MasTec (MTZ) Upgraded to “Strong-Buy” by Zacks Investment Research

MasTec (NYSE:MTZ) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Friday. The firm presently has a $60.00 price objective on the construction company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 15.27% from the company’s previous close.

According to Zacks, “MasTec raised 2017 guidance to revenues at $6.3 billion, adjusted EBITDA at $630 million and adjusted earnings per share of $2.80. Backed by significant large project wins, MasTec expects year-end backlog at record levels, above $6 billion. Significant expansion related to both 5G and fiber deployment will benefit its wireless abd wireline businesses in the Communications segment. In the Power Generation segment, bidding activity will boost revenues while operational improvements carried out in the past will drive margins. The Electrical Transmission business is set for an improved 2018 and going through a transformational phase currently. A strong pipeline business will drive the Oil & Gas segment. MasTec outperformed the industry over the past year.”

Other research analysts have also issued reports about the company. Citigroup set a $54.00 target price on MasTec and gave the stock a “buy” rating in a research report on Friday, October 27th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $55.50 target price on shares of MasTec in a research report on Friday, October 13th. B. Riley reaffirmed a “buy” rating and issued a $67.00 target price (up from $66.00) on shares of MasTec in a research report on Tuesday, November 7th. Robert W. Baird set a $56.00 target price on MasTec and gave the stock a “buy” rating in a research report on Wednesday, January 3rd. Finally, Craig Hallum upped their target price on MasTec from $57.00 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday, January 2nd. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. MasTec has a consensus rating of “Buy” and an average price target of $57.40.

MasTec (NYSE:MTZ) traded up $0.15 during trading hours on Friday, reaching $52.05. The company had a trading volume of 752,900 shares, compared to its average volume of 736,192. The firm has a market capitalization of $4,350.00, a price-to-earnings ratio of 17.83, a price-to-earnings-growth ratio of 1.31 and a beta of 1.54. MasTec has a 52-week low of $35.45 and a 52-week high of $53.40. The company has a quick ratio of 1.66, a current ratio of 1.74 and a debt-to-equity ratio of 0.92.

MasTec (NYSE:MTZ) last posted its quarterly earnings results on Thursday, November 2nd. The construction company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.09. The firm had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.66 billion. MasTec had a return on equity of 20.67% and a net margin of 3.78%. MasTec’s quarterly revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.81 earnings per share. sell-side analysts anticipate that MasTec will post 2.65 earnings per share for the current year.

In other news, COO Robert E. Apple sold 25,000 shares of the company’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $50.16, for a total transaction of $1,254,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 20.30% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of MasTec by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 7,219,537 shares of the construction company’s stock worth $325,963,000 after acquiring an additional 335,076 shares in the last quarter. Advisor Group Inc. boosted its stake in shares of MasTec by 27.6% during the 3rd quarter. Advisor Group Inc. now owns 11,543 shares of the construction company’s stock worth $535,000 after acquiring an additional 2,496 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of MasTec by 12.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 364,094 shares of the construction company’s stock worth $16,893,000 after acquiring an additional 40,854 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in shares of MasTec by 112.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 690,800 shares of the construction company’s stock worth $32,053,000 after acquiring an additional 365,400 shares in the last quarter. Finally, Strategic Wealth Advisors Group LLC bought a new stake in shares of MasTec during the 3rd quarter worth about $601,000. Institutional investors own 73.22% of the company’s stock.

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About MasTec

MasTec, Inc is an infrastructure construction company. The Company operates primarily across North America through a range of industries. The Company operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other. Its primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; conventional and renewable power generation, and industrial infrastructure.

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