Cantor Fitzgerald Has Lowered Expectations for MasTec (NYSE:MTZ) Stock Price

MasTec (NYSE:MTZ) had its price objective lowered by research analysts at Cantor Fitzgerald from $348.00 to $270.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the construction company’s stock. Cantor Fitzgerald‘s price target suggests a potential upside of 45.14% from the stock’s current price.

MTZ has been the subject of a number of other reports. Weiss Ratings upgraded MasTec from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday. Truist Financial cut their target price on MasTec from $428.00 to $380.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. TD Cowen reiterated a “buy” rating on shares of MasTec in a report on Monday. The Goldman Sachs Group reissued a “buy” rating and set a $274.00 price target on shares of MasTec in a research report on Thursday, October 22nd. Finally, Guggenheim lifted their target price on MasTec from $480.00 to $518.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Nineteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, MasTec presently has an average rating of “Moderate Buy” and an average price target of $361.20.

MasTec Price Performance

Shares of NYSE:MTZ opened at $186.03 on Monday. The company has a current ratio of 1.39, a quick ratio of 1.36 and a debt-to-equity ratio of 0.95. The firm has a market cap of $14.94 billion, a price-to-earnings ratio of 30.40 and a beta of 1.84. MasTec has a 1 year low of $164.31 and a 1 year high of $441.43. The business has a fifty day simple moving average of $215.62 and a 200 day simple moving average of $300.41.

MasTec (NYSE:MTZ) last released its quarterly earnings results on Thursday, October 29th. The construction company reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.95 by $0.01. The business had revenue of $5.15 billion for the quarter, compared to the consensus estimate of $4.94 billion. MasTec had a net margin of 2.80% and a return on equity of 17.89%. MasTec’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same quarter last year, the firm earned $2.48 EPS. As a group, sell-side analysts predict that MasTec will post 8.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MasTec

Institutional investors and hedge funds have recently bought and sold shares of the company. Earned Wealth Advisors LLC grew its holdings in shares of MasTec by 2.8% during the first quarter. Earned Wealth Advisors LLC now owns 1,013 shares of the construction company’s stock worth $326,000 after purchasing an additional 28 shares during the last quarter. Everhart Financial Group Inc. grew its holdings in MasTec by 5.4% during the 2nd quarter. Everhart Financial Group Inc. now owns 874 shares of the construction company’s stock worth $364,000 after acquiring an additional 45 shares during the last quarter. Armstrong Advisory Group Inc. increased its position in MasTec by 40.7% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 197 shares of the construction company’s stock valued at $42,000 after acquiring an additional 57 shares during the period. Parallel Advisors LLC increased its position in MasTec by 21.0% in the 1st quarter. Parallel Advisors LLC now owns 340 shares of the construction company’s stock valued at $109,000 after acquiring an additional 59 shares during the period. Finally, North Dakota State Investment Board raised its stake in shares of MasTec by 3.2% during the third quarter. North Dakota State Investment Board now owns 1,909 shares of the construction company’s stock valued at $408,000 after acquiring an additional 60 shares during the last quarter. Institutional investors and hedge funds own 78.10% of the company’s stock.

MasTec Company Profile

MasTec, Inc is an infrastructure construction and engineering company that provides services to the communications, energy, utility, and industrial sectors. The company designs, builds, installs, maintains, and upgrades infrastructure for wireless and wireline communications networks, including cellular, broadband, fiber-optic, and other connectivity systems.

MasTec also performs construction and maintenance work for electric transmission and distribution systems, renewable energy projects, and other power infrastructure.