MasTec (NYSE:MTZ) Upgraded to Buy by Zacks Investment Research
MasTec (NYSE:MTZ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, January 3rd. The brokerage currently has a $56.00 target price on the construction company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 4.77% 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.”
MTZ has been the subject of several other reports. Deutsche Bank upgraded MasTec from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, September 12th. Stifel Nicolaus restated a “buy” rating and set a $55.50 target price on shares of MasTec in a research note on Friday, October 13th. ValuEngine cut MasTec from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Citigroup set a $54.00 target price on MasTec and gave the stock a “buy” rating in a research note on Friday, October 27th. 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 note on Tuesday, January 2nd. Three investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $57.94.
MasTec (NYSE:MTZ) last posted its earnings results on Thursday, November 2nd. The construction company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.73 by $0.09. MasTec had a return on equity of 20.67% and a net margin of 3.78%. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the business earned $0.81 earnings per share. The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. equities analysts forecast that MasTec will post 2.65 EPS for the current fiscal year.
In other news, COO Robert E. Apple sold 25,000 shares of the stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $50.16, for a total transaction of $1,254,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 20.30% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in MTZ. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in MasTec by 11.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,212 shares of the construction company’s stock valued at $100,000 after acquiring an additional 229 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of MasTec during the 2nd quarter worth approximately $102,000. FNY Partners Fund LP bought a new position in shares of MasTec during the 4th quarter worth approximately $122,000. Steward Partners Investment Advisory LLC bought a new position in shares of MasTec during the 4th quarter worth approximately $146,000. Finally, Advisory Services Network LLC lifted its position in shares of MasTec by 13.1% during the 2nd quarter. Advisory Services Network LLC now owns 3,700 shares of the construction company’s stock worth $167,000 after buying an additional 430 shares in the last quarter. 73.48% of the stock is currently owned by institutional investors and hedge funds.
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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