MasterBrand (NYSE:MBC) to Buyback $50.00 million in Shares

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

Analysts Set New Price Targets

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 report on Wednesday, February 19th.

MasterBrand Price Performance

Shares of MBC traded down $0.03 during midday trading on Monday, hitting $13.37. The company’s stock had a trading volume of 821,144 shares, compared to its average volume of 861,495. The company’s fifty day simple moving average is $15.64 and its two-hundred day simple moving average is $16.46. The stock 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 has a one year low of $12.68 and a one year high of $20.67.

MasterBrand (NYSE:MBC) last released its quarterly earnings data 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). MasterBrand had a return on equity of 13.89% and a net margin of 4.66%. The company had revenue of $667.70 million for the quarter, compared to analyst estimates of $722.85 million.

Insider Activity at MasterBrand

In other MasterBrand news, Director Juliana L. Chugg acquired 6,989 shares of MasterBrand stock in a transaction that occurred 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 completion of the purchase, the director now directly owns 33,424 shares in the company, valued at $473,618.08. This trade represents a 26.44 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert Crisci purchased 20,000 shares of MasterBrand stock in a transaction on Friday, February 28th. The stock was bought at an average price of $14.08 per share, for a total transaction of $281,600.00. Following the transaction, the director now directly owns 66,435 shares in the company, valued at approximately $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 company insiders.

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.