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

Principal Financial Group Inc. reduced its stake in MasTec, Inc. (NYSE:MTZ) by 24.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 167,681 shares of the construction company’s stock after selling 54,636 shares during the period. Principal Financial Group Inc.’s holdings in MasTec were worth $20,642,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Swedbank AB acquired a new stake in shares of MasTec in the 1st quarter worth $5,287,000. Interval Partners LP purchased a new stake in MasTec in the 1st quarter valued at approximately $4,230,000. Boston Partners acquired a new position in MasTec during the 1st quarter worth approximately $748,000. Texas Permanent School Fund Corp raised its stake in shares of MasTec by 8.9% during the 2nd quarter. Texas Permanent School Fund Corp now owns 57,522 shares of the construction company’s stock worth $6,154,000 after buying an additional 4,716 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of MasTec by 156.6% in the 1st quarter. BNP Paribas Financial Markets now owns 19,359 shares of the construction company’s stock valued at $1,805,000 after buying an additional 11,816 shares during the period. Institutional investors and hedge funds own 78.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on MTZ shares. Citigroup increased their price objective on MasTec from $122.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. DA Davidson raised their price objective on shares of MasTec from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Stifel Nicolaus lifted their price objective on MasTec from $121.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. JPMorgan Chase & Co. started coverage on MasTec in a report on Monday, October 7th. They issued an “overweight” rating and a $153.00 target price on the stock. Finally, KeyCorp lifted their price target on MasTec from $123.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, MasTec presently has a consensus rating of “Moderate Buy” and an average target price of $148.62.

Insider Activity at MasTec

In other MasTec news, Director C Robert Campbell sold 3,000 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $116.26, for a total transaction of $348,780.00. Following the completion of the sale, the director now directly owns 48,173 shares in the company, valued at $5,600,592.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, COO Robert E. Apple sold 800 shares of MasTec stock in a transaction on Monday, October 7th. The shares were sold at an average price of $130.04, for a total transaction of $104,032.00. Following the transaction, the chief operating officer now owns 216,402 shares in the company, valued at approximately $28,140,916.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director C Robert Campbell sold 3,000 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $116.26, for a total transaction of $348,780.00. Following the sale, the director now directly owns 48,173 shares of the company’s stock, valued at approximately $5,600,592.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,823 shares of company stock worth $5,558,301. 21.30% of the stock is owned by insiders.

MasTec Stock Down 0.3 %

Shares of NYSE MTZ opened at $139.32 on Thursday. The stock has a market capitalization of $11.04 billion, a PE ratio of 124.39 and a beta of 1.70. The company has a quick ratio of 1.20, a current ratio of 1.24 and a debt-to-equity ratio of 0.76. The firm has a fifty day moving average of $124.08 and a 200-day moving average of $112.91. MasTec, Inc. has a 52-week low of $50.90 and a 52-week high of $147.23.

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.