MasTec (NYSE:MTZ) Stock Gets Price Target Cut from Piper Sandler

MasTec (NYSE:MTZ) had its price objective trimmed by Piper Sandler from $313.00 to $269.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has an overweight rating on the construction company’s stock.

MTZ has been the topic of a number of other research reports. Citigroup decreased their price target on shares of MasTec from $408.00 to $308.00 and set a “buy” rating on the stock in a report on Friday, October 23rd. Morgan Stanley set a $369.00 price objective on shares of MasTec in a report on Friday, July 31st. Barclays cut their target price on shares of MasTec from $340.00 to $320.00 and set an “overweight” rating for the company in a research report on Monday, October 19th. KeyCorp cut their target price on shares of MasTec from $371.00 to $320.00 and set an “overweight” rating for the company in a research report on Thursday, October 15th. Finally, Wall Street Zen cut MasTec from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Twenty research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $345.60.

MasTec Stock Performance

NYSE:MTZ opened at $188.69 on Monday. The stock has a market cap of $15.15 billion, a P/E ratio of 21.97 and a beta of 1.91. The company has a quick ratio of 1.36, a current ratio of 1.39 and a debt-to-equity ratio of 0.95. The business’s 50-day moving average price is $204.87 and its two-hundred day moving average price is $298.17. MasTec has a twelve month low of $147.49 and a twelve month high of $441.43.

MasTec (NYSE:MTZ) last issued its quarterly earnings data on Thursday, October 29th. The construction company reported $2.96 EPS for the quarter, topping the consensus estimate of $2.95 by $0.01. The company had revenue of $5.15 billion during the quarter, compared to analyst estimates of $4.94 billion. MasTec had a return on equity of 17.89% and a net margin of 2.80%. MasTec’s revenue was up 29.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.48 earnings per share. As a group, equities analysts predict that MasTec will post 8.79 EPS for the current fiscal year.

Insider Buying and Selling

In other MasTec news, CAO Timothy Love sold 366 shares of the stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $198.52, for a total transaction of $72,658.32. Following the transaction, the chief accounting officer directly owned 9,926 shares in the company, valued at $1,970,509.52. This trade represents a 3.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 21.40% of the stock is owned by insiders.

Institutional Investors Weigh In On MasTec

A number of hedge funds have recently made changes to their positions in MTZ. Advisors Asset Management Inc. purchased a new stake in MasTec during the third quarter valued at about $19,311,000. Private Wealth Asset Management LLC bought a new position in shares of MasTec during the third quarter valued at about $394,000. Private Advisor Group LLC increased its holdings in shares of MasTec by 5.8% in the third quarter. Private Advisor Group LLC now owns 5,958 shares of the construction company’s stock worth $1,273,000 after buying an additional 329 shares during the period. South Dakota Investment Council increased its holdings in shares of MasTec by 138.3% in the third quarter. South Dakota Investment Council now owns 14,709 shares of the construction company’s stock worth $3,142,000 after buying an additional 8,536 shares during the period. Finally, Cibc World Market Inc. increased its holdings in shares of MasTec by 4,319.5% in the third quarter. Cibc World Market Inc. now owns 111,326 shares of the construction company’s stock worth $23,781,000 after buying an additional 108,807 shares during the period. 78.10% of the stock is currently owned by institutional investors.

MasTec Company Profile

MasTec, Inc. is an infrastructure construction and engineering company that builds and maintains systems used to deliver energy, communications and other essential services. Its work includes planning, installation, upgrading and maintenance of infrastructure for customers across a range of industries. The company’s activities include communications networks such as fiber and wireless systems; electric power transmission and distribution; clean-energy and other infrastructure projects; and pipelines and related facilities.