Zacks: Brokerages Anticipate MasTec, Inc. (MTZ) Will Announce Quarterly Sales of $1.79 Billion

Brokerages expect that MasTec, Inc. (NYSE:MTZ) will report sales of $1.79 billion for the current fiscal quarter, according to Zacks. Six analysts have made estimates for MasTec’s earnings, with the lowest sales estimate coming in at $1.78 billion and the highest estimate coming in at $1.81 billion. MasTec posted sales of $1.89 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 5.3%. The company is scheduled to announce its next quarterly earnings results on Thursday, November 1st.

According to Zacks, analysts expect that MasTec will report full year sales of $6.89 billion for the current year, with estimates ranging from $6.86 billion to $6.90 billion. For the next year, analysts anticipate that the firm will post sales of $7.45 billion per share, with estimates ranging from $7.21 billion to $7.75 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover MasTec.

MasTec (NYSE:MTZ) last announced its quarterly earnings data on Thursday, August 2nd. The construction company reported $1.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.01. The business had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.79 billion. MasTec had a return on equity of 14.84% and a net margin of 5.05%. The firm’s quarterly revenue was down 14.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.03 earnings per share.

A number of research firms have commented on MTZ. Zacks Investment Research raised MasTec from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Wednesday. Robert W. Baird raised MasTec from a “neutral” rating to an “outperform” rating and set a $51.00 target price for the company in a report on Tuesday, August 7th. Credit Suisse Group reduced their target price on MasTec from $70.00 to $64.00 and set an “outperform” rating for the company in a report on Wednesday, May 2nd. ValuEngine raised MasTec from a “hold” rating to a “buy” rating in a report on Thursday, June 21st. Finally, Canaccord Genuity reissued a “buy” rating and issued a $65.00 target price on shares of MasTec in a report on Friday, August 3rd. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. MasTec currently has an average rating of “Buy” and a consensus price target of $60.08.

MasTec traded up $0.45, reaching $46.95, during trading hours on Tuesday, MarketBeat.com reports. 781,699 shares of the company traded hands, compared to its average volume of 1,153,977. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 0.93 and a beta of 1.56. MasTec has a 1 year low of $38.40 and a 1 year high of $55.53. The company has a current ratio of 1.82, a quick ratio of 1.74 and a debt-to-equity ratio of 1.07.

In other MasTec news, EVP Cardenas Alberto De sold 10,000 shares of MasTec stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $48.00, for a total value of $480,000.00. Following the completion of the sale, the executive vice president now owns 101,755 shares of the company’s stock, valued at approximately $4,884,240. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 20.10% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Amalgamated Bank lifted its position in MasTec by 11.5% during the second quarter. Amalgamated Bank now owns 9,926 shares of the construction company’s stock valued at $504,000 after purchasing an additional 1,024 shares in the last quarter. Sheets Smith Wealth Management lifted its position in MasTec by 13.1% during the second quarter. Sheets Smith Wealth Management now owns 9,306 shares of the construction company’s stock valued at $472,000 after purchasing an additional 1,080 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its position in MasTec by 81.6% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,624 shares of the construction company’s stock valued at $128,000 after purchasing an additional 1,179 shares in the last quarter. Baird Financial Group Inc. lifted its position in MasTec by 3.4% during the first quarter. Baird Financial Group Inc. now owns 40,680 shares of the construction company’s stock valued at $1,914,000 after purchasing an additional 1,330 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in MasTec by 11.4% during the second quarter. Janney Montgomery Scott LLC now owns 14,694 shares of the construction company’s stock valued at $746,000 after purchasing an additional 1,498 shares in the last quarter. 81.31% of the stock is owned by institutional investors.

MasTec Company Profile

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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