Illinois Municipal Retirement Fund Decreases Stock Holdings in MasterBrand, Inc. (NYSE:MBC)

Illinois Municipal Retirement Fund reduced its position in MasterBrand, Inc. (NYSE:MBC) by 6.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 66,467 shares of the company’s stock after selling 4,879 shares during the period. Illinois Municipal Retirement Fund’s holdings in MasterBrand were worth $868,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. boosted its stake in MasterBrand by 11.4% in the first quarter. Oppenheimer Asset Management Inc. now owns 27,459 shares of the company’s stock valued at $359,000 after acquiring an additional 2,801 shares in the last quarter. Wedge Capital Management L L P NC increased its position in shares of MasterBrand by 24.3% during the first quarter. Wedge Capital Management L L P NC now owns 96,856 shares of the company’s stock worth $1,265,000 after purchasing an additional 18,960 shares in the last quarter. Summit Global Investments lifted its holdings in shares of MasterBrand by 104.8% during the 1st quarter. Summit Global Investments now owns 53,809 shares of the company’s stock valued at $703,000 after purchasing an additional 27,534 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of MasterBrand by 1,550.0% in the 1st quarter. GAMMA Investing LLC now owns 38,083 shares of the company’s stock worth $497,000 after purchasing an additional 35,775 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in MasterBrand by 69.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 17,126 shares of the company’s stock worth $250,000 after buying an additional 6,990 shares during the last quarter. Hedge funds and other institutional investors own 87.32% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on MBC. Zelman & Associates reaffirmed an “underperform” rating on shares of MasterBrand in a research report on Monday, April 14th. Loop Capital cut their price objective on shares of MasterBrand from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th.

MasterBrand Trading Up 1.2%

NYSE MBC opened at $11.83 on Thursday. MasterBrand, Inc. has a 12-month low of $9.63 and a 12-month high of $20.67. The company has a fifty day simple moving average of $10.78 and a two-hundred day simple moving average of $13.23. The company has a current ratio of 1.90, a quick ratio of 1.10 and a debt-to-equity ratio of 0.81. The stock has a market cap of $1.50 billion, a P/E ratio of 15.17 and a beta of 1.43.

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

MasterBrand announced that its board has approved a share buyback program on Monday, March 17th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to buy up to 2.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership 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.