MasterBrand, Inc. (NYSE:MBC) Shares Acquired by Summit Global Investments

Summit Global Investments boosted its position in MasterBrand, Inc. (NYSE:MBC) by 28.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 26,275 shares of the company’s stock after purchasing an additional 5,897 shares during the quarter. Summit Global Investments’ holdings in MasterBrand were worth $384,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of MasterBrand in the third quarter valued at approximately $872,000. Vestcor Inc raised its holdings in MasterBrand by 329.0% in the 3rd quarter. Vestcor Inc now owns 40,815 shares of the company’s stock valued at $757,000 after acquiring an additional 31,300 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of MasterBrand by 5.1% during the 4th quarter. Empowered Funds LLC now owns 650,450 shares of the company’s stock worth $9,503,000 after purchasing an additional 31,714 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of MasterBrand by 18.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,092,694 shares of the company’s stock worth $38,799,000 after purchasing an additional 330,874 shares during the last quarter. Finally, Barclays PLC grew its position in shares of MasterBrand by 262.4% in the third quarter. Barclays PLC now owns 234,160 shares of the company’s stock valued at $4,341,000 after purchasing an additional 169,550 shares during the period. 87.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, Director Juliana L. Chugg bought 6,989 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was bought at an average price of $14.17 per share, with a total value of $99,034.13. Following the completion of the transaction, the director now directly owns 33,424 shares of the company’s stock, valued at approximately $473,618.08. This represents a 26.44 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert Crisci bought 20,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average price of $14.08 per share, for a total transaction of $281,600.00. Following the completion of the acquisition, the director now owns 66,435 shares in the company, valued at approximately $935,404.80. This trade represents a 43.07 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.38% of the company’s stock.

MasterBrand Stock Performance

Shares of NYSE:MBC opened at $13.74 on Tuesday. The business has a 50-day moving average of $15.50 and a two-hundred day moving average of $16.38. The firm has a market capitalization of $1.75 billion, a PE ratio of 14.16 and a beta of 1.77. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.65 and a quick ratio of 1.02. MasterBrand, Inc. has a 12 month low of $12.68 and a 12 month high of $20.67.

MasterBrand (NYSE:MBC) last posted its earnings results on Tuesday, February 18th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.17). The business had revenue of $667.70 million for 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 authorized a stock repurchase plan on Monday, March 17th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.