Masco (NYSE:MAS) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Masco (NYSE:MAS) announced its earnings results on Wednesday. The construction company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06, RTT News reports. Masco had a net margin of 11.40% and a return on equity of 3,111.50%. The business had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the previous year, the company posted $0.87 EPS. The company’s quarterly revenue was down 2.7% on a year-over-year basis. Masco updated its FY24 guidance to $4.00-4.25 EPS and its FY 2024 guidance to 4.000-4.250 EPS.

Masco Stock Performance

MAS traded down $3.85 during mid-day trading on Wednesday, reaching $69.16. 1,703,899 shares of the company traded hands, compared to its average volume of 2,033,547. The stock has a market capitalization of $15.25 billion, a P/E ratio of 17.12, a P/E/G ratio of 2.24 and a beta of 1.25. The company has a quick ratio of 1.08, a current ratio of 1.68 and a debt-to-equity ratio of 30.05. The company’s fifty day moving average price is $75.38 and its 200-day moving average price is $66.72. Masco has a 52-week low of $47.66 and a 52-week high of $78.94.

Masco Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Thursday, February 22nd were issued a $0.29 dividend. This is a positive change from Masco’s previous quarterly dividend of $0.29. This represents a $1.16 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date was Wednesday, February 21st. Masco’s payout ratio is presently 28.93%.

Insider Buying and Selling at Masco

In other Masco news, VP Kenneth G. Cole sold 36,210 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $74.65, for a total transaction of $2,703,076.50. Following the completion of the sale, the vice president now directly owns 58,885 shares in the company, valued at approximately $4,395,765.25. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, VP Richard Allan Marshall sold 5,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $77.05, for a total transaction of $385,250.00. Following the sale, the vice president now directly owns 10,465 shares in the company, valued at approximately $806,328.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Kenneth G. Cole sold 36,210 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $74.65, for a total transaction of $2,703,076.50. Following the completion of the sale, the vice president now directly owns 58,885 shares in the company, valued at $4,395,765.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 83,762 shares of company stock worth $6,337,597. Insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on MAS shares. Oppenheimer started coverage on shares of Masco in a research report on Friday, January 19th. They set a “market perform” rating for the company. StockNews.com lowered Masco from a “buy” rating to a “hold” rating in a research report on Wednesday, March 27th. Citigroup lifted their price target on Masco from $74.00 to $79.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Royal Bank of Canada raised their price objective on Masco from $73.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, February 9th. Finally, Truist Financial boosted their price target on Masco from $65.00 to $81.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.62.

Masco Company Profile

Masco Corporation designs, manufactures, and distributes home improvement and building products in North America, Europe, and internationally. The company's Plumbing Products segment offers faucets, showerheads, handheld showers, valves, bath hardware and accessories, bathing units, shower bases and enclosures, sinks, toilets, acrylic tubs, shower trays, spas, exercise pools, and fitness systems; brass, copper, and composite plumbing system components; connected water products; thermoplastic solutions, extruded plastic profiles, specialized fabrications, and PEX tubing products; and other non-decorative plumbing products.