Allspring Global Investments Holdings LLC Cuts Position in MasTec, Inc. (NYSE:MTZ)

Allspring Global Investments Holdings LLC lowered its stake in shares of MasTec, Inc. (NYSE:MTZ - Free Report) by 95.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 29,141 shares of the construction company's stock after selling 592,502 shares during the period. Allspring Global Investments Holdings LLC's holdings in MasTec were worth $4,078,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB bought a new position in shares of MasTec during the 3rd quarter worth approximately $25,000. Ameliora Wealth Management Ltd. bought a new position in shares of MasTec during the 4th quarter worth approximately $25,000. R Squared Ltd bought a new position in shares of MasTec during the 4th quarter worth approximately $44,000. True Wealth Design LLC bought a new position in shares of MasTec during the 3rd quarter worth approximately $57,000. Finally, UMB Bank n.a. lifted its position in shares of MasTec by 29.8% during the 4th quarter. UMB Bank n.a. now owns 492 shares of the construction company's stock worth $67,000 after buying an additional 113 shares in the last quarter. Institutional investors and hedge funds own 78.10% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on MTZ. JPMorgan Chase & Co. lifted their target price on shares of MasTec from $154.00 to $172.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 28th. Guggenheim began coverage on shares of MasTec in a research report on Wednesday, January 8th. They set a "buy" rating and a $195.00 target price on the stock. TD Cowen lifted their target price on shares of MasTec from $115.00 to $160.00 and gave the stock a "buy" rating in a research report on Monday, November 4th. Craig Hallum lifted their price target on shares of MasTec from $125.00 to $150.00 and gave the stock a "buy" rating in a report on Monday, November 4th. Finally, Stifel Nicolaus lifted their price target on shares of MasTec from $155.00 to $185.00 and gave the stock a "buy" rating in a report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, MasTec has an average rating of "Moderate Buy" and an average price target of $158.57.

MasTec Stock Performance

MTZ stock traded down $6.43 during midday trading on Friday, reaching $126.35. 1,179,244 shares of the company's stock traded hands, compared to its average volume of 970,119. The company has a 50-day moving average price of $142.48 and a two-hundred day moving average price of $130.49. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.20 and a current ratio of 1.24. MasTec, Inc. has a 52 week low of $69.80 and a 52 week high of $166.95. The firm has a market capitalization of $10.01 billion, a PE ratio of 112.81 and a beta of 1.73.

Insider Buying and Selling at MasTec

In other news, Director C Robert Campbell sold 3,000 shares of the business's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $145.00, for a total transaction of $435,000.00. Following the completion of the transaction, the director now directly owns 42,478 shares in the company, valued at $6,159,310. The trade was a 6.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Robert E. Apple sold 10,000 shares of the business's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $150.00, for a total transaction of $1,500,000.00. Following the transaction, the chief operating officer now owns 187,202 shares of the company's stock, valued at $28,080,300. This trade represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 21.30% of the company's stock.

MasTec Company Profile

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.