MasterBrand (NYSE:MBC) Reaches New 52-Week Low – Here’s What Happened

MasterBrand, Inc. (NYSE:MBC) hit a new 52-week low on Thursday . The company traded as low as $12.25 and last traded at $12.26, with a volume of 146133 shares trading hands. The stock had previously closed at $13.48.

Analysts Set New Price Targets

Separately, Loop Capital reduced their price target on shares of MasterBrand from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th.

MasterBrand Trading Up 1.5 %

The business has a fifty day moving average price of $14.80 and a 200 day moving average price of $16.19. The firm has a market cap of $1.59 billion, a PE ratio of 12.87 and a beta of 1.77. The company has a current ratio of 1.65, a quick ratio of 1.02 and a debt-to-equity ratio of 0.78.

MasterBrand (NYSE:MBC) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.21 EPS 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 business had revenue of $667.70 million during the quarter, compared to analyst estimates of $722.85 million.

MasterBrand announced that its Board of Directors has initiated a share buyback program on Monday, March 17th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at MasterBrand

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

Hedge Funds Weigh In On MasterBrand

Several hedge funds and other institutional investors have recently made changes to their positions in MBC. Boston Partners increased its stake in MasterBrand by 82.2% during the 4th quarter. Boston Partners now owns 5,237,123 shares of the company’s stock worth $76,558,000 after buying an additional 2,363,308 shares during the period. Gates Capital Management Inc. lifted its holdings in shares of MasterBrand by 7.5% in the 4th quarter. Gates Capital Management Inc. now owns 9,489,578 shares of the company’s stock worth $138,643,000 after purchasing an additional 658,807 shares during the last quarter. Polar Capital Holdings Plc bought a new stake in MasterBrand in the fourth quarter valued at $8,373,000. JPMorgan Chase & Co. grew its position in shares of MasterBrand by 135.1% during the fourth quarter. JPMorgan Chase & Co. now owns 693,220 shares of the company’s stock worth $10,128,000 after acquiring an additional 398,303 shares during the last quarter. Finally, Royce & Associates LP increased its holdings in shares of MasterBrand by 97.0% in the 4th quarter. Royce & Associates LP now owns 724,161 shares of the company’s stock worth $10,580,000 after acquiring an additional 356,506 shares during the period. 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.