MasTec (NYSE:MTZ) Price Target Cut to $116.00

Posted by on Aug 6th, 2023

MasTec (NYSE:MTZ – Get Free Report) had its price objective reduced by research analysts at Citigroup from $135.00 to $116.00 in a note issued to investors on Friday, FlyOnTheWall reports. Citigroup’s target price points to a potential upside of 16.51% from the company’s current price.

MTZ has been the subject of several other research reports. StockNews.com assumed coverage on MasTec in a research note on Thursday, May 18th. They set a “hold” rating for the company. Barclays dropped their price objective on MasTec from $135.00 to $120.00 in a research report on Friday. Robert W. Baird lifted their price objective on MasTec from $120.00 to $125.00 in a research report on Monday, May 8th. Finally, Craig Hallum upgraded MasTec from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $97.00 to $113.00 in a research report on Monday, May 8th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, MasTec has a consensus rating of “Moderate Buy” and an average target price of $118.40.

MasTec Trading Down 17.7 %

NYSE:MTZ opened at $99.56 on Friday. The company has a market capitalization of $7.85 billion, a PE ratio of -622.21 and a beta of 1.40. The company has a quick ratio of 1.47, a current ratio of 1.54 and a debt-to-equity ratio of 1.15. MasTec has a 52-week low of $62.36 and a 52-week high of $123.33. The stock has a fifty day simple moving average of $112.82 and a 200-day simple moving average of $100.23.

MasTec (NYSE:MTZ – Get Free Report) last released its quarterly earnings results on Thursday, May 4th. The construction company reported ($0.64) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.65) by $0.01. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.39 billion. MasTec had a positive return on equity of 6.60% and a negative net margin of 0.12%. On average, equities research analysts expect that MasTec will post 4.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MasTec

Several hedge funds and other institutional investors have recently modified their holdings of the company. Terra Nova Asset Management LLC lifted its stake in shares of MasTec by 0.7% in the 2nd quarter. Terra Nova Asset Management LLC now owns 14,054 shares of the construction company’s stock valued at $1,658,000 after purchasing an additional 97 shares in the last quarter. Coldstream Capital Management Inc. lifted its stake in shares of MasTec by 3.1% in the 2nd quarter. Coldstream Capital Management Inc. now owns 3,335 shares of the construction company’s stock valued at $393,000 after purchasing an additional 99 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in shares of MasTec by 3.4% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 3,367 shares of the construction company’s stock valued at $397,000 after purchasing an additional 112 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in shares of MasTec by 92.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 256 shares of the construction company’s stock valued at $30,000 after purchasing an additional 123 shares in the last quarter. Finally, NorthCrest Asset Manangement LLC lifted its position in MasTec by 1.0% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 13,630 shares of the construction company’s stock worth $1,163,000 after acquiring an additional 130 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

MasTec Company Profile

(Get Free Report)

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.

Read More

Analyst Recommendations for MasTec (NYSE:MTZ)

Receive News & Ratings for MasTec Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MasTec and related companies with MarketBeat.com's FREE daily email newsletter.