Legacy Wealth Asset Management LLC bought a new stake in Masco Co. (NYSE:MAS) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,882 shares of the construction company’s stock, valued at approximately $268,000.
Several other institutional investors and hedge funds have also made changes to their positions in the company. IFM Investors Pty Ltd lifted its position in Masco by 11.7% during the 4th quarter. IFM Investors Pty Ltd now owns 25,726 shares of the construction company’s stock worth $1,413,000 after buying an additional 2,689 shares in the last quarter. Voloridge Investment Management LLC lifted its position in shares of Masco by 429.6% during the third quarter. Voloridge Investment Management LLC now owns 335,972 shares of the construction company’s stock worth $18,522,000 after purchasing an additional 272,537 shares in the last quarter. Wedge Capital Management L L P NC lifted its holdings in Masco by 19.7% during the 4th quarter. Wedge Capital Management L L P NC now owns 316,060 shares of the construction company’s stock worth $17,361,000 after buying an additional 52,082 shares in the last quarter. KBC Group NV raised its stake in shares of Masco by 7.0% during the fourth quarter. KBC Group NV now owns 131,346 shares of the construction company’s stock worth $7,215,000 after buying an additional 8,538 shares during the last quarter. Finally, Westpac Banking Corp boosted its stake in Masco by 160.3% in the fourth quarter. Westpac Banking Corp now owns 75,697 shares of the construction company’s stock valued at $4,158,000 after acquiring an additional 46,618 shares during the last quarter. 90.93% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently weighed in on the company. Credit Suisse Group increased their price target on 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. Loop Capital lowered Masco from a “buy” rating to a “hold” rating and set a $61.00 target price for the company. in a research report on Wednesday, February 10th. Barclays downgraded shares of Masco from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $62.00 to $60.00 in a research report on Friday, December 18th. Zacks Investment Research cut shares of Masco from a “buy” rating to a “hold” rating and set a $58.00 price objective for the company. in a report on Tuesday, December 29th. Finally, Jefferies Financial Group lowered shares of Masco from a “buy” rating to a “hold” rating and cut their target price for the stock from $69.00 to $61.00 in a report on Monday, January 4th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $60.55.
Masco (NYSE:MAS) last issued its earnings results on Monday, February 8th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the Zacks’ 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 for the quarter, compared to analysts’ expectations of $1.81 billion. During the same period in the prior year, the firm earned $0.54 EPS. Masco’s quarterly revenue was up 13.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Masco Co. will post 3.07 EPS for the current fiscal year.
Masco announced that its Board of Directors has approved a stock 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 reacquire up to 13.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
In related news, CEO Keith J. Allman sold 28,261 shares of the business’s stock in a transaction that occurred on Friday, February 5th. The stock was sold at an average price of $56.21, for a total transaction of $1,588,550.81. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John G. Sznewajs sold 7,615 shares of the stock in a transaction on Friday, February 5th. The shares were sold at an average price of $56.21, for a total value of $428,039.15. Following the completion of the sale, the chief financial officer now owns 222,475 shares in the company, valued at approximately $12,505,319.75. The disclosure for this sale can be found here. Insiders sold 44,075 shares of company stock worth $2,452,777 in the last 90 days. Corporate insiders own 1.23% of the company’s stock.
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.
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