Summit Global Investments Increases Position in MasterBrand, Inc. (NYSE:MBC)

Summit Global Investments boosted its holdings in MasterBrand, Inc. (NYSE:MBC) by 28.9% in the fourth quarter, HoldingsChannel reports. The firm owned 26,275 shares of the company’s stock after purchasing an additional 5,897 shares during the period. Summit Global Investments’ holdings in MasterBrand were worth $384,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. CIBC Asset Management Inc raised its position in shares of MasterBrand by 6.1% in the 4th quarter. CIBC Asset Management Inc now owns 12,885 shares of the company’s stock valued at $188,000 after purchasing an additional 736 shares in the last quarter. Quest Partners LLC raised its holdings in MasterBrand by 33.3% in the third quarter. Quest Partners LLC now owns 3,285 shares of the company’s stock valued at $61,000 after acquiring an additional 821 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in MasterBrand by 1.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 94,554 shares of the company’s stock valued at $1,753,000 after acquiring an additional 1,107 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of MasterBrand by 52.4% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,535 shares of the company’s stock valued at $66,000 after purchasing an additional 1,216 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted its position in shares of 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 and hedge funds own 87.32% of the company’s stock.

Insider Buying and Selling at MasterBrand

In other news, Director Juliana L. Chugg bought 6,989 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was purchased at an average price of $14.17 per share, for a total transaction of $99,034.13. Following the transaction, the director now owns 33,424 shares in the company, valued at approximately $473,618.08. This trade represents a 26.44 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert Crisci acquired 20,000 shares of MasterBrand stock in a transaction dated 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 completion of the transaction, the director now 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 disclosure for this purchase can be found here. 1.38% of the stock is currently owned by insiders.

MasterBrand Stock Performance

Shares of MBC opened at $13.74 on Tuesday. The stock has a market capitalization of $1.75 billion, a PE ratio of 14.16 and a beta of 1.77. The business’s fifty day moving average price is $15.50 and its 200 day moving average price is $16.38. 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 quarterly earnings results on Tuesday, February 18th. The company reported $0.21 EPS for the quarter, missing the consensus estimate 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 declared that its Board of Directors has approved a share repurchase plan on Monday, March 17th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

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

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.