State Street Corp lowered its holdings in Masco Corporation (NYSE:MAS) by 4.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,917,408 shares of the construction company’s stock after selling 715,352 shares during the quarter. State Street Corp owned 4.68% of Masco Corporation worth $569,986,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also bought and sold shares of the company. Veritable L.P. raised its stake in shares of Masco Corporation by 0.7% in the second quarter. Veritable L.P. now owns 8,998 shares of the construction company’s stock worth $344,000 after purchasing an additional 59 shares during the last quarter. Stanley Laman Group Ltd. raised its stake in shares of Masco Corporation by 0.4% in the second quarter. Stanley Laman Group Ltd. now owns 16,587 shares of the construction company’s stock worth $634,000 after purchasing an additional 63 shares during the last quarter. Hills Bank & Trust Co. raised its stake in shares of Masco Corporation by 0.3% in the second quarter. Hills Bank & Trust Co. now owns 21,935 shares of the construction company’s stock worth $838,000 after purchasing an additional 75 shares during the last quarter. Commonwealth Bank of Australia raised its stake in shares of Masco Corporation by 1.6% in the second quarter. Commonwealth Bank of Australia now owns 5,543 shares of the construction company’s stock worth $209,000 after purchasing an additional 89 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in shares of Masco Corporation by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 19,800 shares of the construction company’s stock worth $757,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 88.38% of the company’s stock.
In related news, insider Joseph B. Gross sold 2,337 shares of Masco Corporation stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $37.53, for a total value of $87,707.61. Following the sale, the insider now directly owns 56,935 shares in the company, valued at approximately $2,136,770.55. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Kenneth G. Cole sold 2,266 shares of Masco Corporation stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $37.36, for a total value of $84,657.76. Following the completion of the sale, the vice president now owns 85,693 shares in the company, valued at $3,201,490.48. The disclosure for this sale can be found here. Insiders have sold a total of 24,101 shares of company stock worth $916,799 over the last 90 days. Insiders own 1.30% of the company’s stock.
Masco Corporation (NYSE:MAS) last posted its earnings results on Thursday, July 27th. The construction company reported $0.60 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.60. Masco Corporation had a return on equity of 20,509.09% and a net margin of 7.09%. The firm had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.07 billion. During the same period last year, the firm earned $0.46 EPS. The company’s quarterly revenue was up 2.8% on a year-over-year basis. Equities research analysts forecast that Masco Corporation will post $1.97 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 13th. Stockholders of record on Friday, October 13th will be given a dividend of $0.105 per share. The ex-dividend date is Thursday, October 12th. This is a boost from Masco Corporation’s previous quarterly dividend of $0.10. This represents a $0.42 dividend on an annualized basis and a dividend yield of 1.08%. Masco Corporation’s dividend payout ratio (DPR) is 24.69%.
MAS has been the subject of several recent analyst reports. Barclays PLC boosted their price target on Masco Corporation from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. Credit Suisse Group set a $36.00 price target on Masco Corporation and gave the stock a “hold” rating in a research note on Thursday, July 27th. Zacks Investment Research lowered Masco Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 18th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Masco Corporation in a report on Wednesday, July 19th. Finally, MKM Partners reaffirmed a “buy” rating and issued a $44.00 price objective (up previously from $43.00) on shares of Masco Corporation in a report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $40.92.
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Masco Corporation Profile
Masco Corporation designs, manufactures, markets and distributes branded home improvement and building products. The Company operates through four business segments: Plumbing Products, Decorative Architectural Products, Cabinetry Products, and Windows and Other Specialty Products. The Company’s portfolio of brands includes BEHR paint; DELTA and HANSGROHE faucets, bath and shower fixtures; KRAFTMAID and MERILLAT cabinets; MILGARD windows and doors, and HOT SPRING spas.
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