Principal Financial Group Inc. Has $28.50 Million Holdings in MasTec, Inc. (NYSE:MTZ)

Principal Financial Group Inc. grew its holdings in MasTec, Inc. (NYSE:MTZ) by 24.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 209,342 shares of the construction company’s stock after purchasing an additional 41,661 shares during the period. Principal Financial Group Inc. owned about 0.26% of MasTec worth $28,500,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ameliora Wealth Management Ltd. acquired a new stake in shares of MasTec in the fourth quarter valued at approximately $25,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of MasTec in the third quarter valued at approximately $25,000. R Squared Ltd acquired a new position in MasTec during the fourth quarter worth $44,000. True Wealth Design LLC acquired a new position in MasTec during the third quarter worth $57,000. Finally, UMB Bank n.a. increased its holdings in MasTec by 29.8% during the fourth quarter. UMB Bank n.a. now owns 492 shares of the construction company’s stock worth $67,000 after buying an additional 113 shares during the last quarter. 78.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director C Robert Campbell sold 3,000 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $145.00, for a total value of $435,000.00. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Robert E. Apple sold 10,000 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $150.00, for a total transaction of $1,500,000.00. Following the sale, the chief operating officer now directly owns 187,202 shares of the company’s stock, valued at $28,080,300. This represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. 21.30% of the stock is currently owned by company insiders.

MasTec Trading Down 4.8 %

Shares of MasTec stock opened at $126.35 on Friday. The firm has a 50-day moving average of $142.25 and a 200-day moving average of $130.84. The stock has a market cap of $10.01 billion, a PE ratio of 112.81 and a beta of 1.73. MasTec, Inc. has a 52-week low of $69.80 and a 52-week high of $166.95. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.20 and a current ratio of 1.24.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MTZ shares. TD Cowen boosted their target price on shares of MasTec from $115.00 to $160.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Stifel Nicolaus boosted their target price on shares of MasTec from $155.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their target price on shares of MasTec from $154.00 to $172.00 and gave the stock an “overweight” rating in a report on Tuesday, January 28th. Truist Financial boosted their target price on shares of MasTec from $173.00 to $189.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, Craig Hallum boosted their target price on shares of MasTec from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, MasTec has an average rating of “Moderate Buy” and a consensus price target of $158.57.

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.