Canaccord Genuity Cuts MasTec (MTZ) Price Target to $62.00

MasTec (NYSE:MTZ) had its target price decreased by Canaccord Genuity from $65.00 to $62.00 in a research report report published on Monday morning, MarketBeat Ratings reports. Canaccord Genuity currently has a buy rating on the construction company’s stock.

MTZ has been the topic of a number of other reports. ValuEngine downgraded shares of MasTec from a hold rating to a sell rating in a report on Friday, August 24th. Robert W. Baird upgraded shares of MasTec from a neutral rating to an outperform rating and set a $51.00 price objective on the stock in a report on Tuesday, August 7th. Citigroup reiterated a buy rating on shares of MasTec in a report on Thursday, August 30th. Finally, Zacks Investment Research upgraded shares of MasTec from a hold rating to a buy rating and set a $52.00 price objective on the stock in a report on Wednesday, August 8th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $60.55.

NYSE MTZ opened at $50.67 on Monday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.85 and a current ratio of 1.94. MasTec has a 12-month low of $39.83 and a 12-month high of $55.53. The company has a market capitalization of $3.79 billion, a PE ratio of 18.56, a price-to-earnings-growth ratio of 1.66 and a beta of 1.43.

MasTec (NYSE:MTZ) last posted its quarterly earnings data on Thursday, November 1st. The construction company reported $1.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.13. MasTec had a net margin of 5.89% and a return on equity of 17.01%. The company had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same period last year, the company earned $0.82 earnings per share. The firm’s revenue was up 1.1% compared to the same quarter last year. On average, analysts predict that MasTec will post 3.65 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Chicago Partners Investment Group LLC grew its stake in shares of MasTec by 79.0% in the second quarter. Chicago Partners Investment Group LLC now owns 2,775 shares of the construction company’s stock valued at $141,000 after buying an additional 1,225 shares in the last quarter. Wellington Shields Capital Management LLC bought a new position in shares of MasTec in the second quarter valued at $203,000. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its stake in shares of MasTec by 66.7% in the second quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 4,700 shares of the construction company’s stock valued at $239,000 after buying an additional 1,880 shares in the last quarter. UBP Investment Advisors SA bought a new position in shares of MasTec in the third quarter valued at $223,000. Finally, MHI Funds LLC bought a new position in shares of MasTec in the third quarter valued at $241,000. 83.27% of the stock is owned by institutional investors and hedge funds.

About MasTec

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

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Analyst Recommendations for MasTec (NYSE:MTZ)

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