Thrivent Financial for Lutherans Boosts Stake in MasterBrand, Inc. (NYSE:MBC)

Thrivent Financial for Lutherans grew its position in shares of MasterBrand, Inc. (NYSE:MBC) by 3.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,083,041 shares of the company’s stock after purchasing an additional 156,993 shares during the period. Thrivent Financial for Lutherans owned about 4.00% of MasterBrand worth $74,264,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. CIBC Asset Management Inc lifted its stake in MasterBrand by 6.1% during the fourth quarter. CIBC Asset Management Inc now owns 12,885 shares of the company’s stock worth $188,000 after purchasing an additional 736 shares during the last quarter. Quest Partners LLC lifted its stake in MasterBrand by 33.3% during the third quarter. Quest Partners LLC now owns 3,285 shares of the company’s stock worth $61,000 after purchasing an additional 821 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in MasterBrand by 1.2% during the third quarter. PNC Financial Services Group Inc. now owns 94,554 shares of the company’s stock worth $1,753,000 after purchasing an additional 1,107 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in MasterBrand by 52.4% during the third quarter. Public Employees Retirement System of Ohio now owns 3,535 shares of the company’s stock worth $66,000 after purchasing an additional 1,216 shares during the last quarter. Finally, TD Private Client Wealth LLC lifted its stake in MasterBrand by 39.9% during the third quarter. TD Private Client Wealth LLC now owns 4,783 shares of the company’s stock worth $89,000 after purchasing an additional 1,364 shares during the last quarter. Institutional investors own 87.32% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Loop Capital dropped their price target on MasterBrand from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th.

MasterBrand Trading Up 3.0 %

NYSE MBC opened at $13.79 on Wednesday. MasterBrand, Inc. has a 1-year low of $12.68 and a 1-year high of $20.67. 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 50-day moving average of $15.62 and a 200-day moving average of $16.44. The firm has a market cap of $1.76 billion, a PE ratio of 14.22 and a beta of 1.77.

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

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

Insider Activity

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

About MasterBrand

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.