Raymond James Financial Inc. Makes New $3.36 Million Investment in MasterBrand, Inc. (NYSE:MBC)

Raymond James Financial Inc. purchased a new position in shares of MasterBrand, Inc. (NYSE:MBC) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 230,256 shares of the company’s stock, valued at approximately $3,364,000. Raymond James Financial Inc. owned 0.18% of MasterBrand as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. Smartleaf Asset Management LLC increased its position in shares of 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. Quest Partners LLC boosted its stake in MasterBrand by 33.3% during the third quarter. Quest Partners LLC now owns 3,285 shares of the company’s stock worth $61,000 after buying an additional 821 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of MasterBrand by 52.4% during the third quarter. Public Employees Retirement System of Ohio now owns 3,535 shares of the company’s stock valued at $66,000 after acquiring an additional 1,216 shares during the last quarter. TD Private Client Wealth LLC raised its stake in shares of MasterBrand by 39.9% in the 3rd quarter. TD Private Client Wealth LLC now owns 4,783 shares of the company’s stock valued at $89,000 after acquiring an additional 1,364 shares during the period. Finally, KBC Group NV raised its stake in shares of MasterBrand by 52.0% in the 4th quarter. KBC Group NV now owns 5,800 shares of the company’s stock valued at $85,000 after acquiring an additional 1,983 shares during the period. Hedge funds and other institutional investors own 87.32% of the company’s stock.

MasterBrand Price Performance

Shares of MBC opened at $13.51 on Friday. The company has a current ratio of 1.65, a quick ratio of 1.02 and a debt-to-equity ratio of 0.78. The firm’s fifty day simple moving average is $15.32 and its 200-day simple moving average is $16.32. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 13.93 and a beta of 1.77. MasterBrand, Inc. has a twelve month low of $12.68 and a twelve month high of $20.67.

MasterBrand (NYSE:MBC) 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). The company had revenue of $667.70 million during the quarter, compared to analyst estimates of $722.85 million. MasterBrand had a net margin of 4.66% and a return on equity of 13.89%.

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 outstanding shares. This buyback authorization permits the company to purchase up to 2.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Separately, Loop Capital dropped 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 Buying and Selling at MasterBrand

In other MasterBrand news, Director Robert Crisci bought 20,000 shares of the company’s stock in a transaction on Friday, February 28th. The shares were bought 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 approximately $935,404.80. This trade represents a 43.07 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Juliana L. Chugg acquired 6,989 shares of the business’s stock in a transaction on Monday, February 24th. The stock was acquired at an average price of $14.17 per share, with a total value of $99,034.13. Following the transaction, the director now directly owns 33,424 shares of the company’s stock, valued at $473,618.08. This represents a 26.44 % increase in their position. The disclosure for this purchase can be found here. 1.38% of the stock is owned by company insiders.

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.