Wall Street Zen Upgrades MasTec (NYSE:MTZ) to Strong-Buy

Key Points

• MasTec (NYSE:MTZ) has been upgraded to a "strong-buy" rating by Wall Street Zen from a previous "buy" rating, indicating increased confidence from analysts.
• Other firms, including Goldman Sachs and JPMorgan Chase, have also raised their ratings and price targets for MasTec, reflecting positive sentiment in the market.
• Despite recent upgrades, MasTec's shares opened at $174.04, down 8.0%, and have experienced a 12-month high of $194.00 and a low of $89.96.

Wall Street Zen upgraded shares of MasTec (NYSE:MTZ - Free Report) from a buy rating to a strong-buy rating in a report published on Saturday morning.

A number of other research firms have also weighed in on MTZ. Piper Sandler boosted their target price on MasTec from $134.00 to $175.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. KeyCorp restated an "overweight" rating and set a $196.00 target price (up previously from $171.00) on shares of MasTec in a research note on Wednesday, July 16th. Citigroup reiterated a "buy" rating and issued a $220.00 price target (up previously from $192.00) on shares of MasTec in a research note on Monday, July 28th. The Goldman Sachs Group upgraded MasTec from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $156.00 to $195.00 in a report on Friday, June 6th. Finally, Truist Financial increased their target price on MasTec from $154.00 to $184.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, MasTec currently has a consensus rating of "Buy" and an average target price of $191.76.

MasTec Stock Up 2.2%

Shares of NYSE MTZ traded up $3.83 during trading hours on Friday, hitting $177.88. The company had a trading volume of 1,509,372 shares, compared to its average volume of 1,060,250. MasTec has a 1-year low of $89.96 and a 1-year high of $194.00. The company has a quick ratio of 1.19, a current ratio of 1.22 and a debt-to-equity ratio of 0.70. The firm's 50 day moving average is $169.01 and its 200-day moving average is $144.98. The stock has a market capitalization of $14.03 billion, a P/E ratio of 52.63 and a beta of 1.83.

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

Insider Activity at MasTec

In related news, Director C Robert Campbell sold 3,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were 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 represents a 7.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Robert E. Apple sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $175.00, for a total transaction of $1,750,000.00. Following the completion of the sale, the chief operating officer 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. Insiders own 21.30% of the company's stock.

Hedge Funds Weigh In On MasTec

Several large investors have recently bought and sold shares of the company. Forum Financial Management LP increased its stake in shares of MasTec by 3.9% in the first quarter. Forum Financial Management LP now owns 2,097 shares of the construction company's stock valued at $245,000 after buying an additional 78 shares during the period. Parallel Advisors LLC increased its position in MasTec by 37.1% in the 2nd quarter. Parallel Advisors LLC now owns 303 shares of the construction company's stock valued at $52,000 after acquiring an additional 82 shares during the period. Verdence Capital Advisors LLC raised its stake in shares of MasTec by 4.9% during the second quarter. Verdence Capital Advisors LLC now owns 1,982 shares of the construction company's stock valued at $338,000 after acquiring an additional 93 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of MasTec by 0.6% during the first quarter. Louisiana State Employees Retirement System now owns 17,200 shares of the construction company's stock valued at $2,007,000 after acquiring an additional 100 shares during the last quarter. Finally, Securian Asset Management Inc. lifted its holdings in shares of MasTec by 2.2% during the first quarter. Securian Asset Management Inc. now owns 4,719 shares of the construction company's stock worth $551,000 after purchasing an additional 100 shares during the period. 78.10% of the stock is currently owned by institutional investors.

MasTec Company Profile

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.