Norges Bank Purchases Shares of 235,000 MasterBrand, Inc. (NYSE:MBC)

Norges Bank bought a new position in shares of MasterBrand, Inc. (NYSE:MBC - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 235,000 shares of the company's stock, valued at approximately $3,433,000. Norges Bank owned 0.18% of MasterBrand at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Boston Partners raised its position in shares of MasterBrand by 82.2% during the fourth quarter. Boston Partners now owns 5,237,123 shares of the company's stock worth $76,558,000 after acquiring an additional 2,363,308 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in MasterBrand by 3.2% during the 4th quarter. Thrivent Financial for Lutherans now owns 5,083,041 shares of the company's stock worth $74,264,000 after purchasing an additional 156,993 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of MasterBrand by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,400,366 shares of the company's stock worth $63,053,000 after purchasing an additional 135,693 shares during the period. Pzena Investment Management LLC boosted its stake in shares of MasterBrand by 0.3% in the 4th quarter. Pzena Investment Management LLC now owns 2,847,885 shares of the company's stock valued at $41,608,000 after purchasing an additional 9,169 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of MasterBrand by 14.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,403,980 shares of the company's stock valued at $35,122,000 after purchasing an additional 311,286 shares during the last quarter. 87.32% of the stock is owned by institutional investors.

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Insider Activity

In other news, Director Juliana L. Chugg purchased 6,989 shares of the business's stock in a transaction on Monday, February 24th. The shares were acquired at an average price of $14.17 per share, for a total transaction of $99,034.13. Following the completion of the acquisition, the director now owns 33,424 shares in the company, valued at approximately $473,618.08. The trade was a 26.44 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert Crisci acquired 20,000 shares of MasterBrand stock in a transaction on Friday, February 28th. The stock was purchased at an average cost of $14.08 per share, with a total value of $281,600.00. Following the purchase, the director now directly 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 company insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MBC. Loop Capital dropped their target price on shares of MasterBrand from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Zelman & Associates reissued an "underperform" rating on shares of MasterBrand in a research note on Monday.

MasterBrand Trading Down 1.5 %

Shares of MasterBrand stock traded down $0.18 on Tuesday, reaching $11.65. 328,291 shares of the company's stock were exchanged, compared to its average volume of 923,634. The firm's 50-day moving average is $13.90 and its two-hundred day moving average is $15.83. The company has a market capitalization of $1.49 billion, a P/E ratio of 12.01 and a beta of 1.70. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.02 and a current ratio of 1.65. MasterBrand, Inc. has a 52 week low of $10.84 and a 52 week high of $20.67.

MasterBrand (NYSE:MBC - Get Free Report) last issued its earnings results on Tuesday, February 18th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate 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 the consensus estimate of $722.85 million.

MasterBrand declared that its board has authorized a stock buyback program on Monday, March 17th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

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.