DA Davidson Boosts MasTec (NYSE:MTZ) Price Target to $120.00

MasTec (NYSE:MTZ) had its price objective raised by equities researchers at DA Davidson from $100.00 to $120.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. DA Davidson’s target price indicates a potential upside of 14.10% from the company’s previous close. DA Davidson also issued estimates for MasTec’s Q2 2024 earnings at $0.79 EPS, FY2024 earnings at $2.59 EPS and FY2025 earnings at $4.21 EPS.

MTZ has been the subject of several other reports. B. Riley increased their price objective on MasTec from $104.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday. TD Cowen raised their price objective on MasTec from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Monday. The Goldman Sachs Group upped their target price on shares of MasTec from $54.00 to $61.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Barclays raised their price target on shares of MasTec from $106.00 to $130.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Robert W. Baird upped their price objective on shares of MasTec from $89.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, MasTec has an average rating of “Moderate Buy” and an average price target of $111.08.

MasTec Price Performance

Shares of NYSE:MTZ opened at $105.17 on Tuesday. The stock’s 50 day moving average is $89.87 and its 200-day moving average is $73.92. MasTec has a twelve month low of $44.65 and a twelve month high of $123.33. The company has a quick ratio of 1.27, a current ratio of 1.31 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $8.36 billion, a price-to-earnings ratio of -751.21 and a beta of 1.61.

MasTec (NYSE:MTZ) last released its quarterly earnings data on Thursday, February 29th. The construction company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.20. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.26 billion. MasTec had a negative net margin of 0.09% and a positive return on equity of 6.19%. Sell-side analysts forecast that MasTec will post 2.33 EPS for the current fiscal year.

Hedge Funds Weigh In On MasTec

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vontobel Holding Ltd. lifted its stake in shares of MasTec by 16.2% during the 4th quarter. Vontobel Holding Ltd. now owns 1,036,101 shares of the construction company’s stock valued at $78,454,000 after buying an additional 144,180 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of MasTec by 0.6% in the third quarter. Vanguard Group Inc. now owns 5,970,130 shares of the construction company’s stock worth $429,670,000 after acquiring an additional 33,592 shares during the period. Oak Thistle LLC bought a new position in shares of MasTec in the fourth quarter worth $883,000. Nordea Investment Management AB grew its position in shares of MasTec by 35.0% in the fourth quarter. Nordea Investment Management AB now owns 3,963,774 shares of the construction company’s stock valued at $297,006,000 after purchasing an additional 1,027,085 shares in the last quarter. Finally, Sycomore Asset Management bought a new stake in shares of MasTec during the 4th quarter valued at $965,000. Institutional investors own 78.10% of the company’s stock.

About MasTec

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.