Canaccord Genuity Reiterates a Buy Rating on MasTec

By Austin Angelo

Canaccord Genuity analyst Robert Burleson reiterated a Buy rating on MasTec (NYSE: MTZ) today and set a price target of $35. The company’s shares opened today at $30.50, close to its 52-week high of $31.15.

According to TipRanks.com, Burleson is a 3-star analyst with an average return of 0.9% and a 46.0% success rate. Burleson covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Integrated Device Tech, and Mitel Networks Corp.

MasTec has an analyst consensus of Strong Buy, with a price target consensus of $35.

Based on MasTec’s latest earnings report from June 30, the company posted quarterly revenue of $1.23B and quarterly net profit of $24.09M. In comparison, last year the company earned revenue of $1.11B and had a net profit of $7.62M.

Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is neutral on the stock. Most recently, in June 2016, Robert E. Apple, the COO of MTZ sold 13,739 shares for a total of $326,614.

MasTec, Inc. is an infrastructure construction company, which engages in designing, building, installing, and maintaining infrastructures. It operates through the following segments: Communications; Oil and Gas, Electrical Transmissions; Power Generation and Industrial, and Other. The Communications segment performs engineering, construction, and maintenance of communications infrastructure primarily related to wireless and wire line communications and install to the home, and to a lesser extent, infrastructure for electrical utilities. The Oil and Gas segment performs engineering, construction and maintenance services on oil and natural gas pipelines and processing facilities for the energy and utilities industries. The Electrical Transmission segment serves the energy and utility industries through the engineering, construction, and maintenance of electrical transmission lines and substations. The Power Generation and Industrial segment engages in the installation and construction of power plants, wind farms, solar farms, related electrical transmission infrastructure, ethanol facilities, and various types of industrial infrastructure. The Other segment includes small business units that perform construction services for a variety of end markets in Mexico and elsewhere internationally. The company was founded by Russell Burnup and Riley Sims in 1929 and is headquartered in Coral Gables, FL.