First American Trust FSB increased its holdings in Masco Corp (NYSE:MAS) by 2.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,589 shares of the construction company’s stock after purchasing an additional 2,200 shares during the period. First American Trust FSB’s holdings in Masco were worth $3,734,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. raised its position in shares of Masco by 12.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 13,431 shares of the construction company’s stock valued at $528,000 after buying an additional 1,481 shares during the last quarter. Advisor Group Inc. raised its position in Masco by 4.9% in the first quarter. Advisor Group Inc. now owns 27,230 shares of the construction company’s stock worth $1,070,000 after purchasing an additional 1,272 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new position in Masco in the first quarter worth about $97,000. AlphaCrest Capital Management LLC acquired a new position in Masco in the first quarter worth about $438,000. Finally, State of Tennessee Treasury Department raised its position in Masco by 28.0% in the first quarter. State of Tennessee Treasury Department now owns 101,301 shares of the construction company’s stock worth $3,982,000 after purchasing an additional 22,132 shares in the last quarter. Hedge funds and other institutional investors own 90.10% of the company’s stock.
In other Masco news, CFO John G. Sznewajs sold 85,473 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 318,403 shares of the company’s stock, valued at $13,016,314.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.17% of the stock is currently owned by corporate insiders.
Masco (NYSE:MAS) last issued its quarterly earnings data on Thursday, July 25th. The construction company reported $0.88 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.07. The firm had revenue of $2.28 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Masco had a net margin of 8.77% and a return on equity of 792.80%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.75 earnings per share. On average, equities analysts predict that Masco Corp will post 2.66 earnings per share for the current fiscal year.
Masco announced that its board has approved a stock buyback plan on Tuesday, September 17th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the construction company to repurchase up to 16.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 12th. Shareholders of record on Friday, October 11th will be paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 1.29%. This is a boost 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 is currently 19.20%.
Several research analysts recently issued reports on MAS shares. Argus increased their price target on shares of Masco from $44.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, September 9th. SunTrust Banks dropped their price target on shares of Masco from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Thursday, September 19th. Zacks Investment Research raised shares of Masco from a “sell” rating to a “hold” rating and set a $44.00 price target for the company in a research report on Monday, July 29th. Bank of America dropped their price target on shares of Masco from $56.00 to $54.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Finally, Barclays increased their price target on shares of Masco from $45.00 to $47.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $45.40.
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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