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

Principal Financial Group Inc. trimmed its position in MasTec, Inc. (NYSE:MTZ - Free Report) by 24.6% in the third quarter, according to its most recent filing with the SEC. The fund 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 filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James & Associates raised its holdings in MasTec by 43.4% in the 2nd quarter. Raymond James & Associates now owns 48,230 shares of the construction company's stock valued at $5,160,000 after buying an additional 14,608 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of MasTec by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 490,226 shares of the construction company's stock worth $52,449,000 after purchasing an additional 11,203 shares during the last quarter. HB Wealth Management LLC bought a new position in MasTec during the 2nd quarter worth $218,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of MasTec by 13.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 115,848 shares of the construction company's stock valued at $12,395,000 after buying an additional 14,015 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of MasTec by 8.1% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 3,281 shares of the construction company's stock valued at $351,000 after buying an additional 247 shares during the period. Institutional investors own 78.10% of the company's stock.

Insider Buying and Selling

In other news, COO Robert E. Apple sold 800 shares of the company's stock in a transaction on Monday, October 7th. The shares were sold at an average price of $130.04, for a total value of $104,032.00. Following the transaction, the chief operating officer now owns 216,402 shares of the company's stock, valued at approximately $28,140,916.08. This represents a 0.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director C Robert Campbell sold 3,000 shares of the business's stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $145.00, for a total value of $435,000.00. Following the transaction, the director now owns 42,478 shares of the company's stock, valued at approximately $6,159,310. The trade was a 6.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,823 shares of company stock valued at $4,619,121. Company insiders own 21.30% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MTZ. TD Cowen boosted their price target 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. The Goldman Sachs Group lifted their price objective on MasTec from $115.00 to $130.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 9th. Robert W. Baird lifted their target price on MasTec from $120.00 to $153.00 and gave the stock a "neutral" rating in a report on Monday, November 4th. Stifel Nicolaus lifted their price objective on shares of MasTec from $153.00 to $155.00 and gave the company a "buy" rating in a research note on Wednesday, December 11th. Finally, B. Riley reaffirmed a "buy" rating and issued a $166.00 price target (up from $151.00) on shares of MasTec in a research note on Tuesday, November 5th. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, MasTec has an average rating of "Moderate Buy" and an average target price of $150.23.

MasTec Stock Performance

Shares of MTZ stock traded up $0.08 on Thursday, hitting $138.50. 283,952 shares of the stock were exchanged, compared to its average volume of 858,456. The firm has a market capitalization of $10.97 billion, a PE ratio of 123.66 and a beta of 1.72. MasTec, Inc. has a one year low of $60.96 and a one year high of $150.12. The company has a current ratio of 1.24, a quick ratio of 1.20 and a debt-to-equity ratio of 0.76. The firm's 50 day moving average is $135.97 and its two-hundred day moving average is $119.97.

About MasTec

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.