X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-Publicly traded shares in MasTec Inc. closed down $3.09 Friday at $14 each, apparently in reaction to a report that First Union Securities downgraded the company’s common stock.

The price per share in the Miami-based provider of communications and energy infrastructure services fell 18.8% on trading volume of 1,645,300.

Although they did not disclose their reasoning, analysts from the sixth largest securities brokerages downgraded the issue Friday to a classification of market-perform from a buy.

Shares in MasTec recently traded as high as $19.01 a share on June 11 but quickly entered into a tailspin that ended Friday with shares closing just $2.60 off the 52-week low of $11.40. The issue has traded as high as $46.92 over the same time period.

News of the stock movement comes as the company last reported a net gain of $3.3 million, or sevem cents a share, on revenue of $337 million for the first quarter ended March 31, compared with a net gain of $11.5 million, or 25 cents per diluted share, on revenue of $272.7 million for the same period in 2000.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.