Masco (NYSE:MAS) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Masco (NYSE:MAS) posted its earnings results on Wednesday. The construction company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.06, RTT News reports. Masco had a return on equity of 3,111.50% and a net margin of 11.40%. The firm had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the previous year, the firm earned $0.87 earnings per share. The business’s revenue was down 2.7% compared to the same quarter last year. Masco updated its FY24 guidance to $4.00-4.25 EPS and its FY 2024 guidance to 4.000-4.250 EPS.

Masco Stock Performance

Shares of NYSE:MAS traded down $3.85 during midday trading on Wednesday, reaching $69.16. 1,703,899 shares of the company’s stock traded hands, compared to its average volume of 2,033,547. The company has a market cap of $15.25 billion, a price-to-earnings ratio of 17.12, a P/E/G ratio of 2.24 and a beta of 1.25. The company has a debt-to-equity ratio of 30.05, a quick ratio of 1.08 and a current ratio of 1.68. Masco has a one year low of $47.66 and a one year high of $78.94. The stock has a 50 day moving average of $75.38 and a 200 day moving average of $66.72.

Masco Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Thursday, February 22nd were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.68%. This is an increase from Masco’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Wednesday, February 21st. Masco’s payout ratio is 28.93%.

Insider Activity

In other news, VP Kenneth G. Cole sold 36,210 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $74.65, for a total transaction of $2,703,076.50. Following the transaction, the vice president now directly owns 58,885 shares of the company’s stock, valued at $4,395,765.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Kenneth G. Cole sold 36,210 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $74.65, for a total transaction of $2,703,076.50. Following the transaction, the vice president now directly owns 58,885 shares of the company’s stock, valued at $4,395,765.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Richard Allan Marshall sold 5,000 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $77.05, for a total value of $385,250.00. Following the sale, the vice president now owns 10,465 shares of the company’s stock, valued at approximately $806,328.25. The disclosure for this sale can be found here. Insiders have sold a total of 83,762 shares of company stock valued at $6,337,597 over the last ninety days. 1.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Oppenheimer assumed coverage on Masco in a research note on Friday, January 19th. They set a “market perform” rating on the stock. Citigroup boosted their target price on Masco from $74.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. Royal Bank of Canada lifted their price target on Masco from $73.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, February 9th. Truist Financial lifted their price target on Masco from $65.00 to $81.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Finally, StockNews.com lowered Masco from a “buy” rating to a “hold” rating in a research report on Wednesday, March 27th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.62.

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.