MasterBrand (NYSE:MBC) Board of Directors Declares Share Repurchase Program

MasterBrand (NYSE:MBC) announced that its board has authorized a share buyback program on Monday, March 17th, RTT News reports. The company plans to buyback $50.00 million in shares. This buyback authorization permits the company to repurchase up to 2.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

MasterBrand Stock Performance

Shares of NYSE MBC opened at $13.79 on Wednesday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.02 and a current ratio of 1.65. The firm has a market cap of $1.76 billion, a price-to-earnings ratio of 14.22 and a beta of 1.77. The business’s 50-day simple moving average is $15.62 and its 200-day simple moving average is $16.44. MasterBrand has a 52 week low of $12.68 and a 52 week high of $20.67.

MasterBrand (NYSE:MBC) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.17). The company had revenue of $667.70 million for 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%.

Insider Activity

In other MasterBrand news, Director Juliana L. Chugg bought 6,989 shares of the stock in a transaction on 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 of the company’s stock, valued at $473,618.08. This represents a 26.44 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Robert Crisci bought 20,000 shares of the stock in a transaction on Friday, February 28th. The stock was acquired at an average cost of $14.08 per share, for a total transaction of $281,600.00. Following the acquisition, the director now directly owns 66,435 shares in the company, valued at approximately $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 currently owned by insiders.

About MasterBrand

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.