MasTec (NYSE:MTZ) Issues Q2 2022 Earnings Guidance

MasTec (NYSE:MTZGet Rating) updated its second quarter 2022 earnings guidance on Monday. The company provided EPS guidance of $0.72-$0.72 for the period, compared to the consensus EPS estimate of $1.02. The company issued revenue guidance of $2.20 billion-$2.20 billion, compared to the consensus revenue estimate of $2.34 billion.MasTec also updated its FY 2022 guidance to $4.22-$4.47 EPS.

A number of brokerages have recently commented on MTZ. DA Davidson dropped their target price on shares of MasTec from $120.00 to $105.00 in a report on Monday, May 9th. Robert W. Baird dropped their target price on shares of MasTec from $100.00 to $96.00 in a report on Monday, May 9th. Cowen dropped their target price on shares of MasTec from $125.00 to $110.00 and set an outperform rating on the stock in a report on Monday, February 28th. TheStreet cut shares of MasTec from a b- rating to a c rating in a research note on Monday, May 16th. Finally, StockNews.com began coverage on shares of MasTec in a research note on Thursday, March 31st. They issued a hold rating on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Buy and an average price target of $104.73.

Shares of NYSE MTZ traded up $0.45 during midday trading on Monday, hitting $80.70. 3,468 shares of the company’s stock traded hands, compared to its average volume of 675,459. The firm has a fifty day moving average of $80.32 and a 200 day moving average of $86.84. The stock has a market capitalization of $6.13 billion, a price-to-earnings ratio of 25.97 and a beta of 1.27. MasTec has a 1 year low of $70.72 and a 1 year high of $122.33. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.44 and a current ratio of 1.49.

MasTec (NYSE:MTZGet Rating) last released its earnings results on Thursday, May 5th. The construction company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.17. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.79 billion. MasTec had a net margin of 2.81% and a return on equity of 12.91%. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.04 EPS. On average, equities analysts anticipate that MasTec will post 4.04 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in MasTec by 2.4% in the 1st quarter. BlackRock Inc. now owns 5,616,160 shares of the construction company’s stock worth $489,168,000 after acquiring an additional 134,201 shares in the last quarter. Vanguard Group Inc. boosted its stake in MasTec by 8.8% in the 1st quarter. Vanguard Group Inc. now owns 5,519,211 shares of the construction company’s stock worth $480,724,000 after purchasing an additional 447,376 shares during the period. State Street Corp boosted its stake in MasTec by 6.0% in the 1st quarter. State Street Corp now owns 1,525,360 shares of the construction company’s stock worth $132,859,000 after purchasing an additional 86,807 shares during the period. Goldman Sachs Group Inc. boosted its stake in MasTec by 43.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,285,284 shares of the construction company’s stock worth $111,948,000 after purchasing an additional 390,531 shares during the period. Finally, Fuller & Thaler Asset Management Inc. boosted its stake in MasTec by 0.3% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 834,889 shares of the construction company’s stock worth $72,719,000 after purchasing an additional 2,848 shares during the period. 68.44% of the stock is owned by institutional investors.

About MasTec (Get Rating)

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 Communications, Clean Energy and Infrastructure, Oil and Gas, Power Delivery, and Other segments.

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