fitzgerald dropped their price objective on shares of MasTec from $348.00 to $270.00 and set an "overweight" rating on the stock in a research report on Monday. Jefferies Financial Group reiterated a "buy" rating and issued a $353.00 price target on shares of MasTec in a research note on Wednesday. Finally, Robert W. Baird lowered their price target on shares of MasTec from $475.00 to $363.00 and set an "outperform" rating on the stock in a report on Monday, August 3rd. Nineteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $347.80.

MasTec Price Performance

The company's fifty day moving average price is $213.02 and its 200 day moving average price is $300.11. The company has a market capitalization of $13.20 billion, a P/E ratio of 26.92 and a beta of 1.91. The company has a quick ratio of 1.36, a current ratio of 1.39 and a debt-to-equity ratio of 0.95.

MasTec (NYSE:MTZ - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The construction company reported $2.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $4.94 billion. During the same quarter in the prior year, the business posted $2.48 earnings per share. The firm's quarterly revenue was up 29.9% compared to the same quarter last year. As a group, sell-side analysts forecast that MasTec, Inc. will post 8.83 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of MasTec in the second quarter valued at approximately $3,178,069,000. Hill City Capital LP bought a new stake in MasTec during the second quarter worth $896,609,300. Bank of America Corp DE purchased a new position in MasTec in the second quarter worth $555,825,000. First Trust Advisors LP boosted its position in 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 purchasing an additional 100,151 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in MasTec in the 2nd quarter valued at $280,544,000. Institutional investors own 78.10% of the company's stock.

About MasTec

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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