MasterBrand (NYSE:MBC) Shares Down 2.4% – Here’s Why

MasterBrand, Inc. (NYSE:MBC)’s share price dropped 2.4% on Monday . The company traded as low as $11.86 and last traded at $11.94. Approximately 152,762 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 922,471 shares. The stock had previously closed at $12.23.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Loop Capital lowered their target price on shares of MasterBrand from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Zelman & Associates reaffirmed an “underperform” rating on shares of MasterBrand in a research report on Monday.

MasterBrand Price Performance

The company has a current ratio of 1.65, a quick ratio of 1.02 and a debt-to-equity ratio of 0.78. The stock has a fifty day simple moving average of $13.79 and a 200-day simple moving average of $15.80. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 11.94 and a beta of 1.70.

MasterBrand (NYSE:MBC) last announced its quarterly earnings data on Tuesday, February 18th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.17). The company had revenue of $667.70 million during the quarter, compared to analyst estimates of $722.85 million. MasterBrand had a return on equity of 13.89% and a net margin of 4.66%.

MasterBrand declared that its Board of Directors has approved a share buyback plan on Monday, March 17th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity at MasterBrand

In other news, Director Juliana L. Chugg acquired 6,989 shares of the stock in a transaction dated Monday, February 24th. The shares were acquired at an average cost of $14.17 per share, for a total transaction of $99,034.13. Following the completion of the transaction, the director now owns 33,424 shares in the company, valued at approximately $473,618.08. This trade represents a 26.44 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Robert Crisci bought 20,000 shares of MasterBrand stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $14.08 per share, with a total value of $281,600.00. Following the completion of the transaction, the director now owns 66,435 shares of the company’s stock, valued at $935,404.80. This trade represents a 43.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.38% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MasterBrand

Hedge funds have recently made changes to their positions in the business. CIBC Asset Management Inc increased its stake in MasterBrand by 6.1% in the fourth quarter. CIBC Asset Management Inc now owns 12,885 shares of the company’s stock valued at $188,000 after acquiring an additional 736 shares during the period. Alliancebernstein L.P. raised its holdings in shares of MasterBrand by 0.5% in the 4th quarter. Alliancebernstein L.P. now owns 154,249 shares of the company’s stock worth $2,254,000 after buying an additional 804 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of MasterBrand by 52.4% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,535 shares of the company’s stock worth $66,000 after buying an additional 1,216 shares during the period. Smartleaf Asset Management LLC grew its position in MasterBrand by 150.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,577 shares of the company’s stock valued at $37,000 after acquiring an additional 1,549 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in MasterBrand by 4.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 36,361 shares of the company’s stock worth $531,000 after acquiring an additional 1,561 shares in the last quarter. Institutional investors and hedge funds own 87.32% of the company’s stock.

MasterBrand Company Profile

MasterBrand, Inc engages in the manufacture and sale of residential cabinets in the United States and Canada. The company offers a range of residential cabinetry products for the kitchen, bathroom, and other parts of the home. It sells its products to remodeling and new construction markets through dealers, retailers, and builders.