MasTec, Inc. (NYSE:MTZ) Releases Quarterly Earnings Results, Beats Estimates By $0.34 EPS
MasTec, Inc. (NYSE:MTZ) posted its earnings results on Thursday. The construction company reported $0.99 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.34, Morningstar.com reports. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.50 billion. MasTec had a return on equity of 18.02% and a net margin of 3.29%. The company’s revenue for the quarter was up 53.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.36 EPS. MasTec updated its Q3 guidance to $0.73 EPS and its FY17 guidance to $2.73 EPS.
Shares of MasTec (MTZ) traded down 6.34% during trading on Friday, hitting $42.85. The company had a trading volume of 3,248,901 shares. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of 20.11 and a beta of 1.44. The stock has a 50-day moving average of $45.39 and a 200 day moving average of $41.88. MasTec has a 12-month low of $23.86 and a 12-month high of $49.50.
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In related news, Director Jose S. Sorzano sold 2,391 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $45.56, for a total transaction of $108,933.96. Following the completion of the sale, the director now owns 37,545 shares of the company’s stock, valued at $1,710,550.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director C Robert Campbell sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 28th. The stock was sold at an average price of $45.00, for a total value of $540,000.00. Following the sale, the director now directly owns 67,082 shares of the company’s stock, valued at approximately $3,018,690. The disclosure for this sale can be found here. Company insiders own 20.30% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. IFP Advisors Inc boosted its stake in MasTec by 218.6% in the first quarter. IFP Advisors Inc now owns 2,514 shares of the construction company’s stock valued at $101,000 after buying an additional 1,725 shares in the last quarter. SG Americas Securities LLC acquired a new stake in MasTec during the second quarter valued at approximately $102,000. Envestnet Asset Management Inc. boosted its stake in MasTec by 7.9% in the first quarter. Envestnet Asset Management Inc. now owns 2,681 shares of the construction company’s stock valued at $107,000 after buying an additional 197 shares in the last quarter. Global X Management Co. LLC boosted its stake in MasTec by 220.7% in the second quarter. Global X Management Co. LLC now owns 2,614 shares of the construction company’s stock valued at $118,000 after buying an additional 1,799 shares in the last quarter. Finally, Creative Planning boosted its stake in MasTec by 16.4% in the second quarter. Creative Planning now owns 2,685 shares of the construction company’s stock valued at $121,000 after buying an additional 379 shares in the last quarter. 69.57% of the stock is owned by institutional investors and hedge funds.
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Several equities analysts have recently issued reports on the company. Zacks Investment Research lowered MasTec from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 11th. Vetr upgraded MasTec from a “buy” rating to a “strong-buy” rating and set a $45.42 target price for the company in a research report on Thursday, May 25th. FBR & Co boosted their target price on MasTec from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Monday, May 15th. Canaccord Genuity restated a “buy” rating and set a $52.00 target price on shares of MasTec in a research report on Monday, May 15th. Finally, Credit Suisse Group upgraded MasTec from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $46.00 to $55.00 in a research report on Monday, July 24th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $43.40.
MasTec Company Profile
MasTec, Inc is an infrastructure construction company. The Company operates primarily across North America through a range of industries. The Company operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other. Its primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; conventional and renewable power generation, and industrial infrastructure.
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