MasterBrand (NYSE:MBC) to Repurchase $50.00 million in Stock

MasterBrand (NYSE:MBC) announced that its Board of Directors has authorized a stock buyback program on Monday, March 17th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

MasterBrand Trading Down 0.2 %

NYSE MBC opened at $13.37 on Tuesday. MasterBrand has a 52 week low of $12.68 and a 52 week high of $20.67. The firm has a 50 day moving average of $15.64 and a two-hundred day moving average of $16.46. The company has a quick ratio of 1.02, a current ratio of 1.65 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $1.71 billion, a PE ratio of 13.78 and a beta of 1.77.

MasterBrand (NYSE:MBC) last issued its earnings results on Tuesday, February 18th. The company reported $0.21 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 firm had revenue of $667.70 million for the quarter, compared to analyst estimates of $722.85 million.

Analyst Upgrades and Downgrades

Separately, Loop Capital decreased their price objective on MasterBrand from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th.

Insider Transactions at MasterBrand

In related news, Director Robert Crisci acquired 20,000 shares of MasterBrand stock in a transaction dated Friday, February 28th. The stock was 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 of the company’s stock, valued at $935,404.80. This represents a 43.07 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Juliana L. Chugg bought 6,989 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was bought at an average cost of $14.17 per share, for a total transaction of $99,034.13. Following the completion of the transaction, the director now directly 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 disclosure for this purchase can be found here. 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.