With the third-quarter round of 13F filings behind us it is time to take a look at the stocks in which some of the best money managers in the world preferred to invest or sell heading into the fourth quarter. One of these stocks was Masco Corporation (NYSE:MAS).

Is MAS a good stock to buy now? Masco Corporation (NYSE:MAS) has experienced an increase in activity from the world's largest hedge funds in recent months. Masco Corporation (NYSE:MAS) was in 46 hedge funds' portfolios at the end of the third quarter of 2020. The all time high for this statistic is 51. There were 40 hedge funds in our database with MAS positions at the end of the second quarter. Our calculations also showed that MAS isn't among the 30 most popular stocks among hedge funds (click for Q3 rankings and see the video for a quick look at the top 5 stocks).

Video: Watch our video about the top 5 most popular hedge fund stocks.

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James Dinan of York Capital Management

At Insider Monkey we leave no stone unturned when looking for the next great investment idea. For example, the House passed a landmark bill decriminalizing marijuana. So, we are checking out this under the radar cannabis stock right now. We go through lists like the 15 best blue chip stocks to buy to pick the best large-cap stocks to buy. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our website. With all of this in mind let's take a glance at the key hedge fund action encompassing Masco Corporation (NYSE:MAS).

Do Hedge Funds Think MAS Is A Good Stock To Buy Now?

At Q3's end, a total of 46 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 15% from the second quarter of 2020. By comparison, 51 hedge funds held shares or bullish call options in MAS a year ago. So, let's review which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

Among these funds, Arrowstreet Capital held the most valuable stake in Masco Corporation (NYSE:MAS), which was worth $212.2 million at the end of the third quarter. On the second spot was GLG Partners which amassed $149.1 million worth of shares. AQR Capital Management, Millennium Management, and Ariel Investments were also very fond of the stock, becoming one of the largest hedge fund holders of the company. In terms of the portfolio weights assigned to each position SAYA Management allocated the biggest weight to Masco Corporation (NYSE:MAS), around 7.76% of its 13F portfolio. 12th Street Asset Management is also relatively very bullish on the stock, designating 2.55 percent of its 13F equity portfolio to MAS.