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

MasterBrand (NYSE:MBC - Get Free Report) declared that its Board of Directors has authorized a share repurchase plan on Monday, March 17th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

MasterBrand Stock Performance

Shares of MBC stock traded down $0.44 during trading hours on Friday, hitting $13.37. The company's stock had a trading volume of 3,185,279 shares, compared to its average volume of 866,027. The stock has a market cap of $1.71 billion, a PE ratio of 13.78 and a beta of 1.77. MasterBrand has a 12-month low of $12.68 and a 12-month high of $20.67. The company has a 50 day moving average of $15.57 and a 200 day moving average of $16.41. The company has a current ratio of 1.65, a quick ratio of 1.02 and a debt-to-equity ratio of 0.78.

MasterBrand (NYSE:MBC - Get Free Report) 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). 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%.

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Insider Buying and Selling

In related news, Director Robert Crisci acquired 20,000 shares of the stock in a transaction on Friday, February 28th. The shares were acquired at an average price of $14.08 per share, for a total transaction of $281,600.00. Following the transaction, the director now owns 66,435 shares in the company, valued at approximately $935,404.80. This trade represents a 43.07 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Juliana L. Chugg acquired 6,989 shares of the company's stock in a transaction dated Monday, February 24th. The shares were purchased at an average cost of $14.17 per share, for a total transaction of $99,034.13. Following the purchase, the director now directly 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 disclosure for this purchase can be found here. 1.38% of the stock is owned by corporate 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.