Principal Financial Group Inc. Sells 67,667 Shares of MasTec, Inc. (NYSE:MTZ)

Principal Financial Group Inc. lowered its position in shares of MasTec, Inc. (NYSE:MTZ) by 32.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 141,675 shares of the construction company’s stock after selling 67,667 shares during the quarter. Principal Financial Group Inc. owned 0.18% of MasTec worth $16,535,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in MTZ. EverSource Wealth Advisors LLC boosted its position in shares of 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 purchasing an additional 116 shares during the period. Colonial Trust Co SC boosted its position in shares of 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 period. Rothschild Investment LLC boosted its position in shares of MasTec by 2,023.1% during the first quarter. Rothschild Investment LLC now owns 276 shares of the construction company’s stock worth $32,000 after acquiring an additional 263 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new position in shares of MasTec during the first quarter worth $35,000. Finally, Harbor Investment Advisory LLC boosted its position in shares of MasTec by 147.1% during the first quarter. Harbor Investment Advisory LLC now owns 336 shares of the construction company’s stock worth $39,000 after acquiring an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 78.10% of the company’s stock.

MasTec Trading Up 0.9%

MTZ stock opened at $170.25 on Friday. The company has a market capitalization of $13.43 billion, a PE ratio of 62.59 and a beta of 1.75. MasTec, Inc. has a 12 month low of $89.96 and a 12 month high of $173.24. The firm’s 50-day moving average is $160.66 and its 200 day moving average is $141.19. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.22 and a quick ratio of 1.18.

MasTec (NYSE:MTZ) last posted its quarterly earnings results on Thursday, May 1st. The construction company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.34 by $0.17. The company had revenue of $2.85 billion for the quarter, compared to the consensus estimate of $2.71 billion. MasTec had a net margin of 1.72% and a return on equity of 11.65%. The firm’s revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.13) EPS. On average, research analysts anticipate that MasTec, Inc. will post 3.44 EPS for the current year.

Insider Buying and Selling

In other MasTec news, Director C Robert Campbell sold 3,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the director owned 39,782 shares of the company’s stock, valued at approximately $6,122,051.98. This trade represents a 7.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 21.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Roth Capital assumed coverage on shares of MasTec in a research report on Tuesday, July 1st. They set a “buy” rating and a $210.00 target price for the company. Guggenheim restated a “buy” rating and set a $195.00 target price on shares of MasTec in a research report on Monday, May 5th. Piper Sandler upped their target price on shares of MasTec from $134.00 to $175.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Citigroup upped their target price on shares of MasTec from $152.00 to $170.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. Finally, Jefferies Financial Group initiated coverage on shares of MasTec in a research report on Friday, May 16th. They set a “buy” rating and a $188.00 target price for the company. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $169.29.

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.