MasTec (NYSE:MTZ) Updates Q3 2024 Earnings Guidance

MasTec (NYSE:MTZ) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 1.240-1.240 for the period, compared to the consensus earnings per share estimate of 1.220. The company issued revenue guidance of $3.5 billion-$3.5 billion, compared to the consensus revenue estimate of $3.4 billion. MasTec also updated its FY 2024 guidance to 3.030-3.030 EPS.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MTZ. Stifel Nicolaus lifted their price target on shares of MasTec from $100.00 to $120.00 and gave the stock a buy rating in a research report on Monday, May 6th. StockNews.com upgraded shares of MasTec from a hold rating to a buy rating in a research report on Monday, May 6th. KeyCorp upped their price objective on shares of MasTec from $113.00 to $120.00 and gave the company an overweight rating in a research report on Monday, May 13th. TD Cowen upped their price objective on shares of MasTec from $105.00 to $110.00 and gave the company a buy rating in a research report on Monday, May 6th. Finally, The Goldman Sachs Group upped their price objective on shares of MasTec from $88.00 to $109.00 and gave the company a neutral rating in a research report on Tuesday, May 28th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $117.62.

MasTec Stock Down 3.7 %

MTZ stock traded down $4.02 during trading hours on Thursday, reaching $106.01. 1,718,072 shares of the stock were exchanged, compared to its average volume of 876,481. The firm’s 50-day moving average is $107.52 and its 200-day moving average is $92.51. The company has a market cap of $8.42 billion, a price-to-earnings ratio of -758.00 and a beta of 1.65. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.31 and a quick ratio of 1.27. MasTec has a 12 month low of $44.65 and a 12 month high of $123.33.

MasTec (NYSE:MTZ) last released its earnings results on Thursday, May 2nd. The construction company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.33. The firm had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $2.62 billion. MasTec had a positive return on equity of 6.19% and a negative net margin of 0.09%. On average, equities research analysts expect that MasTec will post 2.59 earnings per share for the current year.

Insider Transactions at MasTec

In other news, Director C Robert Campbell sold 2,000 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $110.00, for a total transaction of $220,000.00. Following the completion of the transaction, the director now directly owns 50,725 shares in the company, valued at approximately $5,579,750. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Javier Alberto Palomarez sold 2,850 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $106.67, for a total transaction of $304,009.50. Following the completion of the transaction, the director now directly owns 10,666 shares in the company, valued at approximately $1,137,742.22. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director C Robert Campbell sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $110.00, for a total transaction of $220,000.00. Following the completion of the sale, the director now owns 50,725 shares of the company’s stock, valued at $5,579,750. The disclosure for this sale can be found here. Company insiders own 21.30% of the company’s stock.

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.