Stock Buyback Plan Approved by MasterBrand (NYSE:MBC)

MasterBrand (NYSE:MBC) declared that its Board of Directors has initiated a stock buyback plan on Monday, March 17th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

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

MasterBrand Stock Down 0.2 %

MBC traded down $0.03 during midday trading on Monday, hitting $13.37. The company had a trading volume of 821,144 shares, compared to its average volume of 861,495. The stock’s 50 day moving average price is $15.64 and its 200 day moving average price is $16.46. MasterBrand has a 52 week low of $12.68 and a 52 week high of $20.67. The company has a market capitalization of $1.71 billion, a price-to-earnings ratio of 13.78 and a beta of 1.77. The company has a quick ratio of 1.02, a current ratio of 1.65 and a debt-to-equity ratio of 0.78.

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

Insider Transactions at MasterBrand

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