Bank of Nova Scotia Lowers Position in Masco Corporation (NYSE:MAS)

Key Points

• Bank of Nova Scotia has significantly reduced its holdings in Masco Corporation by 76% during the first quarter, now owning 22,261 shares valued at approximately $1.55 million.
• Masco's recent earnings report showed an EPS of $1.30, exceeding estimates, with revenue of $2.05 billion for the quarter despite a 1.9% year-over-year decline.
• Analysts have varied price targets for Masco's stock, with a consensus of $74.13 and a current average rating of "Hold" from twelve analysts.

Bank of Nova Scotia cut its holdings in shares of Masco Corporation (NYSE:MAS - Free Report) by 76.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,261 shares of the construction company's stock after selling 70,520 shares during the quarter. Bank of Nova Scotia's holdings in Masco were worth $1,548,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MAS. Northern Trust Corp lifted its holdings in Masco by 9.5% during the 4th quarter. Northern Trust Corp now owns 3,900,643 shares of the construction company's stock worth $283,070,000 after buying an additional 337,164 shares during the last quarter. Invesco Ltd. increased its holdings in Masco by 14.7% in the fourth quarter. Invesco Ltd. now owns 2,821,629 shares of the construction company's stock valued at $204,766,000 after buying an additional 360,931 shares in the last quarter. Deutsche Bank AG raised its position in Masco by 12.4% during the fourth quarter. Deutsche Bank AG now owns 2,762,250 shares of the construction company's stock worth $200,456,000 after acquiring an additional 305,156 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Masco by 6.1% during the fourth quarter. Ameriprise Financial Inc. now owns 2,463,217 shares of the construction company's stock worth $178,756,000 after buying an additional 142,318 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Masco by 0.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,915,852 shares of the construction company's stock worth $139,033,000 after buying an additional 7,266 shares during the last quarter. 93.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Baird R W cut Masco from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Truist Financial dropped their target price on shares of Masco from $92.00 to $75.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Oppenheimer set a $79.00 target price on Masco and gave the company an "outperform" rating in a research note on Monday, August 4th. Loop Capital upped their target price on shares of Masco from $62.00 to $73.00 and gave the stock a "hold" rating in a research report on Monday, August 4th. Finally, Barclays boosted their price objective on Masco from $77.00 to $78.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Twelve analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $74.13.

Masco Stock Performance

MAS stock traded down $0.04 during trading hours on Friday, hitting $69.31. 1,435,676 shares of the stock were exchanged, compared to its average volume of 2,568,429. Masco Corporation has a 12 month low of $56.55 and a 12 month high of $86.70. The firm has a market capitalization of $14.51 billion, a P/E ratio of 18.38, a P/E/G ratio of 2.53 and a beta of 1.16. The company has a 50-day simple moving average of $65.33 and a two-hundred day simple moving average of $67.72. The company has a current ratio of 1.82, a quick ratio of 1.14 and a debt-to-equity ratio of 19.63.

Masco (NYSE:MAS - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The construction company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.22. Masco had a net margin of 10.51% and a return on equity of 1,519.31%. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2 billion. During the same period in the previous year, the firm posted $1.20 EPS. The firm's revenue was down 1.9% on a year-over-year basis. On average, analysts forecast that Masco Corporation will post 4.34 earnings per share for the current fiscal year.

Masco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Investors of record on Friday, August 8th will be issued a dividend of $0.31 per share. The ex-dividend date is Friday, August 8th. This represents a $1.24 annualized dividend and a yield of 1.8%. Masco's dividend payout ratio is 32.89%.

Masco Company Profile

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.