Raymond James Financial Inc. Acquires New Holdings in MasterBrand, Inc. (NYSE:MBC)

Raymond James Financial Inc. purchased a new stake in shares of MasterBrand, Inc. (NYSE:MBC - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 230,256 shares of the company's stock, valued at approximately $3,364,000. Raymond James Financial Inc. owned approximately 0.18% of MasterBrand at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC acquired a new stake in shares of MasterBrand during the fourth quarter valued at about $150,000. Victory Capital Management Inc. boosted its holdings in MasterBrand by 4.8% in the fourth quarter. Victory Capital Management Inc. now owns 201,306 shares of the company's stock valued at $2,941,000 after purchasing an additional 9,130 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in MasterBrand by 14.9% during 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 in the last quarter. Smartleaf Asset Management LLC increased its holdings in MasterBrand by 150.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,577 shares of the company's stock worth $37,000 after purchasing an additional 1,549 shares during the last quarter. Finally, Illinois Municipal Retirement Fund raised its position in shares of MasterBrand by 7.1% in the 4th quarter. Illinois Municipal Retirement Fund now owns 71,346 shares of the company's stock valued at $1,042,000 after purchasing an additional 4,753 shares in the last quarter. Hedge funds and other institutional investors own 87.32% of the company's stock.

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Analysts Set New Price Targets

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

MasterBrand Stock Down 0.4 %

Shares of MBC traded down $0.05 during midday trading on Monday, hitting $13.05. The company had a trading volume of 835,198 shares, compared to its average volume of 910,883. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of 13.45 and a beta of 1.77. The company's 50 day moving average price is $15.16 and its 200 day moving average price is $16.29. 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, Inc. has a 52 week low of $12.68 and a 52 week high of $20.67.

MasterBrand (NYSE:MBC - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The company reported $0.21 earnings per share 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 firm had revenue of $667.70 million during the quarter, compared to the consensus estimate of $722.85 million.

MasterBrand declared that its Board of Directors has initiated a stock repurchase plan on Monday, March 17th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to buy up to 2.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board believes its stock is undervalued.

Insider Activity at MasterBrand

In other MasterBrand news, Director Juliana L. Chugg purchased 6,989 shares of the firm's stock in a transaction dated Monday, February 24th. The stock was acquired at an average cost of $14.17 per share, with a total value of $99,034.13. Following the acquisition, the director now owns 33,424 shares of the company's stock, valued at approximately $473,618.08. This represents a 26.44 % increase in their position. 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 that occurred on Friday, February 28th. The shares were bought at an average price of $14.08 per share, with a total value of $281,600.00. Following the transaction, the director now directly owns 66,435 shares in the company, valued at approximately $935,404.80. This trade represents a 43.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.38% of the company's stock.

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.