Exchange Traded Concepts LLC Sells 6,980 Shares of MasterBrand, Inc. (NYSE:MBC)

Exchange Traded Concepts LLC lessened its stake in MasterBrand, Inc. (NYSE:MBC) by 5.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 123,828 shares of the company’s stock after selling 6,980 shares during the quarter. Exchange Traded Concepts LLC’s holdings in MasterBrand were worth $1,617,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in MasterBrand by 3.8% during the 4th quarter. Principal Financial Group Inc. now owns 685,752 shares of the company’s stock worth $10,019,000 after acquiring an additional 25,222 shares during the last quarter. CIBC Asset Management Inc boosted its stake in MasterBrand by 6.1% during the 4th quarter. CIBC Asset Management Inc now owns 12,885 shares of the company’s stock worth $188,000 after acquiring an additional 736 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in MasterBrand by 4.9% during the 4th quarter. Handelsbanken Fonder AB now owns 34,100 shares of the company’s stock worth $498,000 after acquiring an additional 1,600 shares during the last quarter. Illinois Municipal Retirement Fund boosted its stake in MasterBrand by 7.1% during the 4th quarter. Illinois Municipal Retirement Fund now owns 71,346 shares of the company’s stock worth $1,042,000 after acquiring an additional 4,753 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in MasterBrand during the 4th quarter worth approximately $150,000. Institutional investors own 87.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Zelman & Associates reissued an “underperform” rating on shares of MasterBrand in a research note on Monday, April 14th. Loop Capital reduced their price objective on shares of MasterBrand from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th.

MasterBrand Stock Performance

Shares of MBC stock opened at $9.98 on Thursday. The firm has a market cap of $1.26 billion, a PE ratio of 12.79 and a beta of 1.42. MasterBrand, Inc. has a 12 month low of $9.63 and a 12 month high of $20.67. The company’s fifty day simple moving average is $10.93 and its 200-day simple moving average is $13.64. The company has a quick ratio of 1.10, a current ratio of 1.90 and a debt-to-equity ratio of 0.81.

MasterBrand (NYSE:MBC) last issued its earnings results on Tuesday, May 6th. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.05). The firm had revenue of $660.30 million for the quarter, compared to analyst estimates of $663.95 million. MasterBrand had a return on equity of 12.60% and a net margin of 3.74%.

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

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.