Zacks Investment Research upgraded shares of Masco Corp. (NYSE:MAS) from a hold rating to a buy rating in a report released on Tuesday. Zacks Investment Research currently has $38.00 price target on the stock.
According to Zacks, “Masco’s results in the first two quarters of 2016 were marked by robust growth in earnings, revenues and margins, as the company capitalized on improving momentum in the repair and remodeling and new home construction industry. The company expects repair and remodeling and construction activity to continue to accelerate, which is expected to drive further demand for Masco's leading products in the second half. In addition, management revealed its intention to raise its annual dividend by 5.3% per share, effective from the fourth quarter of 2016. However, adverse currency translations, despite being moderate than 2015 levels, remain a headwind. Further, the company expects the exit of some less profitable direct-to-builder business to hurt Cabinet sales in the upcoming quarters.”
Several other equities analysts have also recently commented on MAS. TheStreet cut Masco Corp. from a buy rating to a hold rating in a research report on Friday, June 10th. Credit Suisse Group AG restated a buy rating and set a $34.00 target price on shares of Masco Corp. in a research report on Wednesday, June 29th. Jefferies Group restated a buy rating on shares of Masco Corp. in a research report on Wednesday, July 6th. FBR & Co boosted their target price on Masco Corp. from $36.00 to $40.00 and gave the stock an outperform rating in a research report on Wednesday, July 27th. Finally, Royal Bank Of Canada boosted their target price on Masco Corp. from $35.00 to $41.00 and gave the stock an outperform rating in a research report on Wednesday, July 27th. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Masco Corp. currently has a consensus rating of Buy and a consensus target price of $35.53.
Masco Corp. (NYSE:MAS) opened at 33.51 on Tuesday. The stock’s 50 day moving average price is $34.44 and its 200-day moving average price is $33.01. The company has a market capitalization of $10.93 billion, a P/E ratio of 25.44 and a beta of 1.83. Masco Corp. has a 12 month low of $23.10 and a 12 month high of $37.38.
Masco Corp. (NYSE:MAS) last released its quarterly earnings data on Tuesday, July 26th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Masco Corp. had a return on equity of 780.00% and a net margin of 6.12%. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $2 billion. During the same period in the previous year, the company posted $0.38 EPS. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, equities research analysts predict that Masco Corp. will post $1.57 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Friday, October 14th will be given a $0.10 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.19%. This is a positive change from Masco Corp.’s previous quarterly dividend of $0.10. Masco Corp.’s dividend payout ratio is currently 29.01%.
In other news, Director Richard A. Manoogian sold 35,244 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $36.30, for a total value of $1,279,357.20. Following the completion of the transaction, the director now owns 765,739 shares of the company’s stock, valued at approximately $27,796,325.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Christopher K. Kastner sold 4,085 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $36.53, for a total value of $149,225.05. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Anchor Bolt Capital LP purchased a new position in shares of Masco Corp. during the first quarter valued at about $47,731,000. Capital Fund Management S.A. raised its position in shares of Masco Corp. by 3,980.9% in the second quarter. Capital Fund Management S.A. now owns 1,062,175 shares of the company’s stock valued at $32,864,000 after buying an additional 1,036,147 shares in the last quarter. Hermes Investment Management Ltd. raised its position in shares of Masco Corp. by 0.8% in the second quarter. Hermes Investment Management Ltd. now owns 640,346 shares of the company’s stock valued at $19,812,000 after buying an additional 5,200 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Masco Corp. by 0.7% in the first quarter. Geode Capital Management LLC now owns 2,635,785 shares of the company’s stock valued at $82,720,000 after buying an additional 19,254 shares in the last quarter. Finally, SevenBridge Financial Group LLC purchased a new position in shares of Masco Corp. during the first quarter valued at about $1,625,000. 91.63% of the stock is owned by hedge funds and other institutional investors.
About Masco Corp.
Masco Corporation designs, manufactures, markets and distributes branded home improvement and building products. The Company operates through four business segments: Cabinets and Related Products, Plumbing Products, Decorative Architectural Products and Other Specialty Products. It has a portfolio of brands, which includes KRAFTMAID, MERILLAT and PEERLESS.
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