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

Principal Financial Group Inc. cut its stake in MasTec, Inc. (NYSE:MTZ - Free Report) by 32.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 141,675 shares of the construction company's stock after selling 67,667 shares during the period. Principal Financial Group Inc. owned about 0.18% of MasTec worth $16,535,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MTZ. EverSource Wealth Advisors LLC grew its position in MasTec by 181.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 180 shares of the construction company's stock worth $25,000 after acquiring an additional 116 shares in the last quarter. Colonial Trust Co SC lifted its stake in MasTec by 335.7% in the fourth quarter. Colonial Trust Co SC now owns 183 shares of the construction company's stock worth $25,000 after purchasing an additional 141 shares during the last quarter. Rothschild Investment LLC lifted its stake in MasTec by 2,023.1% in the first quarter. Rothschild Investment LLC now owns 276 shares of the construction company's stock worth $32,000 after purchasing an additional 263 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in MasTec in the first quarter worth $35,000. Finally, Harbor Investment Advisory LLC lifted its stake in MasTec by 147.1% in the first quarter. Harbor Investment Advisory LLC now owns 336 shares of the construction company's stock worth $39,000 after purchasing an additional 200 shares during the last quarter. 78.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on MTZ. B. Riley reissued a "buy" rating and issued a $165.00 price target (up from $151.00) on shares of MasTec in a research note on Wednesday, March 19th. Citigroup boosted their price target on shares of MasTec from $152.00 to $170.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Wall Street Zen downgraded shares of MasTec from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Piper Sandler boosted their price target on shares of MasTec from $134.00 to $175.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Finally, The Goldman Sachs Group raised shares of MasTec from a "neutral" rating to a "buy" rating and upped their price objective for the company from $156.00 to $195.00 in a research note on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, MasTec has an average rating of "Buy" and a consensus target price of $169.29.

MasTec Trading Up 0.9%

Shares of NYSE MTZ traded up $1.48 during midday trading on Friday, hitting $170.25. 539,455 shares of the company traded hands, compared to its average volume of 946,119. MasTec, Inc. has a 12-month low of $89.96 and a 12-month high of $173.24. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.18 and a current ratio of 1.22. The stock has a 50-day moving average price of $160.66 and a 200 day moving average price of $141.23. The firm has a market cap of $13.43 billion, a P/E ratio of 62.59 and a beta of 1.75.

MasTec (NYSE:MTZ - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The construction company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.17. MasTec had a net margin of 1.72% and a return on equity of 11.65%. The company had revenue of $2.85 billion for the quarter, compared to analysts' expectations of $2.71 billion. During the same quarter in the previous year, the company earned ($0.13) earnings per share. MasTec's quarterly revenue was up 6.0% on a year-over-year basis. As a group, analysts expect that MasTec, Inc. will post 3.44 earnings per share for the current year.

Insider Activity

In other MasTec news, Director C Robert Campbell sold 3,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the sale, the director owned 39,782 shares in the company, valued at approximately $6,122,051.98. This represents a 7.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 21.30% of the stock is owned by corporate insiders.

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.