Masco (NYSE:MAS) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a note issued to investors on Wednesday. The firm presently has a $49.00 target price on the construction company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 11.24% from the company’s previous close.
According to Zacks, “Shares of Masco outperformed the industry it belongs to, in the past year. Masco, being one of the leading cabinet manufacturers in the United States, operates through various divisions and offers a large number of products. The company regularly divests its less profitable and underperforming businesses to focus on core areas in a bid to accelerate growth and improve shareholders’ value. Strong demand from repair and remodeling products led to a 3% increase in North American sales in the first nine months of 2017. However, hurricanes have negatively impacted the quarter delaying deliveries and installation schedules. For 2017 earnings, Masco slashed the upper end of its earlier guided range owing to the impact of hurricanes.”
A number of other equities research analysts have also commented on MAS. B. Riley reiterated a “buy” rating on shares of Masco in a research report on Wednesday, November 1st. KeyCorp reaffirmed a “hold” rating on shares of Masco in a research note on Tuesday, September 26th. Nomura set a $45.00 price objective on Masco and gave the company a “buy” rating in a research note on Wednesday, October 25th. Citigroup increased their price objective on Masco from $40.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Finally, Royal Bank of Canada increased their price objective on Masco from $44.00 to $47.00 and gave the company an “outperform” rating in a research note on Wednesday, October 25th. Eight equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Masco presently has an average rating of “Buy” and an average target price of $43.47.
Masco (NYSE:MAS) last issued its quarterly earnings results on Tuesday, October 24th. The construction company reported $0.50 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.03). Masco had a negative return on equity of 7,325.00% and a net margin of 7.23%. The business had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.96 billion. During the same quarter in the previous year, the firm posted $0.41 EPS. Masco’s revenue was up 3.1% on a year-over-year basis. analysts predict that Masco will post 1.95 EPS for the current year.
In other Masco news, VP Renee Straber sold 2,574 shares of the stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $42.55, for a total value of $109,523.70. Following the sale, the vice president now owns 65,423 shares of the company’s stock, valued at approximately $2,783,748.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lokeren Mary Ann Van sold 16,850 shares of the stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $38.85, for a total value of $654,622.50. Following the completion of the sale, the director now directly owns 47,909 shares in the company, valued at approximately $1,861,264.65. The disclosure for this sale can be found here. Insiders have sold a total of 88,961 shares of company stock valued at $3,537,891 over the last 90 days. 1.30% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of MAS. AJO LP raised its position in shares of Masco by 1,209.7% during the 2nd quarter. AJO LP now owns 3,165,592 shares of the construction company’s stock worth $120,957,000 after acquiring an additional 2,923,889 shares in the last quarter. BlackRock Inc. increased its position in Masco by 9.9% during the second quarter. BlackRock Inc. now owns 30,658,112 shares of the construction company’s stock worth $1,171,447,000 after buying an additional 2,763,057 shares during the period. Northern Trust Corp increased its position in Masco by 31.3% during the second quarter. Northern Trust Corp now owns 8,246,426 shares of the construction company’s stock worth $315,096,000 after buying an additional 1,963,938 shares during the period. FMR LLC increased its position in Masco by 7.5% during the second quarter. FMR LLC now owns 20,535,390 shares of the construction company’s stock worth $784,657,000 after buying an additional 1,439,946 shares during the period. Finally, Alyeska Investment Group L.P. increased its position in Masco by 41.4% during the third quarter. Alyeska Investment Group L.P. now owns 2,814,420 shares of the construction company’s stock worth $109,791,000 after buying an additional 824,665 shares during the period. 88.93% of the stock is currently owned by institutional investors and hedge funds.
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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