Reinhart Partners Inc. lessened its holdings in Masco Corp (NYSE:MAS) by 24.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 335,640 shares of the construction company’s stock after selling 109,602 shares during the period. Reinhart Partners Inc.’s holdings in Masco were worth $13,989,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also made changes to their positions in MAS. New England Research & Management Inc. bought a new stake in shares of Masco in the 3rd quarter worth about $248,000. SG Americas Securities LLC grew its holdings in Masco by 5.4% during the 3rd quarter. SG Americas Securities LLC now owns 54,104 shares of the construction company’s stock worth $2,255,000 after acquiring an additional 2,753 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in Masco by 1.7% during the 3rd quarter. Daiwa Securities Group Inc. now owns 12,982 shares of the construction company’s stock worth $541,000 after acquiring an additional 220 shares during the last quarter. Symmetry Partners LLC bought a new stake in Masco during the 3rd quarter worth about $238,000. Finally, Kornitzer Capital Management Inc. KS grew its holdings in Masco by 875.5% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 453,345 shares of the construction company’s stock worth $18,895,000 after acquiring an additional 406,870 shares during the last quarter. 91.40% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on the stock. Bank of America decreased their price objective on shares of Masco from $56.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Raymond James set a $50.00 price objective on shares of Masco and gave the stock a “buy” rating in a report on Friday, July 26th. Barclays increased their price objective on shares of Masco from $45.00 to $47.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Buckingham Research lowered shares of Masco from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $49.00 to $46.00 in a report on Wednesday, September 18th. Finally, Royal Bank of Canada set a $45.00 price objective on shares of Masco and gave the stock a “buy” rating in a report on Friday, July 26th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $46.75.
In related news, insider Richard A. O’reagan sold 11,125 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $45.85, for a total value of $510,081.25. Following the sale, the insider now directly owns 43,278 shares in the company, valued at approximately $1,984,296.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John G. Sznewajs sold 85,473 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $40.88, for a total transaction of $3,494,136.24. Following the completion of the sale, the chief financial officer now owns 318,403 shares in the company, valued at $13,016,314.64. The disclosure for this sale can be found here. Company insiders own 1.17% of the company’s stock.
Masco stock traded up $0.07 during trading hours on Friday, reaching $46.30. 1,199,828 shares of the company’s stock traded hands, compared to its average volume of 3,353,776. The company has a debt-to-equity ratio of 120.48, a quick ratio of 0.98 and a current ratio of 1.46. Masco Corp has a fifty-two week low of $27.03 and a fifty-two week high of $46.95. The firm has a market capitalization of $13.32 billion, a price-to-earnings ratio of 18.52, a PEG ratio of 2.49 and a beta of 1.46. The firm’s 50 day moving average is $43.39 and its 200-day moving average is $40.14.
Masco (NYSE:MAS) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.01). The firm had revenue of $1.95 billion during the quarter, compared to analyst estimates of $2.13 billion. Masco had a net margin of 8.27% and a return on equity of 1,500.49%. The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.61 earnings per share. Analysts predict that Masco Corp will post 2.54 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 12th. Investors of record on Friday, October 11th will be given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.17%. This is an increase from Masco’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, October 10th. Masco’s dividend payout ratio (DPR) is currently 21.60%.
Masco declared that its Board of Directors has authorized a stock repurchase program on Tuesday, September 17th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the construction company to purchase up to 16.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.
Masco Company Profile
Masco Corporation designs, manufactures, and distributes home improvement and building products worldwide. The company's Plumbing Products segment offers faucets, showerheads, handheld showers, valves, bath hardware and accessories, bathing units, shower bases and enclosures, toilets, acrylic tubs, shower trays, spas, exercise pools, fitness systems, and other non-decorative plumbing products; brass, copper, and composite plumbing system components; and thermoplastic extrusions, extruded plastic profiles, and specialized fabrications.
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