MainStreet Investment Advisors LLC decreased its holdings in Masco Co. (NYSE:MAS) by 8.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 105,579 shares of the construction company’s stock after selling 9,868 shares during the quarter. MainStreet Investment Advisors LLC’s holdings in Masco were worth $5,800,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Lord Abbett & CO. LLC lifted its position in Masco by 16.5% in the 4th quarter. Lord Abbett & CO. LLC now owns 3,478,281 shares of the construction company’s stock valued at $191,062,000 after acquiring an additional 492,739 shares in the last quarter. CI Investments Inc. lifted its position in Masco by 556.0% in the 4th quarter. CI Investments Inc. now owns 50,596 shares of the construction company’s stock valued at $2,779,000 after acquiring an additional 42,883 shares in the last quarter. Vectors Research Management LLC bought a new position in Masco in the 4th quarter valued at about $42,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in Masco by 4.0% in the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 76,720 shares of the construction company’s stock valued at $4,214,000 after buying an additional 2,974 shares during the last quarter. Finally, ProShare Advisors LLC increased its stake in Masco by 57.5% in the 4th quarter. ProShare Advisors LLC now owns 56,932 shares of the construction company’s stock valued at $3,127,000 after buying an additional 20,777 shares during the last quarter. 90.93% of the stock is currently owned by institutional investors and hedge funds.
In other Masco news, CEO Keith J. Allman sold 28,261 shares of the firm’s stock in a transaction on Friday, February 5th. The shares were sold at an average price of $56.21, for a total value of $1,588,550.81. Following the completion of the transaction, the chief executive officer now directly owns 340,484 shares of the company’s stock, valued at approximately $19,138,605.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO John G. Sznewajs sold 7,615 shares of the firm’s stock in a transaction on Friday, February 5th. The shares were sold at an average price of $56.21, for a total transaction of $428,039.15. Following the completion of the transaction, the chief financial officer now directly owns 222,475 shares of the company’s stock, valued at $12,505,319.75. The disclosure for this sale can be found here. 1.23% of the stock is owned by company insiders.
Masco (NYSE:MAS) last released its quarterly earnings data on Monday, February 8th. The construction company reported $0.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.01. Masco had a net margin of 21.27% and a return on equity of 1,966.88%. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.81 billion. During the same period last year, the firm earned $0.54 EPS. Masco’s revenue for the quarter was up 13.5% on a year-over-year basis. Equities analysts predict that Masco Co. will post 3.07 earnings per share for the current fiscal year.
Masco announced that its board has initiated a share repurchase program on Tuesday, February 9th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the construction company to purchase up to 13.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, February 8th. Shareholders of record on Friday, January 8th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.06%. The ex-dividend date was Thursday, January 7th. Masco’s payout ratio is 24.89%.
Several research firms have commented on MAS. Credit Suisse Group increased their price objective on shares of Masco from $70.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, February 10th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Masco from a “buy” rating to a “hold” rating and set a $58.00 price objective for the company. in a research note on Tuesday, December 29th. Jefferies Financial Group lowered shares of Masco from a “buy” rating to a “hold” rating and decreased their price objective for the company from $69.00 to $61.00 in a research note on Monday, January 4th. UBS Group began coverage on shares of Masco in a research note on Tuesday, December 8th. They issued a “buy” rating and a $71.00 price objective for the company. Finally, Barclays lowered shares of Masco from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $62.00 to $60.00 in a research note on Friday, December 18th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $60.55.
Masco Corporation designs, manufactures, and distributes home improvement and building products in North America, Europe, and internationally. The company operates through two segments, Plumbing Products and Decorative Architectural Products. The 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.
Further Reading: Outstanding Shares
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