Envestnet Asset Management Inc. Purchases 386,065 Shares of Masco Co. (NYSE:MAS)

Jul 09, 2023

Envestnet Asset Management Inc. grew its position in Masco Co. (NYSE:MAS - Free Report) by 58.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,041,923 shares of the construction company's stock after acquiring an additional 386,065 shares during the quarter. Envestnet Asset Management Inc. owned 0.46% of Masco worth $35,789,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Optiver Holding B.V. purchased a new stake in shares of Masco during the 1st quarter valued at about $39,000. Industrial Alliance Investment Management Inc. raised its position in Masco by 235.9% during the first quarter. Industrial Alliance Investment Management Inc. now owns 22,693 shares of the construction company's stock valued at $1,128,000 after purchasing an additional 15,937 shares during the period. Rhumbline Advisers raised its position in Masco by 2.1% during the first quarter. Rhumbline Advisers now owns 442,350 shares of the construction company's stock valued at $21,994,000 after purchasing an additional 8,953 shares during the period. Mount Yale Investment Advisors LLC boosted its holdings in shares of Masco by 133.3% in the 1st quarter. Mount Yale Investment Advisors LLC now owns 18,683 shares of the construction company's stock worth $929,000 after purchasing an additional 10,674 shares during the period. Finally, Commonwealth Equity Services LLC increased its position in shares of Masco by 8.1% during the 1st quarter. Commonwealth Equity Services LLC now owns 38,491 shares of the construction company's stock valued at $1,913,000 after purchasing an additional 2,889 shares during the last quarter. Institutional investors own 91.67% of the company's stock.

In other Masco news, CEO Keith J. Allman sold 188,040 shares of the stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $59.77, for a total value of $11,239,150.80. Following the completion of the sale, the chief executive officer now directly owns 200,305 shares in the company, valued at $11,972,229.85. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, VP Renee Straber sold 41,200 shares of the business's stock in a transaction on Friday, July 28th. The shares were sold at an average price of $61.13, for a total transaction of $2,518,556.00. Following the sale, the vice president now directly owns 31,995 shares of the company's stock, valued at $1,955,854.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Keith J. Allman sold 188,040 shares of the company's stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $59.77, for a total value of $11,239,150.80. Following the completion of the transaction, the chief executive officer now directly owns 200,305 shares in the company, valued at $11,972,229.85. The disclosure for this sale can be found here. Insiders have sold a total of 239,240 shares of company stock valued at $14,307,207 in the last 90 days. Insiders own 1.50% of the company's stock.

MAS has been the subject of a number of analyst reports. Royal Bank of Canada raised their price target on Masco from $59.00 to $68.00 and gave the stock an "outperform" rating in a research report on Friday, July 28th. Bank of America raised their target price on shares of Masco from $57.00 to $59.00 in a report on Friday, July 28th. Truist Financial upped their price target on shares of Masco from $60.00 to $74.00 and gave the company a "buy" rating in a report on Friday, July 28th. TheStreet downgraded shares of Masco from a "b" rating to a "c+" rating in a research note on Monday. Finally, Barclays upped their target price on Masco from $66.00 to $74.00 in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Masco currently has an average rating of "Moderate Buy" and a consensus target price of $62.58.

Read Our Latest Stock Analysis on Masco

Masco stock opened at $58.35 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.72 and a debt-to-equity ratio of 420.86. The firm has a market cap of $13.13 billion, a P/E ratio of 16.48, a P/E/G ratio of 2.85 and a beta of 1.22. The business has a fifty day moving average of $58.31 and a two-hundred day moving average of $53.99. Masco Co. has a twelve month low of $42.33 and a twelve month high of $63.85.

Masco (NYSE:MAS - Get Free Report) last issued its quarterly earnings data on Thursday, July 27th. The construction company reported $1.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.96 by $0.23. Masco had a negative return on equity of 403.37% and a net margin of 9.73%. The firm had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.08 billion. During the same period in the prior year, the business posted $1.14 EPS. The firm's quarterly revenue was down 9.6% on a year-over-year basis. On average, analysts forecast that Masco Co. will post 3.6 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, August 28th. Stockholders of record on Friday, August 11th were issued a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend was Thursday, August 10th. Masco's dividend payout ratio is currently 32.20%.

Masco Corporation designs, manufactures, and distributes home improvement and building products in North America, Europe, and internationally. The company's 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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