MasterBrand (NYSE:MBC) Shares Gap Up – Here’s Why

MasterBrand, Inc. (NYSE:MBC)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $13.39, but opened at $13.94. MasterBrand shares last traded at $14.00, with a volume of 79,173 shares changing hands.

Wall Street Analysts Forecast Growth

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

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 $15.60 and a two-hundred day simple moving average of $16.42. The company has a market cap of $1.79 billion, a PE ratio of 14.49 and a beta of 1.77.

MasterBrand (NYSE:MBC) last posted its quarterly 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). The business had revenue of $667.70 million during the quarter, compared to analysts’ expectations of $722.85 million. MasterBrand had a net margin of 4.66% and a return on equity of 13.89%.

MasterBrand declared that its board has initiated a stock repurchase program on Monday, March 17th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to reacquire up to 2.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other MasterBrand news, Director Juliana L. Chugg bought 6,989 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was purchased at an average price of $14.17 per share, with a total value of $99,034.13. Following the transaction, the director now owns 33,424 shares in the company, valued at $473,618.08. This trade represents a 26.44 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Robert Crisci acquired 20,000 shares of the business’s stock in a transaction on Friday, February 28th. The stock was bought at an average cost of $14.08 per share, for a total transaction of $281,600.00. Following the completion of the transaction, the director now directly 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. Insiders own 1.38% of the company’s stock.

Hedge Funds Weigh In On MasterBrand

Several institutional investors and hedge funds have recently made changes to their positions in MBC. Smartleaf Asset Management LLC raised its position in shares of MasterBrand by 150.7% during the 4th 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 in the last quarter. Quest Partners LLC increased its stake in MasterBrand by 33.3% during the third quarter. Quest Partners LLC now owns 3,285 shares of the company’s stock valued at $61,000 after purchasing an additional 821 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of 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 period. KBC Group NV lifted its position in shares of MasterBrand by 52.0% in the 4th quarter. KBC Group NV now owns 5,800 shares of the company’s stock worth $85,000 after buying an additional 1,983 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its holdings in shares of MasterBrand by 39.9% in the 3rd quarter. TD Private Client Wealth LLC now owns 4,783 shares of the company’s stock valued at $89,000 after buying an additional 1,364 shares during the period. 87.32% of the stock is currently owned by hedge funds and other institutional investors.

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.