Principal Financial Group Inc. Lowers Stock Position in MasTec, Inc. (NYSE:MTZ)

Principal Financial Group Inc. lessened its stake in MasTec, Inc. (NYSE:MTZ - Free Report) by 24.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 167,681 shares of the construction company's stock after selling 54,636 shares during the period. Principal Financial Group Inc. owned 0.21% of MasTec worth $20,642,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Hobbs Group Advisors LLC purchased a new position in MasTec during the 2nd quarter worth $27,000. GAMMA Investing LLC increased its stake in shares of MasTec by 64.9% during the second quarter. GAMMA Investing LLC now owns 366 shares of the construction company's stock valued at $39,000 after buying an additional 144 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in shares of MasTec in the second quarter valued at about $40,000. UMB Bank n.a. lifted its stake in MasTec by 46.3% in the third quarter. UMB Bank n.a. now owns 379 shares of the construction company's stock worth $47,000 after acquiring an additional 120 shares during the period. Finally, Bessemer Group Inc. grew its holdings in MasTec by 5,436.4% during the 1st quarter. Bessemer Group Inc. now owns 609 shares of the construction company's stock worth $57,000 after acquiring an additional 598 shares in the last quarter. 78.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. UBS Group boosted their price target on shares of MasTec from $129.00 to $147.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. TD Cowen boosted their price objective on shares of MasTec from $115.00 to $160.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. DA Davidson increased their target price on MasTec from $120.00 to $125.00 and gave the company a "buy" rating in a research report on Monday, August 5th. Citigroup lifted their price target on MasTec from $122.00 to $150.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. Finally, Robert W. Baird upped their price objective on MasTec from $120.00 to $153.00 and gave the stock a "neutral" rating in a research note on Monday, November 4th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $148.62.

MasTec Stock Performance

Shares of MasTec stock traded down $1.98 during midday trading on Thursday, hitting $137.34. The company had a trading volume of 408,308 shares, compared to its average volume of 856,201. The company has a fifty day simple moving average of $124.08 and a 200 day simple moving average of $112.91. The stock has a market cap of $10.88 billion, a price-to-earnings ratio of 124.39 and a beta of 1.70. MasTec, Inc. has a 12-month low of $52.19 and a 12-month high of $147.23. The company has a quick ratio of 1.20, a current ratio of 1.24 and a debt-to-equity ratio of 0.76.

Insider Activity

In other MasTec news, COO Robert E. Apple sold 800 shares of MasTec stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $130.04, for a total transaction of $104,032.00. Following the completion of the sale, the chief operating officer now owns 216,402 shares of the company's stock, valued at approximately $28,140,916.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, COO Robert E. Apple sold 20,000 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $126.27, for a total value of $2,525,400.00. Following the sale, the chief operating officer now owns 217,202 shares in the company, valued at $27,426,096.54. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Robert E. Apple sold 800 shares of the firm's stock in a transaction on Monday, October 7th. The stock was sold at an average price of $130.04, for a total transaction of $104,032.00. Following the transaction, the chief operating officer now directly owns 216,402 shares of the company's stock, valued at approximately $28,140,916.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,823 shares of company stock valued at $5,558,301 over the last ninety days. 21.30% of the stock is currently owned by insiders.

MasTec 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.