Masco Corporation $MAS Shares Acquired by Renaissance Technologies LLC

Key Points

• Renaissance Technologies increased its Masco position by 27.1% in the first quarter, acquiring 242,114 additional shares for a total of 1.13 million shares worth approximately $68.5 million. Institutional investors and hedge funds collectively own 93.91% of MAS.
• Masco announced a quarterly dividend of $0.32 per share, equivalent to a 1.6% annualized yield, and authorized a $300 million share repurchase plan covering up to 2.1% of outstanding shares.
• Analyst sentiment is mixed, with the stock carrying a consensus “Hold” rating and an average price target of $80.67. MAS recently traded at $79.32, near its one-year high of $83.21, while several firms raised their price targets.

Renaissance Technologies LLC grew its position in Masco Corporation (NYSE:MAS - Free Report) by 27.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,134,114 shares of the construction company's stock after acquiring an additional 242,114 shares during the quarter. Renaissance Technologies LLC owned about 0.56% of Masco worth $68,466,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Covestor Ltd raised its stake in Masco by 20.7% in the 4th quarter. Covestor Ltd now owns 829 shares of the construction company's stock valued at $53,000 after purchasing an additional 142 shares during the last quarter. Ritholtz Wealth Management boosted its stake in Masco by 3.9% during the 1st quarter. Ritholtz Wealth Management now owns 4,017 shares of the construction company's stock worth $242,000 after purchasing an additional 150 shares during the last quarter. Andina Capital Management LLC grew its holdings in shares of Masco by 2.4% during the fourth quarter. Andina Capital Management LLC now owns 6,565 shares of the construction company's stock worth $417,000 after buying an additional 154 shares in the last quarter. Dorsey & Whitney Trust CO LLC grew its holdings in shares of Masco by 3.5% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 4,945 shares of the construction company's stock worth $314,000 after buying an additional 167 shares in the last quarter. Finally, Fayez Sarofim & Co raised its position in shares of Masco by 0.7% in the fourth quarter. Fayez Sarofim & Co now owns 26,075 shares of the construction company's stock valued at $1,655,000 after buying an additional 180 shares during the last quarter. 93.91% of the stock is owned by institutional investors and hedge funds.

Masco Stock Up 0.1%

MAS stock opened at $79.32 on Monday. The firm has a market cap of $16.00 billion, a PE ratio of 19.68, a PEG ratio of 1.95 and a beta of 1.29. The company has a debt-to-equity ratio of 109.07, a quick ratio of 1.11 and a current ratio of 1.75. The firm's 50 day moving average price is $74.41 and its 200-day moving average price is $70.06. Masco Corporation has a one year low of $58.16 and a one year high of $83.21.

Masco Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Friday, May 22nd were given a $0.32 dividend. The ex-dividend date was Friday, May 22nd. This represents a $1.28 dividend on an annualized basis and a yield of 1.6%. Masco's payout ratio is currently 31.76%.

Masco declared that its board has approved a share buyback plan on Thursday, May 7th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the construction company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have commented on MAS. Weiss Ratings upgraded shares of Masco from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, June 23rd. Robert W. Baird boosted their target price on Masco from $72.00 to $80.00 and gave the stock a "neutral" rating in a report on Thursday, April 23rd. JPMorgan Chase & Co. upped their price target on Masco from $74.00 to $78.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Truist Financial increased their price target on Masco from $85.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company boosted their price objective on Masco from $85.00 to $87.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $80.67.

Masco Company Profile

Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products. Founded in 1929 and headquartered in Livonia, Michigan, the company has evolved from a small door‐bell manufacturer into a diversified enterprise serving both residential and commercial markets. Over its history, Masco has grown through a combination of organic innovation and strategic acquisitions, building a portfolio of well-recognized brands.

The company's product offerings are organized into two primary segments.

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