MasterBrand, Inc. (NYSE:MBC) Shares Bought by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC grew its stake in shares of MasterBrand, Inc. (NYSE:MBC) by 24.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,856 shares of the company’s stock after acquiring an additional 18,960 shares during the period. Wedge Capital Management L L P NC owned about 0.08% of MasterBrand worth $1,265,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MBC. Boston Partners boosted its holdings in shares of MasterBrand by 82.2% in the 4th quarter. Boston Partners now owns 5,237,123 shares of the company’s stock valued at $76,558,000 after buying an additional 2,363,308 shares during the period. Gates Capital Management Inc. boosted its holdings in shares of MasterBrand by 7.5% in the 4th quarter. Gates Capital Management Inc. now owns 9,489,578 shares of the company’s stock valued at $138,643,000 after buying an additional 658,807 shares during the period. Polar Capital Holdings Plc acquired a new position in shares of MasterBrand in the 4th quarter valued at about $8,373,000. JPMorgan Chase & Co. boosted its holdings in shares of MasterBrand by 135.1% in the 4th quarter. JPMorgan Chase & Co. now owns 693,220 shares of the company’s stock valued at $10,128,000 after buying an additional 398,303 shares during the period. Finally, Royce & Associates LP boosted its holdings in shares of MasterBrand by 97.0% in the 4th quarter. Royce & Associates LP now owns 724,161 shares of the company’s stock valued at $10,580,000 after buying an additional 356,506 shares during the period. 87.32% of the stock is owned by institutional investors and hedge funds.

MasterBrand Stock Up 3.3%

MBC stock opened at $10.95 on Wednesday. MasterBrand, Inc. has a 12 month low of $9.63 and a 12 month high of $20.67. The firm has a market cap of $1.39 billion, a PE ratio of 11.29 and a beta of 1.42. The firm has a 50 day simple moving average of $11.13 and a 200 day simple moving average of $13.91. 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 (NYSE:MBC) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.05). MasterBrand had a net margin of 4.66% and a return on equity of 13.89%. The firm had revenue of $660.30 million for the quarter, compared to analyst estimates of $663.95 million.

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

Wall Street Analyst Weigh In

MBC has been the subject of a number of analyst reports. Zelman & Associates reissued an “underperform” rating on shares of MasterBrand in a research note on Monday, April 14th. Loop Capital reduced their target price on shares of MasterBrand from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th.

MasterBrand 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.