Carnegie Investment Counsel Sells 61,943 Shares of Masco Corporation (NYSE:MAS)

Key Points

• Carnegie Investment Counsel has reduced its holdings in Masco Corporation by 55.3%, now owning approximately 49,977 shares worth about $3.48 million.
• Analysts have mixed views on Masco, with a consensus rating of "Hold" and target price raised to $74.03, reflecting a balance of confidence and caution in the stock's performance.
• Masco declared a quarterly dividend of $0.31 per share, representing an annual yield of 1.83% and demonstrating the company's commitment to returning value to shareholders.

Carnegie Investment Counsel reduced its holdings in Masco Corporation (NYSE:MAS - Free Report) by 55.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 49,977 shares of the construction company's stock after selling 61,943 shares during the quarter. Carnegie Investment Counsel's holdings in Masco were worth $3,475,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Global X Japan Co. Ltd. lifted its stake in Masco by 120.2% during the first quarter. Global X Japan Co. Ltd. now owns 381 shares of the construction company's stock worth $26,000 after purchasing an additional 208 shares during the period. Alpine Bank Wealth Management bought a new position in Masco during the first quarter worth about $29,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Masco during the first quarter worth about $33,000. GeoWealth Management LLC lifted its stake in Masco by 89.0% during the fourth quarter. GeoWealth Management LLC now owns 684 shares of the construction company's stock worth $50,000 after purchasing an additional 322 shares during the period. Finally, Wayfinding Financial LLC bought a new position in Masco during the first quarter worth about $56,000. 93.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Masco from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Royal Bank Of Canada cut their target price on shares of Masco from $74.00 to $62.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company lifted their target price on shares of Masco from $65.00 to $73.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 14th. The Goldman Sachs Group lowered their price target on shares of Masco from $82.00 to $73.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Finally, Evercore ISI lowered their price target on shares of Masco from $82.00 to $71.00 and set an "in-line" rating for the company in a report on Thursday, April 24th. Twelve investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $74.03.

Masco Stock Performance

MAS traded up $0.61 during trading on Monday, reaching $68.36. 445,744 shares of the company's stock were exchanged, compared to its average volume of 2,080,719. The company's fifty day moving average price is $64.30 and its 200-day moving average price is $68.23. Masco Corporation has a fifty-two week low of $56.55 and a fifty-two week high of $86.70. The firm has a market capitalization of $14.42 billion, a PE ratio of 18.66, a P/E/G ratio of 2.76 and a beta of 1.19.

Masco Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Friday, May 23rd were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend was Friday, May 23rd. Masco's dividend payout ratio (DPR) is 33.88%.

About Masco

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.