Principal Financial Group Inc. Decreases Holdings in MasTec, Inc. $MTZ

Principal Financial Group Inc. reduced its position in MasTec, Inc. (NYSE:MTZ) by 24.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 175,814 shares of the construction company’s stock after selling 56,455 shares during the period. Principal Financial Group Inc. owned about 0.22% of MasTec worth $37,415,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Qube Research & Technologies Ltd boosted its position in shares of MasTec by 370.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 506,857 shares of the construction company’s stock worth $86,384,000 after buying an additional 399,007 shares in the last quarter. Hennessy Advisors Inc. purchased a new stake in shares of MasTec in the third quarter valued at about $50,904,000. Vanguard Group Inc. lifted its holdings in shares of MasTec by 4.1% in the second quarter. Vanguard Group Inc. now owns 5,972,293 shares of the construction company’s stock valued at $1,017,858,000 after purchasing an additional 234,594 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of MasTec by 42.2% in the second quarter. Ameriprise Financial Inc. now owns 555,486 shares of the construction company’s stock valued at $94,672,000 after purchasing an additional 164,722 shares during the last quarter. Finally, Hood River Capital Management LLC grew its position in shares of MasTec by 8.9% in the second quarter. Hood River Capital Management LLC now owns 1,692,656 shares of the construction company’s stock valued at $288,479,000 after purchasing an additional 138,269 shares during the last quarter. Institutional investors and hedge funds own 78.10% of the company’s stock.

MasTec Price Performance

Shares of MasTec stock opened at $244.37 on Friday. The business’s fifty day moving average price is $228.57 and its 200 day moving average price is $206.16. MasTec, Inc. has a twelve month low of $99.70 and a twelve month high of $252.23. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $19.28 billion, a P/E ratio of 58.05 and a beta of 1.94.

Analyst Ratings Changes

Several brokerages recently issued reports on MTZ. Barclays lifted their price objective on MasTec from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of MasTec in a research report on Monday, December 29th. Wall Street Zen raised shares of MasTec from a “hold” rating to a “buy” rating in a research report on Sunday, January 25th. Truist Financial lifted their target price on shares of MasTec from $253.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, December 18th. Finally, JPMorgan Chase & Co. increased their price target on MasTec from $214.00 to $235.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, MasTec presently has an average rating of “Buy” and an average price target of $238.16.

About MasTec

MasTec, Inc is a diversified infrastructure construction company that provides engineering, fabrication, installation and maintenance services across a broad range of end markets. Its principal activities encompass the development of communications networks, oil and gas pipeline systems, electrical transmission and distribution facilities, industrial installations and renewable energy projects.

The company traces its roots to a small cable installation operation in Miami and has grown through a series of strategic acquisitions to become one of the largest infrastructure contractors in North America.