Corebridge Financial Inc. Reduces Stock Position in MasterBrand, Inc. (NYSE:MBC)

Corebridge Financial Inc. decreased its position in MasterBrand, Inc. (NYSE:MBC) by 7.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,471 shares of the company’s stock after selling 5,267 shares during the quarter. Corebridge Financial Inc.’s holdings in MasterBrand were worth $986,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vestcor Inc increased its holdings in MasterBrand by 329.0% during the 3rd quarter. Vestcor Inc now owns 40,815 shares of the company’s stock valued at $757,000 after purchasing an additional 31,300 shares during the period. Empowered Funds LLC grew its position in shares of MasterBrand by 5.1% in the 4th quarter. Empowered Funds LLC now owns 650,450 shares of the company’s stock worth $9,503,000 after buying an additional 31,714 shares during the last quarter. Barclays PLC increased its stake in shares of MasterBrand by 262.4% during the third quarter. Barclays PLC now owns 234,160 shares of the company’s stock valued at $4,341,000 after buying an additional 169,550 shares during the period. Principal Financial Group Inc. boosted its holdings in MasterBrand by 3.8% in the fourth quarter. Principal Financial Group Inc. now owns 685,752 shares of the company’s stock valued at $10,019,000 after acquiring an additional 25,222 shares in the last quarter. Finally, HighTower Advisors LLC boosted its stake in shares of MasterBrand by 7.6% during the 3rd quarter. HighTower Advisors LLC now owns 29,578 shares of the company’s stock valued at $543,000 after purchasing an additional 2,086 shares in the last quarter. 87.32% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

MasterBrand Price Performance

Shares of MBC stock opened at $12.48 on Friday. 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 cap of $1.59 billion, a price-to-earnings ratio of 12.87 and a beta of 1.77. The business’s fifty day moving average is $14.80 and its 200 day moving average is $16.19. MasterBrand, Inc. has a twelve month low of $11.64 and a twelve month high of $20.67.

MasterBrand (NYSE:MBC) last released 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 business had revenue of $667.70 million for 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%.

MasterBrand announced that its board has approved a share repurchase program on Monday, March 17th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at MasterBrand

In related news, Director Juliana L. Chugg purchased 6,989 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were purchased at an average price of $14.17 per share, with a total value of $99,034.13. Following the acquisition, the director now directly owns 33,424 shares in the company, valued at $473,618.08. The trade was a 26.44 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert Crisci acquired 20,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $14.08 per share, with a total value of $281,600.00. Following the completion of the acquisition, the director now directly owns 66,435 shares of the company’s stock, valued at $935,404.80. The trade was a 43.07 % increase in their ownership of the stock. 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.