MasTec (NYSE:MTZ) Trading Up 8% After Better-Than-Expected Earnings

MasTec, Inc. (NYSE:MTZ) shares shot up 8% during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $138.08 and last traded at $137.51. 521,659 shares were traded during trading, a decline of 44% from the average session volume of 937,563 shares. The stock had previously closed at $127.32.

The construction company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.34 by $0.17. MasTec had a net margin of 0.73% and a return on equity of 8.27%. The firm had revenue of $2.85 billion during the quarter, compared to analysts’ expectations of $2.71 billion. During the same period in the previous year, the company earned ($0.13) EPS. MasTec’s revenue for the quarter was up 6.0% on a year-over-year basis.

Analysts Set New Price Targets

A number of research analysts have weighed in on MTZ shares. Robert W. Baird reduced their price target on shares of MasTec from $162.00 to $153.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. Piper Sandler initiated coverage on MasTec in a research report on Tuesday, April 8th. They issued an “overweight” rating and a $134.00 target price for the company. Barclays increased their target price on MasTec from $130.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, March 4th. Guggenheim reissued a “buy” rating and set a $195.00 price target on shares of MasTec in a research report on Tuesday, March 25th. Finally, KeyCorp dropped their price objective on shares of MasTec from $168.00 to $140.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Three equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $151.00.

Insiders Place Their Bets

In other MasTec news, Director Ernst N. Csiszar sold 2,517 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $131.63, for a total value of $331,312.71. Following the sale, the director now directly owns 23,000 shares of the company’s stock, valued at $3,027,490. This trade represents a 9.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 21.30% of the stock is currently owned by corporate insiders.

Institutional Trading of MasTec

Large investors have recently modified their holdings of the company. Hood River Capital Management LLC raised its holdings in shares of MasTec by 3.5% during the fourth quarter. Hood River Capital Management LLC now owns 1,531,104 shares of the construction company’s stock valued at $208,444,000 after buying an additional 51,531 shares during the last quarter. AQR Capital Management LLC raised its stake in MasTec by 13.3% during the 4th quarter. AQR Capital Management LLC now owns 779,472 shares of the construction company’s stock valued at $106,117,000 after acquiring an additional 91,564 shares in the last quarter. Balyasny Asset Management L.P. boosted its position in MasTec by 137.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 627,670 shares of the construction company’s stock worth $85,451,000 after acquiring an additional 363,502 shares during the period. First Trust Advisors LP grew its stake in shares of MasTec by 173.8% in the fourth quarter. First Trust Advisors LP now owns 587,788 shares of the construction company’s stock worth $80,021,000 after purchasing an additional 373,145 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of MasTec by 0.7% during the first quarter. Bank of New York Mellon Corp now owns 560,710 shares of the construction company’s stock valued at $65,440,000 after purchasing an additional 4,024 shares during the period. Institutional investors and hedge funds own 78.10% of the company’s stock.

MasTec Trading Up 5.3 %

The firm has a market capitalization of $11.15 billion, a P/E ratio of 125.96 and a beta of 1.62. The business’s 50 day moving average is $120.52 and its two-hundred day moving average is $132.61. The company has a quick ratio of 1.20, a current ratio of 1.24 and a debt-to-equity ratio of 0.76.

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.